If any promoter of listed company sale shares in the market due to which his holding declines, then what disclosure he has to make?
1) Disclosure under Insider Trading
2) ????????????? any other disclosure he has to make or not
preeti (trianee) (24 Points)
02 March 2009If any promoter of listed company sale shares in the market due to which his holding declines, then what disclosure he has to make?
1) Disclosure under Insider Trading
2) ????????????? any other disclosure he has to make or not
HARDIK
(COMPANY SECRETARY NCFM (Corporate Governance ))
(664 Points)
Replied 05 March 2009
hi
Any person who holds more than 15% but less than 55% shares or voting rights of target company, and who purchases or sells shares aggregating to 2% or more shall within 2 days disclose such purchase/ sale along with the aggregate of his shareholding to the target company and the Stock Exchanges.
This disclosure required to be made under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. for which specific format are provided. which u can download from bse's site. www.bseindia.com
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