Home Acts & Rules SEBI Regulation Securities and Exchange Board of India (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018 Chapters List Part IV LOCK-IN AND RESTRICTIONS ON TRANSFERRABILITY This
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Regulation 238 - Lock-in of specified securities held by the promoters - Securities and Exchange Board of India (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018Extract PART IV: LOCK-IN AND RESTRICTIONS ON TRANSFERRABILITY Lock-in of specified securities held by the promoters 238. The specified securities held by the promoters shall not be transferable (hereinafter referred to as lock-in ) for the periods as stipulated hereunder: a) minimum promoters contribution including contribution made by alternative investment funds or foreign venture capital investors or scheduled commercial banks or public financial institutions or insurance companies registered with Insurance Regulatory and Development Authority of India, as applicable, shall be locked-in for a period of three years from the date of commencement of commercial production or date of allotment in the initial public offer, whichever is later; b) promoters holding in excess of minimum promoters contribution shall be locked-in for a period of one year from the date of allotment in the initial public offer 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 of the project in respect of which the funds raised are proposed to be utilised as stated in the offer document, is expected to commence.
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