Market regulator says all persons part of promoter group are required to make disclosures of share holding and changes
Mumbai: With an aim to prevent insider trading by promoters, the Securities and Exchange Board of India (SEBI) has asked them to disclose every considerable purchase of sale of shares by all promoter entities.
Currently, directors and top executives of listed companies are required to make these disclosures.
According to a decision taken by the market regulator at a board meeting on Thursday, all promoters and persons who are part of the promoter group of a listed company would also be required to disclose their share dealings, PTI reports.
The promoters would be required to make initial disclosures relating to their shareholding at the time of becoming promoter or part of promoter group.
Besides, continuous disclosures would also be required whenever there is a change in their holdings exceeding Rs5 lakh in value, or 25,000 shares, or 1% of the total shareholding or voting rights, whichever is lower.
"Presently, similar disclosures are required to be made by the directors and officers of the company," SEBI said in a statement.
“The month of ‘Ashada’ (considered inauspicious) will be over on 30th July. I will be tendering my resignation as chief minister on the forenoon of 31st July,” Karnataka chief minister BS Yeddyurappa said in a statement late Thursday
Bangalore: Breaking his silence after the party asked him to step down in the wake of the Lokayukta indictment in illegal mining scam, Karnataka chief minister BS Yeddyurappa has said he will step down from the post on Sunday as per the directions of his party, reports PTI.
In his first comments after keeping the BJP on tenterhooks, Mr Yeddyurappa said he had toiled for 40 years to build the party in Karnataka from scratch and it was his ‘committed desire’ to work for its development in future also.
Stating that he is a disciplined worker of the BJP, Mr Yeddyurappa said he has decided to tender his resignation from the post of chief minister as per the direction of the party.
“The month of ‘Ashada’ (considered inauspicious) will be over on 30th July. I will be tendering my resignation as chief minister on the forenoon of 31st July,” he said in a statement late last night.
“I have consistently toiled for 40 years to build the party from scratch and have got satisfaction of bringing the party to this level. It is my committed desire to work for the development of the party in future also,” he said.
Sources close to the chief minister had said yesterday that 68-year-old Mr Yeddyurappa, heading the BJP’s first government in the south since May 2008, agreed to fall in line with the BJP Central Parliamentary Board’s diktat.
The board, the party’s highest decision making body, had also decided to send senior leaders Rajnath Singh and Arun Jaitley as observers to Bangalore today to oversee the election of the new leader of the BJP legislature party.
Along with Mr Yeddyurappa, the Reddy brothers have been strongly indicted in his findings on illegal mining by the Lokayukta Santosh Hegde, which have plunged the state into a political turmoil.
Mr Yeddyurappa’s indictment pertained to violations of the Prevention of Corruption Act, and the Lokayukta also submitted a copy of his report to governor HR Bhardwaj recommending to him to initiate ‘further steps’.
The scandalous ganging up of some SEBI members to protect CB Bhave and NSDL was reported extensively only in Moneylife and conveniently glossed over by the mainline media. SEBI's decision to release orders from the Mohan Gopal report to NSDL for compliance, just vindicates the stand taken by us
The Securities and Exchange Board of India (SEBI), which had last year given a clean chit to the National Securities Depository Ltd (NSDL) in the IPO scam of 2003-06, has now re-opened this case vindicating the stand taken by Moneylife.
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