In 2018, Rule 9A was added to the Companies (Prospectus and Allotment of Securities) Rules, 2014. This was the first time unlisted public companies were required to facilitate the dematerialization (conversion into electronic form) of their securities. Later, in October 2023, Rule 9B was introduced, making it mandatory for private companies (except small companies) to
Introduction In the journey of the Initial Public Offering (IPO) once the Draft offer Document is filed with the Stock Exchanges and Securities and Exchange Board of India (SEBI) it starts the continuous phase of disclosure. Under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations), companies preparing for an IPO must
Securities and Exchange Board of India (‘SEBI’) vide its amendments notification dt: March 27, 2025, amended Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (amendment) Regulations, 2025 [LODR amendment’]. LODR amendment is effective immediately for High Value Debt Listed Entity [‘HVDLE’] (i.e. entities only having their principal outstanding non-convertible debt securities of
This issue of MMJC Insights covers the following: Material Misstatements in DRHP: SEBI’s Enforcement Actions Article on the Role of Independent Directors in scanning Related Party Transactions Power of the Tribunal to make modifications to the scheme of Compromise or Arrangement Interpretation of the term ‘Resident of India’ under Schedule V of the Companies Act
Background The Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) regulations, 2015 (‘SEBI LODR’) were amended with effect from 27th March 2025, vide SEBI LODR amendment regulations 2025 [‘LODR amendment’]. LODR amendment revamped provisions relating to High Value Debt Listed Entities (‘HVDLE’). HVDLE is an entity which has principal value of listed
Securities and Exchange Board of India (‘SEBI’) vide its amendment notification Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2025 [‘LODR amendment’] dt: March 27, 2025, notified provisions for High Value Debt Listed Entities [‘HVDLE’]. HVDLE means an entity who has its listed non-convertible debt securities listed on a recognized
Section 133 of the Companies Act 2013 (‘the Act’) authorises the Ministry of Corporate Affairs (‘MCA’) in consultation with National Financial Reporting Authority (‘NFRA’) to prescribe the accounting standards to be followed by companies while preparing the financial statements. Accordingly, MCA had notified accounting standards prescribed by the Institute of Chartered Accountants of India (‘ICAI’)on 7th December 2009and
Introduction Section 134(3) of the Companies Act, 2013 [‘the act’] states that a report of the board of directors shall be attached to statements laid down before the company in the general meeting. Section 134(3), read with rule 8 of Companies (Accounts) Rules, 2014, also provides an inclusive list of items required to be disclosed in the board’s report
Introduction In recent years, India has seen a wave of IPOs, making it more important than ever for regulators to keep a close watch on company disclosures. For businesses looking to go public, this means they need to be completely transparent and provide accurate information. At the same time, merchant bankers must dive deeper into
IntroductionInitial Public Offerings (IPOs) have long been a cornerstone of the financial markets from decades, offering Companies a pathway to raise capital and to investors, an opportunity to participate in the growth story of emerging businesses. One of the most talked-about aspects of IPOs is the phenomenon of “listing gains” – the profit investors make