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Comprehensive guidelines on Offer For Sale (OFS) of Shares by Promoters through the Stock Exchange Mechanism
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Clarification on SEBI Circular No. CIR/CFD/DIL/3/2013 dated January 17, 2013 – Amendments to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and Equity Listing Agreement
SEBI has through its recent Circular No. CIR/MRD/DP/17 /2013 dated May 30, 2013 amended the comprehensive guidelines on sale of shares through OFS mechanism issued vide earlier circular nos CIR/MRD/DP/18/2012 dated July 18, 2012 and circular CIR/MRD/DP/04/2012 dated January 25, 2013
The aforesaid circular is amended as under:
2.1 “Para 5 (b) shall be replaced by the following:
“Seller(s) shall announce the intention of sale of shares at least on the day prior to the offer for sale, along with the following information”.
2.2 Para 5 (b)(i) to (viii) shall remain the same.
SEBI has through Circular No. CIR/CFD/DIL/7/2013 dated May 13, 2013 given clarification on on the applicability of the Circular No. CIR/CFD/DIL/3/2013 dated January 17, 2013 as well as on the continued holding of securities already acquired by employee benefit trusts before the date of the circular, beyond June 30, 2013,i.e. the last date by which listed companies are required to align their employee benefit schemes involving securities of the company with SEBI (ESOS and ESPS) Guidelines 1999.