valid as on 20/10/2020

Regulation 36 - Lock-in of specified securities held by promoters
Effective from 26-08-2009

In a public issue, the specified securities held by promoters shall be locked-in for the period stipulated hereunder:

(a) minimum promoters’ contribution 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.

Inserted vide SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2012, w.e.f. 12.10.2012. To view the notification,Click Here

SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2012, w.e.f. 12.10.2012


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