Newsletter - MMJC - Page 7

SEBI’s Extended Relaxation on Compliance with LODR Regulations The Securities and Exchange Board of India (‘SEBI’) has issued a new circular dtd October 3,2024 extending certain compliance relaxations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’) for listed entities. SEBI had previously issued relaxations on October 7, 2023, for: Regulation 36(1)(b):

1. Introduction: On September 26, 2024, the Securities and Exchange Board of India (‘SEBI’) issued a circular aimed at reducing the timeline for listing debt securities and non-convertible redeemable preference shares (‘NCRPS’). The  present circular vide SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/129, outlines the introduction of a shortened listing timeline of T+3 working days, replacing the existing T+6 working days

1. Introduction The National Stock Exchange of India (‘NSE’) has issued a circular dated September 25, 2024, introducing a new enforcement mechanism aimed at ensuring compliance by Merchant Bankers with their obligations in the Small and Medium Enterprise (SME) segment. This circular addresses non-participation by Market Makers and outlines graded disciplinary actions against Merchant Bankers

The Bombay Stock Exchange[1] (‘BSE’) and National Stock Exchange[2] (‘NSE’) vide circular dtd September 30,2024 has introduced  single filing system through API-based integration between Stock Exchanges .  In reference to the Securities and Exchange Board of India (‘SEBI’) consultation paper dated June 26, 2024, titled ‘Recommendations of the Expert Committee for facilitating ease of doing

Amendment relevant for companies proposing to list their non-convertible securities. Clause 3.3.32 of Schedule I of the NCS Regulations, 2021, mandates that the names of the debenture trustee(s) be mentioned, along with a statement confirming that the debenture trustee(s) has consented to the appointment. Now debenture trustees will have to enter into a Debenture Trust

Amendment in SEBI PIT relevant for entities having their equity and/or non-convertible securities listed. SEBI has approved to amend the definition of relative and connected person. Once notified following persons would be considered as ‘deemed connected persons’ additionally. These persons would be deemed to be in possession of UPSI or deemed to have access to

Securities and Exchange Board of India (Informal Guidance) Scheme, 2024 will replace the existing Securities and Exchange Board of India (Informal Guidance) Scheme 2003. Under the New scheme regulated entities such as stock exchanges, clearing corporations, depositories and managers of pooled investment vehicles registered with the Board would be eligible to seek informal guidance. For

Amendment relevant for companies proposing fundraising or require frequent fund raising: Rights Issue to be completed in 23 working days from the date of Issuer’s Board Meeting Approving Rights Issue, as against present average timelines of 317 days. Requirement of filing Draft Letter of Offer with SEBI has been done away with instead it will

Amendment in SEBI LODR relevant for entities having their non-convertible securities listed. Single Filing system: SEBI Board has given an in-principle approval for introduction of single filing system for listed entities to file relevant reports, documents etc. on one exchange which will be automatically disseminated at the other exchange(s). Actionable: BSE and NSE vide its

Amendment in SEBI LODR relevant for entities having their specified securities listed: 1. Single Filing system: The SEBI Board has given an in-principle approval for introduction of single filing system for listed entities to file relevant reports, documents etc. on one exchange which will be automatically disseminated at the other exchange(s). Actionable: BSE and NSE