SC: Confirmation of an Auction Sale Does Not Bar Judicial Scrutiny of Reserve Price Valuation  ||  Supreme Court Sets Aside Conviction of Four Men in a 1998 Gang Rape Case  ||  Supreme Court: Privy Purse Privileges of Princely Rulers are Not Enforceable Legal Rights  ||  Delhi HC: Repeated Court Summons May Distress and Re-Traumatize Child Sexual Assault Victims  ||  Jammu and Kashmir High Court: Labeling Someone as a Terrorist Associate Amounts to Defamation  ||  Delhi HC: Setting Aside or Altering a Judge’s Order by a Higher Court Doesn’t Affect Their Integrity  ||  Delhi High Court: Accused Cannot be Faulted For Smart Replies; Interrogator Must be Sharper  ||  Supreme Court: Belated Jurisdictional Challenge Impermissible After Participation in Arbitration  ||  Supreme Court: Failure to Prove Specific Overt Acts of Each Unlawful Assembly Member Not Fatal  ||  Supreme Court: Parental Salary Alone Cannot Determine OBC Creamy Layer Status    

One-time relaxation with respect to validity of SEBI Observations- (Securities and Exchange Board of India) (21 Apr 2020)

MANU/SMIS/0002/2020

Capital Market

1. In view of the impact of the COVID-19 pandemic, based on representations from various industry bodies, SEBI has decided to grant the following one time relaxations:

(i) In terms of Regulation 44(1), 85 and 140 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations), a public issue/rights issue may be opened within twelve months from the date of issuance of observations by SEBI.

The validity of the SEBI Observations where the same have expired/ will expire between March 1, 2020 and September 30, 2020 has been extended by 6 months, from the date of expiry of such observation, subject to an undertaking from lead manager of the issue confirming compliance with Schedule XVI of the ICDR Regulations while submitting the updated offer document to the Board.

(ii) In terms of Schedule XVI (1) (f)(i) of the ICDR Regulations, 2018 any increase or decrease in estimated fresh issue size by more than twenty percent of the estimated fresh issue size shall require fresh filing of the draft offer document along with fees.

An issuer shall be permitted to increase or decrease the fresh issue size by up to 50% of the estimated issue size without requiring to file fresh draft offer document with the Board subject to following conditions:

(a) there has been no change in the objects of the issue.

(b) the lead manager undertakes that the draft offer document is in compliance with provisions of Regulation 7(1)(e).

(c) the lead manager shall ensure that all appropriate changes are made to the relevant section of DRHP and an addendum, in this regard, shall be made public.

The above relaxation on change in fresh issue size shall be applicable for issues (IPO/Rights Issues/FPO) opening before December 31, 2020.

2. This circular shall come into force with immediate effect.

3. This circular is issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992.

Tags : ONE-TIME RELAXATION   GRANT   IMPACT   COVID-19 PANDEMIC  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved