Saturday 23 July 2016
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SEBI Demands PAC Details to Ensure Transparency

To ensure more transparency, listed companies will now be required to inform stock exchanges the details about the acquirer as well as persons acting in concert (PAC) while making annual shareholding disclosures.

However, such information should not be disseminated by the bourses to the general public, Securities and Exchange Board of India (Sebi) said today.

In a circular, the regulator said a company would have to make additional disclosures about the acquirer and PAC under Sebi (Substantial Acquisition of Shares and Takeovers) Regulations.

Besides, a firm would have to give information about the PAN (Permanent Account Number) details of the acquirer and PAC while making disclosures about their annual shareholding pattern. Also, the company needs to inform whether the acquirer belongs to a promoter entity.

Sebi said all this information shall be "disclosed to the stock exchanges but shall not be disseminated."

This circular would come into force with immediate effect.

According to norms, every entity is required to make yearly disclosures, within 21 days from the financial year ending March 31, to the stock exchanges with regard to its shareholding as of March 31.

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