Regulation 35 - Date of commencement of lock in and inscription of non-transferability - Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009

PART IV - RESTRICTION ON TRANSFERABILITY (LOCK-IN) OF PROMOTERS CONTRIBUTION, ETC. Date of commencement of lock in and inscription of non-transferability. 35. (1) Save as otherwise provided in this Chapter, specified securities held by promoters and persons other than promoters shall not be transferable (hereinafter referred to as lock-in ) from the date of allotment of the specified securities in the proposed public issue for the period stipulated in this Chapter . (2) The certificate of specified securities which are subject to lock-in shall contain the inscription non-transferable and the lock-in period and in case such specified securities are dematerialised, the issuer shall ensure that lock-in is recorded by the depository. (3) Where the specified securities which are subject to lock-in are partly paid-up and the amount called-up on such specified securities is less than the amount called-up on the specified securities issued to the public, the lock-in shall end only on the expiry of three years after such specified securities have become pari-passu with the specified securities issued to the public.