Procedure for Transfer of shares by promoter of Listed Company
Shilpy Chopra
From: Shilpy Chopra <shilpy...@gmail.com>
Date: Tue, 18 Jan 2011 15:56:43 +0530
Subject: Transfer of shares by promoter of Listed Company
To: csmysore <csmy...@googlegroups.com>
Dear Frds....
What is the procedure for transfer of shares by promoter in case of
listed company?
a) Inter se transfer
b) by Promoter to others
Thanks & Regards
Shilpy
CS A Rengarajan
Inter-se transfer= Internal transfer among promoter(s) and promoters group.
A Listed Company having promoters' and promoters' group holding around 60%. Now one promoter wants to transfer its 7% shares to other promoter(s).
It would be inter-se transfer under section 3(1)(e) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. And fully allowed subject to certain disclosures under Takeover Code and Insider Trading regulations.
In case of others it is normal transfer. You need to take into consideration of transfer of share if it exceeds the percentage then take over code will apply.
Transfer can only be made through Stock Exchange
regards
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