Subject to the provisions of Securities and Exchange Board of India (Substantial Acquisition of shares and Takeovers) Regulations, 1997, specified securities held by promoters and locked-in in terms of sub-regulation (1) of regulation 78 may be transferred among promoters or promoter group or to a new promoter or persons in control of the issuer:
Provided that lock-in on such specified securities shall continue for the remaining period with the transferee.
The specified securities allotted on preferential basis shall not be transferred by the allottee till trading approval is granted for such securities by all the recognised stock exchanges where the equity shares of the issuer are listed.
SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2013, w.e.f. 26-8-2013