valid as on 22/10/2020

Regulation 28. Disclosure-related provisions
Effective date 23.10.2011

Disclosure-related provisions.

28. (1) The disclosures under this Chapter shall be of the aggregated shareholding and voting rights of the acquirer or promoter of the target company or every person acting in concert with him.

(2) For the purposes of this Chapter, the acquisition and holding of any convertible security shall also be regarded as shares, and disclosures of such acquisitions and holdings shall be made accordingly.

For the purposes of this Chapter, the term “encumbrance” shall include,-

(a) any restriction on the free and marketable title to shares, by whatever name called, whether executed directly or indirectly;

(b) pledge, lien, negative lien, non-disposal undertaking; or

(c) any covenant, transaction, condition or arrangement in the nature of encumbrance, by whatever name called, whether executed directly or indirectly.

(3) For the purposes of this Chapter, the term “encumbrance” shall a pledge, lien or any such transaction, by whatever name called.

(4) Upon receipt of the disclosures required under this Chapter, the stock exchange shall forthwith disseminate the information so received.

Substituted vide SEBI (SAST) (Second Amendment) Regulations, 2019 dated 29.07.2019. To view the notification, Click Here.
Refer NSE Guidance note on reason for Encumbrance dated 27.09.2019 . To view the Guidance Note. Click Here.

SEBI (SAST) (Second Amendment) Regulations, 2019 dated 29.07.2019


NSE Guidance note on reason for Encumbrance dated 27.09.2019


CAIRR PLUS on Google Playsecretarial automation?Subscribe for Updates