However, the trading window restrictions shall not apply in respect of transactions, such as acquisition by conversion of warrants or debentures, subscription to rights issues, further public issues, preferential allotment or buy-back and open offers.
Sebi noted that earlier exemptions, expanded by the 2020 circular, include rights entitlements and offer-for-sale (OFS) transactions.
“It has been decided that in addition to the transactions specified in the PIT (Prohibition of Insider Trading) Regulations, the trading window restrictions shall also not apply to subscription of non-convertible securities carried out in accordance with the framework specified by the Board from time to time,” SEBI said in a circular.
The circular directs all stock exchanges to notify listed companies about the provisions and ensure information is made available on their websites. The change is effective immediately.
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This development will boost investor confidence and streamline the subscription process for non-convertible securities, which are a key financing tool for companies.
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