(Reuters) -India’s markets regulator on Wednesday increased the minimum block deal size to 250 million rupees ($2.82 million) from 100 million rupees as part of its proposed changes to the country’s framework for such transactions.
A block deal is used to execute large trades through a single transaction without putting either the buyer or seller in a disadvantageous position. For such trades, stock exchanges are permitted to provide a separate trading window.
The Securities and Exchange Board of India proposed changes to the country’s block deal framework earlier this year.
SEBI said on Wednesday the block deal orders can now be either up to 3% above or below the price of the share and will be conducted through two windows – a morning session and an afternoon session.
The changes are effective 60 days after the issuance of the circular, the regulator said.
($1 = 88.7290 Indian rupees)
(Reporting by Abinaya Vijayaraghavan; Editing by Anil D’Silva and Maju Samuel)
