IMPLEMENTATION OF SYSTEM DRIVEN DISCLOSURES UNDER PIT REGULATIONS.
Channel: R V Seckar
Date: 2020-09-10

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, 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.