Lock-in exemption for venture capital pre-IPO shares restricted; minimum holding required before filing draft prospectus to qualify. Amendments restrict the pre-IPO lock-in exemption for SEBI registered Venture Capital Funds and Foreign Venture Capital Investors so that only shares held for at least one year as on the date of filing the draft prospectus qualify; periods during which convertible instruments were held as fully paid up are included for computing the holding period, convertible instruments being deemed fully paid up only when all amounts payable have been paid and no further payment is envisaged.
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Provisions expressly mentioned in the judgment/order text.
Lock-in exemption for venture capital pre-IPO shares restricted; minimum holding required before filing draft prospectus to qualify.
Amendments restrict the pre-IPO lock-in exemption for SEBI registered Venture Capital Funds and Foreign Venture Capital Investors so that only shares held for at least one year as on the date of filing the draft prospectus qualify; periods during which convertible instruments were held as fully paid up are included for computing the holding period, convertible instruments being deemed fully paid up only when all amounts payable have been paid and no further payment is envisaged.
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