IMPLEMENTATION OF SYSTEM DRIVEN DISCLOSURES UNDER PIT REGULATIONS.

IMPLEMENTATION OF SYSTEM DRIVEN DISCLOSURES UNDER
PIT REGULATIONS.

It has now been decided to implement the system
driven disclosures for member(s) of promoter group and designated person(s) in
addition to the promoter(s) and director(s) of company (hereinafter
collectively referred to as entities) under Regulation 7(2) of PIT Regulations.

LISTED
COMPANIES SHALL HAVE TO PROVIDE INFORMATION

 Listed
company shall provide the information including PAN number of Promoter(s)
including member(s) of the promoter group, designated person(s) and director(s)
(hereinafter collectively referred to as entities) as per PIT Regulations to
the designated depository (selected in terms of SEBI circular ref. no.
SEBI/HO/CFD/DCR1/CIR/P/2018/85 dated May 28, 2018) in the format and manner prescribed by the
Depositories.

For PAN exempt entities, the Investor’s Demat
account number(s) shall be specified by the listed company. The information shall be provided within 10 days
from the date of this circular.

SUBSEQUENT UPDATES

In case of any subsequent update in the details of
the entities, the listed company shall update the information with the
designated depository on the same day. The designated depository shall share
the incremental changes with the other depository on the day of receipt from
the listed company.

Any update (additions or deletions) in this
information by listed company shall be updated by the designated depositories
with the stock exchanges on a daily basis. The information shall be shared via
system interface established between the depositories and stock exchanges.

Depositories to Provide Information

The depositories shall provide the following data
pertaining to the tagged Demat account(s) separately to the stock exchanges on
daily basis:

·   
Details of transactions for pledge/revocation/invocation of shares and other
encumbrances such as NDU etc. of the entities.

·   
Details of off market transactions of the entities.

·   
Details of transmission of shares of the entities.

·   
Details of corporate actions such as ESOPs, Bonus, Rights Issues , etc. of
the entities

·   
Additionally, details of market transfers in case of PAN Exempt entities.

Duty to Disclosure

Each stock exchange shall consolidate the
information of the transactions identified by them as well as received from other
stock exchanges and the depositories. On consolidation of the transactions, if
the disclosure is triggered under Regulation 7(2) of PIT Regulations, the stock
exchanges shall

disseminate the same on their websites. The
transaction(s) carried out on T day shall be disseminated on T+2 day basis.

Regulation
of 7(2) Continual Disclosures of PIT Regulations.

(a) Every promoter, employee and director of every
company shall disclose to the

company the number of such securities acquired or
disposed of within two trading

days of such transaction if the value of the
securities traded, whether in one

transaction or a series of transactions over any
calendar quarter, aggregates to a traded value in excess of ten lakh rupees or
such other value as may be specified.

RESOLUTON

In case of any discrepancy, the issue shall be
resolved by listed company, stock exchanges and depositories in coordination
with one another.