Section 19(2) in The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012
(2)Any person who, directly or indirectly, either individually or together with persons acting in concert, acquire equity shares such that his shareholding exceeds two per cent. of the paid up equity share capital of a recognised stock exchange or recognised clearing corporation shall seek approval of the Board within fifteen days of the acquisition.
