INDIA: Amendment to rules on India substantial acquisitions in depositories

Wednesday September 12 2012

SEBI has published the SEBI (Depositories and Participants) (Amendment) Regulations 2012 in relation to rules on India substantail acquisitions in depositories. The amendments provide for a new “fit and proper” requirement, and amend the rules on acquisitions in a depository. Under the amended Regulation 6A, any person who, directly or indirectly, either individually or together with persons acting in concert, acquires equity shares such that his shareholding exceeds 2% of the paid up equity share capital of a depository, shall seek approval of the Board within fifteen days of the acquisition.

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