Promoter trading restrictions bar purchases or sales around institutional placement programmes to prevent market manipulation. Regulation 91G requires promoters and promoter groups to refrain from purchasing or selling eligible securities during the twelve week periods before and after an institutional placement programme, allows them to offer securities through the programme or a specified stock exchange mechanism subject to a minimum inter offer gap, mandates minimum allocation to mutual funds and insurance companies (with unsubscribed portions transferable to other qualified institutional buyers), prohibits allocation to promoters or persons related to promoters, requires ASBA for bids, and makes bids final and non withdrawable; rights such as shareholder agreements, veto powers, or nominee director appointment deem a buyer related to promoters.