Securities And Exchange Board Of India - Subsection
Section 254(1) in The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
(1)The issuer may make reservations on a competitive basis out of the issue size excluding promoters' contribution in favour of the following categories of persons:(a)employees;(b)shareholders (other than promoters and promoter group) of listed subsidiaries or listed promoter companiesProvided that the issuer shall not make any reservation for the lead manager(s), registrar, syndicate member(s), their promoters, directors and employees and for the group or associate companies (as defined under the Companies Act, 2013) of the lead manager(s), registrar, and syndicate member(s) and their promoters, directors and employees.
