Offer for Sale retail cut-off bidding option mandated; two-day notice period to be reckoned from banking day. The OFS framework is amended so that the T-2 notice period is to be reckoned from a banking day rather than a trading day, and sellers must offer retail investors the option to place bids at the cut-off price as well as price bids. Stock exchanges must implement necessary systems immediately, amend bye-laws and rules, and notify member brokers and publish the changes; all other OFS conditions in prior circulars remain unless modified.
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Offer for Sale retail cut-off bidding option mandated; two-day notice period to be reckoned from banking day.
The OFS framework is amended so that the T-2 notice period is to be reckoned from a banking day rather than a trading day, and sellers must offer retail investors the option to place bids at the cut-off price as well as price bids. Stock exchanges must implement necessary systems immediately, amend bye-laws and rules, and notify member brokers and publish the changes; all other OFS conditions in prior circulars remain unless modified.
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