Exemptions from 100% promoter(s) holding in demat form
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SEBI asked
the listed companies to make 100% of their promoter(s) share holdings in demat form through SEBI
circulars SEBI/Cir/ISD/3/2011 dated
June 17, 2011 and SEBI/Cir/ISD/ 05/2011 dated September 30, 2011.
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SEBI after considering the representations
from various companies regarding the issues relating to dematerialization of
holdings of promoters and have accordingly sought certain exemptions from
compliance with these circulars asking to make 100% promoter(s) holdings in demat form. Such exemption shall be
applicable to:
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1. Promoter(s)
have sold their shares in physical mode and such shares have not been lodged
for transfer with the company; or
2. Matters
concerning part/entire shareholding of promoters/promoter group are sub
judice before any Court/Tribunal; or
3. Shares
cannot be converted into demat form due to death of any promoter(s);
4.
Shares allotted to promoter(s) that await
final approval for listing from stock exchange and such pendency is less than
30 days or shares that upon receipt of final listing approval from stock
exchange are pending conversion to demat and such pendency is less than 15
days.
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The Companies have to approach the
concerned stock exchanges with documentary evidence for availing such exemptions. SEBI says this circular (SEBI/Cir/ISD/ 1 /2012) shall come in to
effect from April 30, 2012.
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circular is available on SEBI website
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A question for you, can you pl. answer
Is it possible to issue "bonus debentures"?
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