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In a significant move to strengthen the SME IPO ecosystem, the Securities and Exchange Board of India (SEBI) has rolled out major amendments to the SME IPO framework under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR). These changes come after a consultation paper was released on November 19, 2024, followed by

Background: Securities and Exchange Board of India (‘SEBI’) vide its consultation paper dt: May 18, 2023, and November 9, 2024, had proposed to align definition of Unpublished Price Sensitive Information (‘UPSI’) with list of material events / information as per schedule III of SEBI (Listing Obligations and Disclosure Requirements) regulation, 2015 [‘SEBI LODR’]. SEBI in

Background:The Industry Standards on “Minimum information to be provided for Review of the Audit Committee and Shareholdersfor Approval of a Related Party Transaction (RPT)” (‘RPT Industry Standards‘) released by SEBI vide its circulardated February 14, 2025 revamps the minimum information required to be placed before the audit committee andshareholders, wherever required, for approval of a

Introduction Schemes of mergers, demergers, and various other arrangements (hereinafter “Corporate Restructuring”) involving listed entities have been seen increasing at a greater pace in recent times. Listed entities involved in the scheme of arrangement have to seek a No Objection letter from stock exchanges1. Corporate Restructuring involving listed entities, SEBI Registered Intermediaries, and certain individuals

Introduction Regulation 37 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI LODR’) mandates every listed entity desirous of undertaking a scheme of arrangement or involved in a scheme of arrangement under sections 230–234 and section 66 of Companies Act, 2013 to file the draft scheme of arrangement with the designated stock exchange(s)

Introduction Going public is a major milestone for any company, often seen as a validation of its business model and a gateway to significant capital infusion. However, the path to a successful Initial Public Offering (IPO) is fraught with challenges, and many companies are not adequately prepared for the rigors of the public market. The

The Central Government in exercise of the powers conferred by clauses (aa) and (ab) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999) (Hereinafter referred to as “FEMA 1999”) notified the Foreign Exchange Management (Non-debt instruments) Rules, 2019 [NDI Rules 2019] in supersession of the Foreign Exchange Management (Transfer or