Regulation 36 - Lock-in of specified securities held by promoters - Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009

Lock-in of specified securities held by promoters. 36. In a public issue, the specified securities held by promoters shall be locked-in for the period stipulated hereunder: (a) minimum promoters contribution 1 [ including contribution made by alternative investment funds, referred to in proviso to clause (a) of sub-regulation (1) of regulation 32,] shall be locked-in for a period of three years from the date of commencement of commercial production or date of allotment in the public issue, whichever is later; (b) promoters holding in excess of minimum promoters contribution shall be locked-in for a period of one year: Provided that excess promoters contribution as provided in proviso to clause (b) of regulation 34 shall not be subject to lock-in. Explanation: For the purposes of this clause, the expression date of commencement of commercial production means the last date of the month in which commercial production in a manufacturing company is expected to commence as stated in the offer document. ******** 1 Inserted by SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2012, w.e.f. 12.10.2012.