Newsletter - MMJC

Introduction Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015 [‘SEBI LODR’] requires disclosure of material events or information to stock exchanges. Materiality for disclosure of events or information to stock exchanges is determined pursuant to Reg. 30(4) of SEBI LODR[1]. There are certain events specified in Para A, Part A

Background Securities and Exchange Board of India (Prohibition of Insider Trading), Regulations 2015 [‘SEBI PIT’] does not specify whether trading of designated persons and their immediate relatives needs to be tracked post their resignation. Securities and Exchange Board of India [‘SEBI’] in their FAQs dt: March 31, 2023[1] has at FAQ no. 48 stated that,

Facts of the case: Glenmark Life Sciences Ltd (‘GLS’) is a public limited company listed on stock exchange on August 6, 2021. Glenmark Pharmaceuticals Ltd [GPL’] was holding 82.34% of GLS as on date of listing. Nirma Ltd (‘Acquirer’) decided to acquire 75% of shares of GLS from GPL by way of share purchase agreement

Introduction The Compliance Officer under the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 [‘PIT Regulations’] is responsible for administering the code of conduct and other requirements under PIT Regulations1. The Model Code of Conduct, as per PIT Regulations, states that the compliance officer would be responsible for closing the trading

Introduction Securities and Exchange Board of India (‘SEBI’) (Prohibition of Insider Trading) (Second Amendment) Regulations 2015 introduces revised provisions relating to Trading Plans[‘TP’]. A comprehensive newsletter on this amendment has already been published in MMJC Insights, detailing the changes. In this newsletter we shall further analyzes the implications for listed companies of the revised provisions relating

Introduction Initial Public Offerings (IPOs) are often seen as a hallmark of success and a major milestone for Small and Medium Enterprises (SMEs). SMEs often embark on the journey of becoming publicly listed companies with great optimism, envisioning increased capital, enhanced credibility, and accelerated growth. However, the reality post-listing can be fraught with challenges. However,

Introduction Appointment and remuneration of non-executive directors (‘NED’) is always a matter of concern. Practices adopted by companies in remunerating NEDs has always been the talk of the town. Hence it becomes necessary to understand concerns raised by proxy advisors in remunerating NEDs. In this article we will explore various governance concerns raised by proxy

Introduction The appointment and reappointment of Non-Executive Directors (NEDs) play a crucial role in corporate governance, as outlined by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR), particularly Regulation 17, which mandates a balanced board composition with at least one-third independent directors. This framework is designed to enhance oversight and maintain a separation of

Introduction: When a company goes public through an Initial Public Offering (IPO), it marks a significant and complex milestone, requiring immense effort from the entire team involved. However, this is just the beginning. The compliance journey doesn’t stop with the listing; it continues with rigorous ongoing obligations. This structured approach ensures that companies maintain transparency

Background Unpublished Price Sensitive Information [‘UPSI’] is the most important aspect when it comes to enforcement of provisions relating to prohibition of insider trading. It is important to identify the flow of UPSI within and outside the organisation. Securities Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (‘PIT Regulations’) makes it mandatory for