Let's break down the key provisions of this circular and understand what it means for investors.
New Guidelines: Rules for Unlisted Companies
According to SEBI, share transfers between close relatives in unlisted companies will not be considered a 'change in control'. Immediate relatives, as defined under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, include spouses, parents, siblings, and children. Additionally, even if shares are transferred to someone outside this circle of close relatives, it will not be deemed a change in control.
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