In my case, promoters present holding is 64% and now one of the promoter wants to transfer 50,000 equity shares to his 2 daughters. The daughters at present do no hold any shares. The total share transferred by promoter amounts to 0.5%.
Does the above transactioni require reporting under Regulation 3(4) of the SEBI(SAST) Regulations.
Regulation 3(1)(e)(ii) of Takeover Regulations exempts transfer among relative since daughter falls under definition of relative. Further condition of 3 years is not applicable in case of relative since it applies to claue 3(1)(e)(iii) & (iv) of Takeover Regulations, 1997.
What other compliances are required to be undertaken.
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