Clarification on 100% promoter holding in demat form
Summary
SEBI extends the deadline for 100% promoter holding in demat form to the quarter ending December 2011. Recognized Stock Exchanges are instructed to implement this extension by amending bye-laws and disseminating guidelines. The circular is issued under Section 11(1) of the SEBI Act, 1992, to protect investor interests.
Text
it has been decided to extend the current deadline by one quarter i.e. quarter ending December 2011.
The Stock Exchanges are advised to: put in place the adequate systems and issue the necessary guidelines... make necessary amendments to the relevant bye-laws... bring the provisions of this circular to the notice... communicate to SEBI, the status of the implementation... in a Monthly Report.
Source: SecMarx — Clarification on 100% promoter holding in demat form. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.