Section 168 in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
168. Transferability.
(1)Subject to the provisions of Securities and Exchange Board of India (Substantial Acquisition of shares and Takeovers) Regulations, 2011, specified securities held by promoters and locked-in in terms of sub-regulation (1) of regulation 167, may be transferred among the promoters or the promoter group or to a new promoter or persons in control of the issuer:Provided that the lock-in on such specified securities shall continue for the remaining period with the transferee.(2)The specified securities allotted on a preferential basis shall not be transferable by the allottees till the trading approval is granted for such securities by all the recognised stock exchanges where the equity shares of the issuer are listed.
