Securities And Exchange Board Of India - Subsection
Section 31A(6) in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(6)In case of transmission, succession, inheritance and gift of shares held by a promoter/ person belonging to the promoter group:(a)immediately on such event, the recipient of such shares shall be classified as a promoter/ person belonging to the promoter group, as applicable.(b)subsequently, in case the recipient classified as a promoter/person belonging to the promoter group proposes to seek re-classification of status as public, it may do so subject to compliance with conditions specified in sub-regulation (3) above.(c)in case of death of a promoter/person belonging to the promoter group, such person shall automatically cease to be included as a promoter/person belonging to the promoter group.
