Where the public shareholding in a listed company falls below as specified limit under Securities Contracts (Regulation) Rules, 1957 as a result of implementation of the resolution plan approved under section 31 of the of the Code – G.S.R. 675(E) dt. 24.07.2018

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MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 24th July, 2018

G.S.R. 675(E).—In exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Central Government hereby makes the following rules further to amend the Securities Contracts (Regulation) Rules, 1957, namely:—

1. Short title and commencement.—(1) These rules may be called as the Securities Contracts (Regulation) (Amendment) Rules, 2018.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Securities Contracts (Regulation) Rules, 1957, in rule 19A, after sub-rule (4), the following sub-rule shall be inserted, namely:–

(5) Where the public shareholding in a listed company falls below twenty-five per cent, as a result of implementation of the resolution plan approved under section 31 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), such company shall bring the public shareholding to twenty-five per cent within a maximum period of three years from the date of such fall, in the manner specified by the Securities and Exchange Board of India:

Provided that, if the public shareholding falls below ten per cent, the same shall be increased to at least ten per cent, within a maximum period of eighteen months from the date of such fall, in the manner specified by the Securities and Exchange Board of India.

[F. No. 01/11/2018-PM]
Dr. SHASHANK SAKSENA, Adviser (FSRL)

Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3 vide notification number S.R.O. 576, dated the 21st February, 1957 and subsequently amended vide the following notification numbers:–

(i) G.S.R 1096, dated the 14th July, 1967;
(ii) G.S.R. 685, dated the 3rd June, 1972;
(iii) G.S.R. 959, dated the 8th August, 1972;
(iv) G.S.R. 2641, dated the 1st November, 1975;
(v) G.S.R. 1083, dated the 11th November, 1985;
(vi) G.S.R. 666(E), dated the 20th July, 1987;
(vii) G.S.R. 1070(E), dated the 15th November, 1988;
(viii) G.S.R. 870(E), dated the 13th November, 1992;
(ix) G.S.R. 617(E), dated the 20th September, 1993
(x) G.S.R. 749(E), dated the 12th October, 1994;
(xi) G.S.R. 790(E), dated the 7th November, 1994;
(xii) G.S.R. 121(E), dated the 9th March, 1995;
(xiii) G.S.R. 291(E), dated the 27th March, 1995;
(xiv) G.S.R. 581(E), dated the 23rd December, 1996;
(xv) G.S.R. 654(E), dated the 8th August, 2000;
(xvi) G.S.R. 655(E), dated the 8th August, 2000;
(xvii) G.S.R. 415(E), dated the 7th June, 2001;
(xviii) G.S.R. 696(E), dated the 28th August, 2003;
(xix) G.S.R. 395(E), dated the 10th June, 2009;
(xx) G.S.R. 469(E), dated the 4th June, 2010;
(xxi) G.S.R. 662(E), dated the 9th August, 2010;
(xxii) G.S.R.705 (E), dated the 24th October, 2013;
(xxiii) G.S.R. 21(E), dated the 16th January, 2014;
(xxiv) G.S.R. 611 (E), dated the 22nd August, 2014;
(xxv) G.S.R. 682 (E), dated the 19th September, 2014;
(xxvi) G.S.R. 819(E), dated the 18th November, 2014;
(xxvii) G.S.R. 125(E), dated the25th February, 2015;
(xxviii) G.S.R. 268(E), dated the 20th March, 2017;
(xxix) G.S.R. 664(E), dated the 27th June, 2017; and
(xxx) G.S.R. 822(E), dated the 3rd July, 2017.

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