Amendment in the Securities Contracts (Regulation) Rules, 1957 in rule 19A. - G.S.R. 611(E) - SEBI

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 22nd August, 2014 G.S.R. 611(E).- In exercise of the power conferred by clause (ha) of sub-section (2) of 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. These rules may be called the Securities Contracts (Regulation) (Second Amendment) Rules, 2014. (2) They shall come into the force on the date of their publication in the Official Gazette. 2. In the Securities Contracts (Regulation) Rules, 1957 , in rule 19A , (i) in sub- rule (1),- (a) the words other than public sector Company shall be omitted; (b) for the proviso the following proviso shall be substituted, namely:- Provided that every listed public sector company which has public shareholding below twenty five per cent., on the date of commencement of the Securities Contracts (Regulation) (Second Amendment) Rules, 2014, shall increase its public shareholding to atleast twenty five per cent., within a period of three years, in the manner, as may be specified, by the Securities and Exchange Board of India. ; (ii) sub-rule (3) shall be omitted. [F. No. 5/35/2006-CM] MANOJ JOSHI, Jt. Secy. (Financial Markets)