Formats for disclosures under regulation 8A(1), 8A(2), 8A(3) and 8A(4)
Summary
This circular mandates specific disclosure formats for the pledge of shares by promoters and companies under SEBI Takeover Regulations. It requires stock exchanges to notify listed companies about these new reporting obligations effective from January 2009. The document provides Annexure A for promoter-to-company reports and Annexure B for company-to-exchange reports regarding share pledges.
Text
The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 has been amended vide Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2009 on 28.01.2009.
The said amendment mandates disclosures regarding pledge of shares by the promoter and persons forming part of the promoter group to the company and by the company to the stock exchanges where shares of the company are listed.
All stock exchanges are advised to bring the aforesaid to the notice of the companies listed with them.
This circular is issued in exercise of powers conferred by sub-section (1) of Section 11, read with sub-section (2) of Section 11A, of the Securities and Exchange Board of India Act, 1992, and regulation 5 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
REPORTING FORMAT U/R 8A(1), 8A(2) and 8A(3) TO BE FILED BY THE PROMOTER / PROMOTER GROUP TO THE COMPANY
REPORTING FORMAT U/R 8A(4) TO BE FILED BY THE COMPANY TO STOCK EXCHANGE
Source: SecMarx — Formats for disclosures under regulation 8A(1), 8A(2), 8A(3) and 8A(4). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.