Encumbrance disclosure: promoters must report creation, invocation or release of encumbered shares and file annual declaration. Promoters must disclose details of encumbered shares held by them or persons acting in concert, and disclose any invocation or release of such encumbrances in the specified form; encumbrances undertaken in a depository are excluded. Creation, invocation or release disclosures must be made within seven working days to each stock exchange where the target's shares are listed and to the target company at its registered office. Promoters must also file an annual declaration, within seven working days of year end, stating no undisclosed encumbrances exist, to each listing exchange and the audit committee.