TMI BlogSecurities Contracts (Regulation) (Manner of Increasing And Maintaining Public Shareholding In Recognised Stock Exchanges) (Amendment) Regulations, 2008.X X X X Extracts X X X X X X X X Extracts X X X X ..... Exchanges) Regulations, 2006, namely:- 1. These Regulations may be called the Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public Shareholding in Recognised Stock Exchanges) (Amendment) Regulations, 2008. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public Shareholding in Recognised Stock Exchanges) Regulations, 2006: - (i) in regulation 2, in sub-regulation (1), after clause (i) the following clause shall be inserted, namely:- (j) shareholder having trading rights means a shareholder who has a trading interest in the stock exchange, whether directly or indirectly through ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company shall have the meaning assigned to it in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949); (II) insurance company shall have the meaning assigned to it in sub-section (8) of section 2 of the Insurance Act, 1938 (4 of 1938); (III) person resident in India shall have the meaning assigned to it in clause (v) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999); (IV) persons acting in concert shall have the meaning derived from clause (e) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. (b) after sub-regulation (1), the following sub-regulation shall be inserted, na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concert with him, shall hold more than five per cent. of the equity share capital in a recognised stock exchange. (c) the existing sub-regulation (2) shall be renumbered as sub-regulation (3); (iii) in regulation 9, (a) in the marginal note, for the words one percent , the words five per cent. shall be substituted; (b) for sub-regulation (1), the following sub-regulation shall be substituted, namely:- (1) No person shall, directly or indirectly, either individually or together with persons acting in concert with him, acquire and/or hold more than five per cent. of the paid up equity capital of a recognised stock exchange after commencement of these regulations, unless he is a fit and proper person and has taken pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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