Is there anything like an upper limit in buying very cheap shares?

hElLO tRaDeR,\

1) "Well there is no Limit for the this under company law, but as per the SEBI (SAT) Regulations, there are certain trigger points first point is 5%, and as soon as you reach the holding to the level of 5% of the total shares of the company then thereafter with every change of 2% also a person needs to give a disclosure.

Therefore the upper celling limit is 5%, i.e. a retail investor can acquire something upto bellow 5%, from the secondary market.
But if the subscription is made in the IPO then the current limit is expressed in monetary terms and it is 2 Lacs per investor."  

Quoted from Quora:

2) According to Securities and Exchange Board of India a block deal is a single transaction of a minimum quantity of five lakh shares or a minimum value of Rs 5 crore and is done between two parties through a separate window of the stock exchange that is open for only 35 minutes in the beginning of the trading hours.