Amendment in the Securities Contracts (Regulation) Third Amendment Rules, 2014. - G.S.R. 819(E) - SEBI

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 18th November, 2014 G.S.R. 819(E).- In exercise of the power 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. (1) These rules may be called the Securities Contracts (Regulation) Third Amendment Rules, 2014. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Securities Contracts (Regulation) Rules, 1957,- (i) in rule 19 , in sub-rule (2),- (a) for clause (b), the following clause shall be substituted, namely:- (b) (i) at least twenty five per cent. of each class or kind of equity shares or debenture convertible into equity shares issued by the company, if the post issue capital of the company calculated at offer price is less than or equal to one thousand six hundred crore rupees; (ii) at least such percentage of each class or kind of equity shares or debentures convertible into equity shares issued by the company equivalent to the value of four hundred crore rupees, if the post issue capital of the company calculated at offer price is more than one thousand six hundred crore rupees but less than or equal to four thousand crore rupees; (iii) at least ten per cent. of each class or kind of equity shares or debentures convertible into equity shares issued by the company, if the post issue capital of the company calculated at offer price is above four thousand crore rupees: Provided that the company referred to in sub-clause (ii) or sub-clause (iii), shall increase its public shareholding to at least twenty five per cent. within a period of three years from the date of listing of the securities, in the manner specified by the Securities and Exchange Board of India: Provided further that this clause shall not apply to a company whose draft offer document is pending with the Securities and Exchange Board of India on or before the commencement of the Securities Contracts (Regulation) Third Amendment Rules, 2014, if it satisfies the conditions prescribed in clause (b) of sub-rule (2) of rule 19 of the Securities Contracts (Regulation) Rules, 1956 as existed prior to the date of such commencement. ; (b) clause (c) shall be omitted; (ii) in rule 19A, in the Explanation to sub-rule (1), the words, brackets and figures sub-clause (ii) of shall be omitted. [F. No. 5/35/2006-CM] MANOJ JOSHI, Jt. Secy. (Financial Markets) Note : The principal rules were published vide number S.R.O. 576, dated the 21st February, 1957 and subsequently amended vide numbers G.S.R 1096, dated the 14th July, 1967, G.S.R. 685, dated the 3rd June, 1972, G.S.R. to S. R. 959, dated the 8th August, 1972, G.S.R. 2641, dated the 1st November, 1975, G.S.R. 1083, dated the 11th November, 1985, G.S.R. 1070(E), dated the 15th November, 1988, G.S.R. 666(E), dated the 20th July, 1987, G.S.R. 870(E), dated the 13th November, 1992, G.S.R. 617(E), dated the 20th September, 1993, G.S.R. 749(E), dated the 12th October, 1994, G.S.R. 790(E), dated the 7th November, 1994, G.S.R. 121(E), dated the 9th March,1995, G.S.R. 291(E), dated the 27th March, 1995, G.S.R. 581(E), dated the 23rd December, 1996, G.S.R. 654(E), dated the 8th August, 2000, G.S.R. 655(E), dated the 8 th August, 2000, G.S.R. 415(E), dated the 7th June, 2001, G.S.R. 696(E), dated the 28th August, 2003, G.S.R. 395(E), dated the 10th June, 2009, G.S.R. 469(E), dated the 4th June, 2010, G.S.R. 662(E) dated the 9th August, 2010 and G.S.R. 611(E), dated the 22nd August, 2014.