New procedure on promoters' PAN applies under takeover norms also: Sebi

In order to align the practices, Sebi on Wednesday asked depositories and exchanges to use the new procedure of capturing the PAN of the promoters from listed companies for disclosures under the takeover norms also.

Earlier this month, the regulator put in place a detailed procedure for system-driven disclosures under the PIT (Prohibition of Insider Trading) Regulations.

This system-driven disclosures will pertain to trading in equity shares and equity derivative instruments -- futures and options -- of the listed company by such entities.

The new framework required that the capture of the Permanent Account Number (PAN) of the entities be done from the listed company itself, rather than through the registrar and share transfer agents (RTAs).

In order to align the practices, it has been decided to use the procedure of capturing the PAN of the promoters from listed companies as stipulated by the regulator earlier this month for SAST (Substantial Acquisition of Shares and Takeover) norms disclosures too, Sebi said in a circular on Wednesday.

Under the new procedure, listed company will provide the information including PAN number of promoter, members of the promoter group, designated person and director as per PIT Regulations to the designated depository in the format and manner prescribed by the depositories.

For PAN-exempt entities, the investor's demat account number will be specified by the listed company.

The designated depository will share the information received from the listed company with other depository.

In case of any subsequent update in the details of the entities, the listed company will update the information with the designated depository on the same day.

The designated depository will share the incremental changes with the other depository on the day of receipt from the listed company.