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SEBI Amends Disclosure Norms for Pledged Shares

To enable investors to make informed decisions, SEBI has mandated additional disclosures on pledging of shares by modifying the format of disseminating information under the takeover code (substantial acquisition of shares and takeover).

Entities acquiring five per cent or more have to disclose change in their shareholding in prescribed format. Those already having a stake of five per cent or more, have to disclose change in shareholding of two per cent or more. This would apply even if the shareholding of such an entity falls below five per cent as a result of sale of shares.

The SEBI directive asks promoters to provide details of events that led to the shares being pledged (creation of encumbrance), released or invoked along with the date.

Also to be given is the type of encumbrance that was created (pledge, lien, non-disposal undertaking or any other).

Promoters also have to name the entity in whose favour the encumbrance has been created and disclose their shareholding after factoring in the pledge/release/ invocation of shares.

The same details have to be provided for persons acting in concert with the promoters.

Additional details of the securities acquired such as time till redemption and ratio of conversion to equity have also been sought.

Business Line, New Delhi, 22-10-2013