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THE GAZETTE OF EXTRAORDINARY PART � III � SECTION 4 PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE BOARD OF NOTIFICATION Mumbai, the SECURITIES AND EXCHANGE BOARD OF (DEPOSITORIES AND PARTICIPANTS)(AMENDMENT) REGULATIONS,
2008 F. No. 11/LC/GN/2008/20494. In
exercise of the powers conferred by section 30 of the Securities and Exchange
Board of India Act, 1992 (15 of 1992), the Board hereby makes the following
Regulations to further amend the Securities and Exchange Board of India (Depositories
and Participants) Regulations, 1996, namely :- � 1.
These Regulations may be called the
Securities and Exchange Board of India (Depositories and Participants) (Amendment)
Regulations, 2008. 2. They shall come into force on the date of their publication in the
Official Gazette. 3.
In the Securities and Exchange Board of
India (Depositories and Participants) Regulations, 1996, in regulation 7, - (i)
for clause (d), the following clause shall
be substituted, namely:- �(d) the sponsor shall, at all times, hold at least fifty-one per
cent. of the equity share capital of the depository;� (ii)
in clause (e), the proviso and the
Explanation shall be omitted; (iii)
after clause (e), the following clauses and
Explanation shall be inserted, namely:- �(ea) no person
other than a sponsor, whether resident in Explanation:
For the purposes of this clause, -
(i)
the expression �person resident in
(ii)
the expression �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; (eb) the combined holding of all
persons resident outside
(i)
the combined
holdings of such persons acquired through the foreign direct investment route
is not more than twenty six per cent. of the total equity share capital, at any
time;
(ii)
the combined
holdings of foreign institutional investors is not more than twenty three per
cent. of the total equity share capital, at any time;
(iii)
no foreign institutional investor acquires
shares of the depository otherwise than through the secondary market; (ec) no foreign institutional investor shall have any
representation in the Board of Directors of the depository;� C. B. BHAVE CHAIRMAN SECURITIES AND EXCHANGE BOARD OF [ADVT. III/IV/69ZB/2008/Exty.] Footnotes: 1.��� The principal regulations, Securities and
Exchange Board of India (Depositories and Participants) Regulations, 1996 were
published in the Gazette of India, Part II on May 16, 1996 vide S.O. No.
345(E). 2.��� The Securities and Exchange Board of India
(Depositories and Participants) Regulations, 1996, were subsequently amended:
� (a)
On (b)
On (c)
On (d)
On (e)
On (f)
On (g)
On (h)
On (i)
On (j)
On (k)
On (l)
On (m) On (n)
On (o)
On (p)
On |
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