Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 26) Regulations 2004

No. S 765

Securities and Futures Act

(Chapter 289)

Securities and Futures (Market Conduct) (Exemption for Stabilising Action in Respect of Dealings in Bonds) (No. 26) Regulations 2004

In exercise of the powers conferred by section 337(1) of the Securities and Futures Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1.  These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 26) Regulations 2004 and shall come into operation on 23rd December 2004.

Definitions

2.  In these Regulations, unless the context otherwise requires —

“Bonds” means the 5-year convertible bonds due December 2009 issued by Jindal Stainless Limited for a principal amount of up to US$75 million, which are convertible into fully paid ordinary shares of Jindal Stainless Limited with a par value of 2 Indian Rupees each or global depositary shares of Jindal Stainless Limited (if such global depositary shares have been issued by Jindal Stainless Limited at the time of conversion);

“stabilising action” means an action taken in Singapore or elsewhere by Morgan Stanley & Co. International Limited, or any of its related corporations, to buy, or to offer or agree to buy, any of the Bonds in order to stabilise or maintain the market price of the Bonds in Singapore or elsewhere.

Exemption

3.  Sections 197 and 198 of the Act shall not apply to any stabilising action taken in respect of any of the Bonds, within 30 days from the date of issue of the Bonds, with —

(a) a person referred to in section 274 of the Act; or

(b) a sophisticated investor as defined in section 275(2) of the Act.

Made this 15th day of December 2004.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[SFD CFD 014/99; AG/LEG/SL/289/2002/1 Vol. 9]