SAST Disclosure
A SAST disclosure is a filing required under SEBI's Substantial Acquisition of Shares and Takeovers (SAST) Regulations, 2011, revealing that an investor has acquired — or changed — a meaningful stake in a listed company.
The core thresholds: any acquirer crossing 5% of a company's shares must disclose it, and once above 5%, further changes of 2% or more (up or down) trigger fresh disclosures. Promoters also file annual and event-based disclosures, including on pledges, under the same regulations. Crossing 25% triggers the biggest consequence — a mandatory open offer to public shareholders.
For investors, SAST filings are the official record of who is accumulating. When a respected institutional investor or a strategic acquirer crosses 5%, the market notices; a promoter steadily adding through creeping acquisition (permitted within annual limits) is read as insider confidence.
Read them alongside bulk/block deal data: SAST tells you who crossed a threshold; the deals data often shows the price and counterparty of the actual trades.
In practice
LIC bought 9,93,000 REC shares in the market on 7 September 2026, taking its holding from 4.993% to 5.031% and crossing the 5% disclosure threshold. LIC is not part of REC's promoter group. Read the filing (8 Sep 2026) →
Common questions
Within how many days must a SAST disclosure be made?
Within two working days of the acquisition or sale. Under Regulation 29 of SEBI's takeover code, the acquirer sends the disclosure to the company and to every stock exchange where the shares are listed. It does not wait for the next quarterly shareholding pattern; the exchanges publish it as soon as it arrives.
What is the difference between Regulation 29(1) and 29(2)?
Regulation 29(1) covers the first crossing: an acquirer whose holding, together with persons acting in concert, reaches 5% or more must disclose it. Regulation 29(2) covers what comes after: anyone already at 5% or more, and every promoter, must disclose each change of 2% or more since their last disclosure, whether the holding rises or falls.
Does crossing 5% trigger an open offer?
No. Crossing 5% triggers only a disclosure. An open offer becomes compulsory at 25%, or when an acquirer already holding between 25% and 75% adds more than 5% in a financial year, and it must be for at least 26% more of the company. Acquiring control triggers an open offer whatever the stake.
Do mutual funds and LIC have to file SAST disclosures?
Yes. A fund house counts the holdings of all its schemes together, so an asset management company whose schemes jointly cross 5% of a company, or move by 2% after that, files the disclosure. LIC files for its own holdings in the same way, as it did when its stake in REC crossed 5% in September 2026.
How stocks tend to react
Disclosures showing credible buyers building stakes are usually positive triggers — sometimes sharply so if the acquirer hints at strategic intent, since the 25% open-offer threshold looms behind any sustained accumulation. Stake reductions by promoters or large holders are typically read negatively, though the reason (deleveraging vs exit) shapes the response.
MarketPing measures this instead of guessing: every analysed announcement carries the stock's actual price reaction across 14 horizons, and the Reaction Lab aggregates how each category of announcement has historically moved stocks.
See it happening now
Promoters buying on Discover → — the NSE and BSE companies that filed one recently, each with its filing and the measured price reaction.
Related terms
Get alerted when it happens
When a company you follow announces a sast disclosure — or anything else material — MarketPing sends the filing to your WhatsApp within minutes, AI-summarised with an importance score. Free for 5 companies.
Educational content, not investment advice. Regulations and tax rules change — verify current rules before acting.