Section 120 in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
120. Transferability of locked-in specified securities.
- Subject to the provisions of the Securities and Exchange Board of India (Substantial Acquisition of shares and Takeovers) Regulations, 2011, the specified securities [, except SR equity shares,] [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/29, dated 29.7.2019.] held by the promoters and locked-in as per regulation 115 may be transferred to another promoter or any person of the promoter group or a new promoter or a person in control of the issuer:Provided that lock-in on such specified securities shall continue for the remaining period with the transferee and such transferee shall not be eligible to transfer them till the lock-in period stipulated in these regulations has expired.
