Regulation 120 - Transferability of locked-in specified securities - Securities And Exchange Board of India (Issue Of Capital And Disclosure Requirements) Regulations, 2018

Transferability of locked-in specified securities 120. Subject to the provisions of the Securities and Exchange Board of India (Substantial Acquisition of shares and Takeovers) Regulations, 2011 , the specified securities 1 [ , except SR equity shares, ] held by the promoters and locked-in as per regulation 115 may be transferred to another promoter or any person of the promoter group or a new promoter or a person in control of the issuer: Provided that lock-in on such specified securities shall continue for the remaining period with the transferee and such transferee shall not be eligible to transfer them till the lock-in period stipulated in these regulations has expired. ********** NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2019/29 dated 29-07-2019