Lock-in of specified securities held by persons other than promoters

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.... an initial public offer, the entire pre-issue capital held by persons other than promoters shall be locked-in for a period of one year: Provided that nothing contained in this regulation shall apply to: (a) equity shares allotted to employees under an employee stock option or employee stock purchase scheme of the issuer prior to the initial public offer, if the issuer has made full disclosu....

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....nvertible securities shall be deemed to be fully paid-up, if the entire consideration payable thereon has been paid and no further consideration is payable at the time of their conversion.   ****** 1 Substituted for the existing clause (b) by SEBI (Alternative Investment Funds) Regulations 2012, w.e.f. 21.5.2012. Prior to its substitution, this clause read as under: "(b) equity sh....