MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 25th February, 2015
G.S.R. 125(E).—In exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act of 1956 (42 of 1956), the Central Government hereby makes the following rules further to amend the Securities Contracts (Regulation) Rules, 1957, namely:—
1. (1) These rules may be called as Securities Contracts (Regulation) (Amendment) Rules, 2015.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Securities Contracts (Regulation) Rules, 1957:—
(i) in rule 2, for clause (e), the following clause shall be substituted, namely:—
“(e) “public shareholding” means equity shares of the company held by public including shares underlying the depository receipts if the holder of such depository receipts has the right to issue voting instruction and such depository receipts are listed on an international exchange in accordance with the Depository Receipts Scheme, 2014:
Provided that the equity shares of the company held by the trust set up for implementing employee benefit schemes under the regulations framed by the Securities and Exchange Board of India shall be excluded from public shareholding.”;
(ii) in rule 19, in sub-rule (2), in clause (b), before sub-clause (i), the following shall be inserted, namely:—
“The minimum offer and allotment to public in terms of an offer document shall be-“;
(iii) in rule 19A, after sub-rule (3), the following new sub-rule shall be inserted, namely:—
“(4) Where the public shareholding in a listed company falls below twenty-five per cent. in consequence to the Securities Contracts (Regulation) (Amendment) Rules, 2015, such company shall increase its public shareholding to at least twenty-five per cent. in the manner specified by the Securities and Exchange Board of India within a period of three years, as the case may be, from the date of notification of:
(a) the Depository Receipts Scheme, 2014 in cases where the public shareholding falls below twenty five per cent. as a result of such scheme;
(b) the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 in cases where the public shareholding falls below twenty-five per cent., as a result of such regulations.”
[F.No. 9/1/2013-ECB]
MANOJ JOSHI, Jt. Secy. (FM)
Note: The principal rules were published vide Gazette Notification number S.R.O. 576, dated the 21st February, 1957 and subsequently amended vide notification numbers as under:
(1) G.S.R 1096, dated the 14th July, 1967;
(2) G.S.R. 685, dated the 3rd June, 1972;
(3) G.S.R. 959, dated the 8th August, 1972;
(4) G.S.R. 2641, dated the 1st November, 1975;
(5) G.S.R. 1083, dated the 11th November, 1985;
(6) G.S.R. 666(E), dated the 20th July, 1987;
(7) G.S.R. 1070(E), dated the 15th November, 1988;
(8) G.S.R. 870(E), dated the 13th November, 1992;
(9) G.S.R. 617(E), dated the 20th September, 1993
(10) G.S.R. 749(E), dated the 12th October, 1994;
(11) G.S.R. 790(E), dated the 7th November, 1994;
(12) G.S.R. 121(E), dated the 9th March,1995;
(13) G.S.R. 291(E), dated the 27th March, 1995;
(14) G.S.R. 581(E), dated the 23rd December, 1996;
(15) G.S.R. 654(E), dated the 8th August, 2000;
.(16) G.S.R. 655(E), dated the 8th August, 2000;
(17) G.S.R. 415(E), dated the 7th June, 2001;
(18) G.S.R. 696(E), dated the 28th August, 2003;
(19) G.S.R. 395(E), dated the 10th June, 2009;
(20) G.S.R. 469(E), dated the 4th June, 2010;
(21) G.S.R. 662(E), dated the 9th August, 2010;
(22) G.S.R.705(E), dated the 24th October, 2013;
(23) G.S.R. 21(E), dated the 16th January, 2014;
(24) G.S.R. 611(E), dated the 22nd August, 2014;
(25) G.S.R. 682(E), dated the 19th September, 2014; and
(26) GSR. 819(E), dated the 18th November, 2014.
