Summary : By Following Notification Govt has amended Proviso to Rule 19A of Securities Contracts (Regulation) Rules, 1957 : Relevant Extract is reproduced below : –
[Continuous Listing Requirement.
19A. (1) Every listed company 36[***] shall maintain public shareholding of at least twenty five per cent :
Provided that every listed public sector company which has public shareholding below twenty five per cent, on the date of commencement of the Securities Contracts (Regulation) (Second Amendment) Rules, 2014, shall increase its public shareholding to at least twenty five per cent, within a period of three years 4 yeas is the manner, as may be specified, by the Securities and Exchange Board of India.]
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 3rd July, 2017
G.S.R. 822(E).— In exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Central Government hereby makes the following rules further to amend the Securities Contracts (Regulation) Rules, 1957, namely:—
1. (1) These rules may be called as Securities Contracts (Regulation) (Third Amendment) Rules, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Securities Contracts (Regulation) Rules, 1957, in rule 19A, in sub-rule (1), in the proviso, for the words
“three years” the words “four years” shall be substituted.
[F.No. 5/35/CM/2006 Volume-III]
PRAVEEN GARG, Jt. Secy.
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3 vide notification
number S.R.O. 576, dated the 21st February, 1957 and subsequently amended vide notification numbers as under:
(1) G.S.R 1096, dated the 14th July, 1967;
(2) G.S.R. 685, dated the 3rd June, 1972;
(3) G.S.R. 959, dated the 8th August, 1972;
(4) G.S.R. 2641, dated the 1st November, 1975;
(5) G.S.R. 1083, dated the 11th November, 1985;
(6) G.S.R. 666(E), dated the 20th July, 1987;
(7) G.S.R. 1070(E), dated the 15th November, 1988;
(8) G.S.R. 870(E), dated the 13th November, 1992;
(9) G.S.R. 617(E), dated the 20th September, 1993
(10) G.S.R. 749(E), dated the 12th October, 1994;
(11) G.S.R. 790(E), dated the 7th November, 1994;
(12) G.S.R. 121(E), dated the 9th March, 1995;
(13) G.S.R. 291(E), dated the 27th March, 1995;
(14) G.S.R. 581(E), dated the 23rd December, 1996;
(15) G.S.R. 654(E), dated the 8th August, 2000;
(16) G.S.R. 655(E), dated the 8th August, 2000;
(17) G.S.R. 415(E), dated the 7th June, 2001;
(18) G.S.R. 696(E), dated the 28th August, 2003;
(19) G.S.R. 395(E), dated the 10th June, 2009;
(20) G.S.R. 469(E), dated the 4th June, 2010;
(21) G.S.R. 662(E), dated the 9th August, 2010;
(22) G.S.R.705 (E), dated the 24th October, 2013;
(23) G.S.R. 21(E), dated the 16th January, 2014;
(24) G.S.R.611 (E), dated the 22nd August, 2014;
(25)G.S.R.682 (E), dated the 19th September, 2014;
(26) GSR. 819(E), dated the 18th November, 2014;
(27) G.S.R. 125(E), dated the 25th February, 2015;
(28) G.S.R. 268(E), dated the 20th March, 2017 and
(29) G.S.R. 664(E), dated the 27th June, 2017.