Offer For Sale of Shares by Promoters through the Stock Exchange Mechanism -Clarification

 CIR/MRD/DP/ 8 /2012

February 27, 2012

The Managing Director and CEO

Bombay Stock Exchange Limited

Phiroze Jeejeebhoy Towers      

Dalal Street     

Mumbai - 400001    

The Managing Director

National Stock Exchange of India Ltd.

Exchange Plaza, Bandra Kurla Complex

Bandra (E)

Mumbai - 400 051

Dear Sir,

Sub: Offer For Sale of Shares by Promoters through the Stock Exchange Mechanism -Clarification

1. This has reference to SEBI circular No CIR/MRD/DP/05/2012 dated February 1, 2012 and CIR/MRD/DP/07/2012 dated February 23, 2012 on the subject.

2. It is clarified that the contents of the advertisement, if any, to be issued in terms of Para 4 (a) of the aforementioned circular dated February 1, 2012, shall be restricted to the contents of the notice as given to the stock exchange under Para 5 (b) of the said circular. 

3. All other provisions of the aforesaid circulars remain unchanged.

4. Stock Exchanges are advised to:

a. take necessary steps and put in place necessary systems for implementation of the above.

b. make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision.

c. bring the provisions of this circular to the notice of the member brokers of the stock exchange and also to disseminate the same on the website.

d. communicate to SEBI, the status of implementation of the provisions of this circular in the Monthly Development Report.

5. This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Yours faithfully,

Harini Balaji

Deputy General Manager

022-26449372

harinib@sebi.gov.in