Govt. amends SCRA Rules, tweaks norms w.r.t continuous listing requirement for Govt. Cos.
- Blog|News|Company Law|
- < 1 minute
- By Chetan Kulasri
- |
- Last Updated on 4 January, 2023
Latest from Taxmann
Notification No. G.S.R. 03(E). Dated 02.01.2023
The Govt. has notified the Securities Contracts (Regulation) Amendment Rules, 2022. An amendment has been made to rule 19A of the Securities Contracts (Regulation) Act, 1956. The Rule provides for continuous listing requirements. Pursuant to Rule 19A, every listed company shall maintain public shareholding of at least such percentage of shares as may be prescribed.
Now, the Central Government may, in the public interest, exempt any listed entity from complying with any provision of continuous listing requirements in case the Central Government/State Government/Public Sector Company either individually or in any combination with the other holds directly or indirectly, the majority of the shares or voting rights or control of the such listed entity.
Further, this amendment shall be applicable from 02.01.2023.
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
CA | CS | CMA
