State the time limit under the SEBI (Listing Obligations and Disclosure Requirements) 2015 for submitting a statement to the stock exchanges showing holding of specified securities and shareholding pattern separately for
CS Professional · Secretarial Audit, Compliance Management and Due Diligence · PYQS · June 2017
State the time limit under the SEBI (Listing Obligations and Disclosure Requirements) 2015 for submitting a statement to the stock exchanges showing holding of specified securities and shareholding pattern separately for each class of securities and guide the managing director of FY Industries Limited who are going for reclassification of some of their promoters.
Answer & Explanation:
Time Limit for Submitting Shareholding Pattern (Regulation 31 of SEBI (LODR) Regulations, 2015): The listed entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately for each class of securities, in the format specified by the Board from time to time, within the following timelines: Prior to Listing: One day prior to the listing of its securities on the stock exchange(s). Quarterly Basis: Within twenty-one days from the end of each quarter. Capital Restructuring: Within ten days of any capital restructuring of the listed entity resulting in a change exceeding two per cent of the total paid-up share capital. Note: For listed entities which have listed their specified securities on SME Exchange, the above statements shall be submitted on a half-yearly basis within twenty-one days from the end of each half year. Guidance for Reclassification of Promoters for FY Industries Limited: For FY Industries Limited, which is going for reclassification of some of its promoters, the following guidance is provided: 1. Disclosure of Promoter and Promoter Group: As per Regulation 31A, all entities falling under the promoter and promoter group shall be disclosed separately in the shareholding pattern appearing on the website of all stock exchanges having nationwide trading terminals where the specified securities of the entity are listed, in accordance with the formats specified by SEBI. 2. Modification/Reclassification Process: The stock exchange shall allow modification or reclassification of the status of the shareholders only upon receipt of a request from the concerned listed entity or the concerned shareholders, along with all relevant evidence, and on being satisfied with the compliance of conditions mentioned in this regulation. 3. Conditions for Re-classification of Promoters as Public Shareholders: Re-classification of Promoters as public shareholders is subject to the following conditions: Holding Limit: Such promoter, along with the promoter group and Persons Acting in Concert, shall not hold more than ten per cent of the paid-up equity capital of the entity. Minimum Public Shareholding: Increase in the level of public shareholding pursuant to re-classification of a promoter shall not be counted towards achieving compliance with the minimum public shareholding requirement under Rule 19A of the Securities Contracts (Regulation) Rules, 1957, and the provisions of these regulations. Disclosure as Material Event: The event of re-classification shall be disclosed to the stock exchanges as a material event in accordance with the provisions of these regulations. Board's Discretion: The Board may relax any condition for re-classification in specific cases if it is satisfied about the non-exercise of control by the outgoing promoter or its persons acting in concert.
Topics: SEBI Regulations
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