Amendment in SEBI (Prohibition of Insider Trading) Regulations, 1992
In furtherance of the decision taken in its Board Meeting dated July 28, 2011, SEBI vide notification dated August 16, 2011 approved the amendment to SEBI (Prohibition of Insider Trading) Regulations, 1992 mandating disclosures of interest or holding by the promoters and persons who are part of promoter group of a Listed Company at the time of becoming the promoter or part of promoter group and also whenever there is a change in the shareholding of such persons in excess of the limit as given below. Presently, similar disclosures were required to be made by the directors and officers of the company only.
|
Existing/ New |
Regulation No. |
Particulars |
By whom |
To whom |
Time limit |
Form |
|
Existing |
13(1) |
On the acquisition of >5%
|
Any Person |
Company |
2 working days |
A |
|
Existing |
13(2) |
Disclosure of shares or voting rights held and positions taken in derivatives by such person and his dependents (as defined by the company) on becoming the Director or officer |
Director or officer |
Company |
2 working days |
B |
|
New |
13(2A) |
Disclosure of shares or voting rights on becoming the promoter or part of promoter group |
Promoter or person belonging to promoter group |
Company |
2 working days |
B |
|
Existing |
13(3) |
Change in shareholding of (±) >2% from the last disclosure made under sub regulation (1) or under this sub regulation. |
Persons already holding more than 5% |
Company |
2 working days |
C |
|
Existing |
13(4) |
Change in holding in excess of Rs.5 Lakh in value or 25,000 shares or 1% of total shareholding or voting rights from the last disclosure made under sub regulation (2) or under this sub regulation. |
Director or officer |
Company as well as Stock Exchange |
2 working days |
D |
|
New |
13(4A) |
Change in holding in excess of Rs.5 Lakh in value or 25,000 shares or 1% of total shareholding or voting rights from the last disclosure made under Listing Agreement or under sub regulation (2A) or under this sub regulation. |
Promoter or person belonging to promoter group |
Company as well as Stock Exchange |
2 working days |
D |
|
New |
13(6) |
On the receipt of disclosure under 13(1), 13(2), 13(2A), 13(3), 13(4) and 13(4A) |
Company |
Stock Exchange |
2 working days |
A or B or C or D as the case may be |
For the purpose of this regulation, the term “promoterâ€
and “promoter group†shall have the same meaning as assigned to them in
terms of regulations framed under clause (h) of sub-section (2) of
section 11 of the Act†i.e. as given in regulation 2(1)(h) of SEBI
(Substantial Acquisition of Shares and Takeovers) Regulations, 1997.