System-driven Disclosures in Securities Market

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..... he system is being implemented in phases and in the first phase, the disclosures of promoter/promoter group under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (hereinafter referred to as SAST Regulations ) and SEBI (Prohibition of Insider Trading) Regulations, 2015 (hereinafter referred to as PIT Regulations ) have been implemented. 3. It is now proposed to implement the next phase of the system which shall pertain to the following additional disclosures: a. Disclosures under Regulation 29(1) and 29(2) of SAST Regulations by non-promoters. b. Disclosures under Regulation 7(2) of PIT Regulations pertaining to directors and employees of the company. 4. The CEO and upto two levels below CEO of a compan .....

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..... he categories Legal Framework/Circulars . Yours faithfully, Rajesh Gujjar Deputy General Manager +91-22-26449232 [email protected] ANNEXURE - A Procedure The following would be the steps / process required to be taken for implementation of the second phase: SAST Regulations: 1. The various formats for sharing of data shall be standardized as agreed upon by the depositories and exchanges. 2. For the purpose of Regulation 29(4) of SAST Regulations, the depositories shall tag the scheduled commercial banks and public financial institutions in their systems for excluding them from disclosure requirements. 3. The depositories shall share data with each other, on a daily basis, pertaining to non-prom .....

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..... tag such demat accounts in their depository systems at ISIN level. 4. In case of any subsequent changes in the directors/employees of the listed company, the company shall provide the information of the changes to the depositories on an immediate basis and not later than 2 working days. 5. The listed company shall select one of the depositories as a Designated Depository for the purpose of disclosure of data for that particular company. In respect of the identified directors/employees for a listed company, the Designated Depository shall aggregate its data along with the data received from the other depository for the particular company. 6. The data shall be processed by the Designated Depository and the identified data requiring d .....

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