Disclosure of encumbrance reasons required for promoters, mandating detailed public disclosure and website posting under takeover regulations. Promoters must disclose detailed reasons for any encumbrance by them and persons acting in concert when combined encumbrance meets specified thresholds, using the prescribed Annexure II format. Disclosures must be filed with each stock exchange and the listed company within two working days of creation or on further increases, and companies must publish the Annexure II contents on their websites. Stock exchanges will maintain and disseminate lists of such companies and report implementation to the regulator; the circular supplements prior Annexure I requirements and is issued to enhance transparency and protect investors.