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of <h1>New Framework for Offer for Sale of Shares Sets Rules on Eligibility, Pricing, Allocation, and Disclosure</h1> The regulatory authority has issued a comprehensive framework governing the Offer for Sale (OFS) of shares through recognized stock exchanges, applicable to promoters, promoter groups, and eligible shareholders of listed companies meeting specified market capitalization criteria. The framework defines eligibility, operational procedures, pricing, allocation, settlement, risk management, and disclosure requirements, including provisions for retail investor participation and discounts. It mandates minimum offer sizes, cooling-off periods based on share liquidity, and reservation quotas for mutual funds, insurance companies, and retail investors. The framework also extends to the sale of units of listed Real Estate Investment Trusts and Infrastructure Investment Trusts. Existing OFS-related circulars are rescinded upon implementation, and stock exchanges are instructed to amend their rules accordingly. The framework aims to enhance transparency, investor protection, and market efficiency in OFS transactions and comes into effect 30 days post-issuance.
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