Del. HC: Denying Seat to Candidate Due to Administrative Fault Would be Unjust  ||  All. HC: Not Mandatory for Passport Authority to Impound Passport of Accused Persons  ||  Raj. HC: In Absence of Statutory Rules, Denying Appt. on Basis of Minimum Height is Discriminatory  ||  MP HC: Party Required to Lay Factual Foundation for Getting Benefit of Section 65 of Evidence Act  ||  Ker. HC: Settlement of Cases Including Offence of Rape & POCSO Act Offences is Not Permissible  ||  Gujarat High Court: Wife Allowed to Become Guardian & Manager of Husband in Coma  ||  SC: Partition of Property Can’t be Done by Metes & Bounds in Chandigarh  ||  SC Approves Requirement for Judicial Officers to be Converse With Local Language  ||  Kerala High Court: Denial of Ordinary Leave Reduces Convict’s Chances of Rehabilitation  ||  Delhi HC Issues Circular Regarding Pass-Overs or Adjournments in Bail, Parole Matters    

Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957- (Securities and Exchange Board of India) (03 Nov 2020)

MANU/SSMD/0065/2020

Capital Market

1. SEBI Circular No. CFD/DIL3/CIR/2017/21 dated March 10, 2017 has laid down the framework for Schemes of Arrangement by listed entities and relaxation under Rule 19(7) of the Securities Contracts (Regulation) Rules, 1957.

2. Empowering the stock exchanges: It has been decided to further streamline the processing of draft schemes filed with the stock exchanges, and make certain amendments to the aforesaid Circular dated March 10, 2017, as provided in the Annexure to this Circular. These amendments are aimed at ensuring that the recognized stock exchanges refer draft schemes to SEBI only upon being fully convinced that the listed entity is in compliance with SEBI Act, Rules, Regulations and circulars issued thereunder.

3. Applicability of this Circular: This Circular shall be applicable for all the schemes filed with the stock exchanges after November 17, 2020.

The amendment indicated at Para 7 of the Annexure shall be applicable for all listed entities seeking listing and/or trading approval from the stock exchanges after November 3, 2020.

4. The recognized stock exchanges are directed to bring the provisions of this circular to the notice of the listed companies and also to disseminate the same on their website.

5. This circular is issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulations 11, 37 and 94 read with Regulation 101(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Rule 19(7) of Securities Contracts (Regulation) Rules, 1957 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Tags : LISTED ENTITIES   RELAXATION   RULES  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved