Section 36 in Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
36. Lock-in of specified securities held by promoters.
- In a public issue, the specified securities held by promoters shall be locked-in for the period stipulated hereunder:(a)minimum promoters' contribution shall be locked-in for a period of three years from the date of commencement of commercial production or date of allotment in the public issue, whichever is later;(b)promoters' holding in excess of minimum promoters' contribution shall be locked-in for a period of one year:Provided that excess promoters' contribution as provided in proviso to clause (b) of regulation 34 shall not be subject to lock-in.Explanation. - For the purposes of this clause, the expression "date of commencement of commercial production" means the last date of the month in which commercial production in a manufacturing company is expected to commence as stated in the offer document.
