Rule 9 The Companies (Prospectus and Allotment of Securities) Rules, 2014

Dematerialisation of securities

The promoters of every public company making a public offer of any convertible securities may hold such securities only in dematerialised Form:

Provided that the entire holding of convertible securities of the company by the promoters held in physical form up to the date of the initial public offer shall be converted into dematerialised form before such offer is made and thereafter such promoter shareholding shall be held in dematerialized form only.