Bombay Stock Exchange

Circulars to Listed Companies


February 19, 2019

Dear Sir/Madam,

Subject: Deficiencies in disclosures related to Pledge of Shares

Regulation 31 of SEBI (Substantial Acquisition of shares and takeovers) Regulation, 2011 requires the promoter of every company to disclose the details of shares in that company, when the shares held by these promoters or by persons acting in concert are pledged or otherwise encumbered.

For this purpose, SEBI vide circular dated August 05, 2015 had prescribed a revised format for the disclosure under Regulation 31 of SEBI(SAST) Regulations and had required disclosure of the Name of the entity in whose favour shares were being encumbered, i.e. the name of both the lender and the trustee who may hold shares directly or on behalf of the lender.

However, it has been observed from the filings received by the Exchange that, in many cases, the Promoters of the Company have not provided the details of the entity in whose favour shares are being encumbered.

Listed Entities are requested to sensitise their promoters in this matter and ensure that the disclosure filed by them is complete in all respects and is in compliance with the SEBI (SAST) Regulation, 2011 and SEBI Circular dated August 05, 2015.

Listed Entities are required to take note of the said circular and comply accordingly.

Abhijit Pai

Dy. General Manager

Shyam Bhagirath

 Associate Manager

Listing Compliance


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