SEBI tightens Delisting and Insider Trading Regulations
- Delisting and buyback offer should be done through exchanges
- At least 25% of the total number of public shareholders will have to be sought by Cos
- Offer price will be based on an average of promoters' offer price and investors' tender price with a threshold of 90% of equity
- Promoter cannot make a delisting offer if group entity has sold shares within 6 months of the board meeting to decide delisting
- Option to the acquirer to delist directly through Delisting Regulations pursuant to triggering takeover regulations provided.
- All persons and their immediate relatives with a contractual, fiduciary or employment relationship with the company, with access to unpublished price sensitive-information, included as insider
- Insider have to disclose trading plan on stock exchanges
- Directors and management prohibited from F&O trading
- The onus of proving that they were not in possession of the price-sensitive information has been put on them.
- AMCs, yet to meet with net-worth norm of Rs 50 crores, can launch only two schemes a year.