66. Control of substantial shareholders of a market institution

A person other than a representative of the government, shall not enter into any agreement or arrangement to acquire any voting shares of a market institution either individually or together with any other person acting in concert with him, exceeding five per centum or more of the aggregate of all the voting shares in a market institution, without obtaining the prior written approval of the Commission.

The Commission may impose restrictions on the maximum proportion of voting shares that may be held directly or indirectly by a group of persons representing a particular interest as may be determined by the Commission by way of an Order published in the Gazette.

The Commission may, at any time by publishing a notification in the Gazette, vary the threshold referred to in subsection (1) after taking into consideration the stage of securities market development or the public interest.

An application for the purpose of obtaining approval under subsection (1) shall be made by the person intending to acquire voting shares referred to therein and shall be sent to the Commission in the form and manner as may be specified by the Commission.

The Commission may require the applicant –

The Commission may grant its approval subject to such terms and conditions as it thinks fit to impose.