The Securities and Exchange Board of India (“SEBI”) has modified the disclosure requirements under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to enhance transparency and clarity in reporting shareholding patterns by listed entities. The modifications are outlined in Annexure A of the circular hyperlinked below.
This Circular shall come into force with effect from the quarter ending 30th June 2025.
Key highlights:
Modifications in Shareholding Pattern Disclosure:
- Listed entities must now disclose details of Non-Disposal Undertaking (NDU) and other encumbrances, along with the total number of pledged or otherwise encumbered shares.
- The definition of underlying outstanding convertible securities has been expanded to explicitly include Employee Stock Options (ESOPs), and the relevant column header has been updated.
- A new column has been added to the shareholding pattern format to capture the total number of shares on a fully diluted basis, including warrants, ESOPs, and other convertible securities.
- Table II of the shareholding pattern now includes a footnote requiring disclosure of promoters and promoter group entities with NIL shareholding.
The Circular is linked below, for your ease of reference.
Source: Securities and Exchange Board of India (SEBI)
