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of <h1>Regulation 41: Listed Entities Cannot Exercise Lien on Fully Paid Shares, Outlines Pro-rata Issuance and Redemption Rules.</h1> Regulation 41 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 outlines obligations for listed entities concerning their securities. Listed entities cannot exercise a lien on fully paid shares and only on partly paid shares for specific dues. Advance payments on shares may accrue interest but not dividends or profit participation rights. Issuance of shares must not create superior or inferior rights compared to existing listed equity shares, except under specific conditions for SR equity shares. Share offerings must be on a pro-rata basis to existing shareholders unless decided otherwise in a general meeting. Redemption of listed securities should also follow a pro-rata or lottery basis unless specified otherwise.
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