Regulatory Alerts2013-08-23
Added · Updated
Modification of directive SEC/LEG/12/03/07 on post-IPO share lock-in
The Securities and Exchange Commission of Sri Lanka modifies Sections 2 and 3 of directive SEC/LEG/12/03/07 to impose a six-month lock-in period on shares held by Non-Public Shareholders prior to an Initial Public Offer. Public Shareholders are exempt from this lock-in, while shares acquired via transfer or allotment within 12 months preceding the listing application are subject to a minimum six-month lock-in or a 12-month period from acquisition, whichever is longer. The directive requires the Colombo Stock Exchange to implement these conditions and mandates entities to disclose locked-in share details in their prospectuses using Annexure 1. This directive is effective from 23 August 2013.
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