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Sep 30, 2020

Securities Contracts (Regulation) (Second Amendment) Rules, 2020

The Ministry of Finance, by way of the Securities Contracts (Regulation) (Second Amendment) Rules, 2020 (‘SCRA Amendment’) dated July 31, 2020 has amended Rule 19A of the Securities Contracts (Regulation) Rules, 1957 which provides for maintenance of minimum public shareholding and the timelines for its attainment. Every listed company (other than public sector company) is required to maintain a public shareholding of at least 25%, provided that any listed public sector company which has public shareholding below 25%, on the commencement of the Securities Contracts (Regulation) (Amendment) Rules, 2018, was previously required to increase its public shareholding to at least 25%, within a period of two years from the date of such commencement. The SCRA Amendment now has increased such time for compliance to three years from the date of such commencement.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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