Transferability restriction on QIP allotments: allottee may only sell allotted securities on a recognised stock exchange during the one-year lock-in.

Eligible securities allotted through a qualified institutions placement cannot be sold by the allottee for a period of one year from the date of allotment, except where the sale occurs on a recognised stock exchange; this creates a mandatory lock-in restricting off-market transfers while permitting exchange-based dispositions during the lock-in period.

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