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Search results: Listing Obligations and Disclosure Requirements
Mandatory verification of market rumours
India’s top listed companies must investigate and correct market rumours within hours under new rules from the Securities and Exchange Board of India (SEBI).
The new Listing Obligations and Disclosure Requirements regulation 30(11) requires listed...
SEBI strengthening governance and protecting minority shareholders
The Securities and Exchange Board of India (SEBI) notified the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023 (LODR amendment) on 14 June 2023. Among other matters, it sets out provisions to...
The challenges of impact investment facing PE investors
Globally, private equity investors have been a driving force for economic growth, and have recently been adding responsible investments to their portfolios. This is driven by factors such as climate change, regulatory developments, and...
Making sense of the promoter conundrum
During recent discussions with book running lead managers and other advisers, the Securities and Exchange Board of India (SEBI) indicated that, in an initial public offering of equity shares (IPO), it would categorise founders...
New governance norms for trusts
The Securities and Exchange Board of India (SEBI) has announced governance norms for real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), in line with those for listed companies. It follows the board’s...
Planks missing from newly regulated online bond platforms
The Securities and Exchange Board of India (SEBI) has always kept a watchful eye on the proliferation of fintech entities everywhere in the consumer-facing side of the financial sector. In July 2022, the SEBI...
Changes planned for LODR disclosure norms
The Securities and Exchange Board of India (SEBI) has sought public comment on changing the disclosure requirements as applicable to listed companies. Among the major changes proposed is a tightened timeline, ranging from 30...
Indian Law Firm Awards 2022
Discover our other annual awards Award
In a celebration of hard work, ingenuity and excellence, India Business Law Journal reveals the winners of the 2022 Indian Law Firm Awards. Vandana Chatlani reports
In the past 12...
Monkey business
The NSE scandal comprising a mysterious Himalayan yogi, a 'group operating officer' who had never worked in the securities market, and a board that looked the other way shows that it takes only a...
Deals of the Year
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Who’s in control?
The markets regulator has begun a process to move away from the broad concept of promoter to controlling shareholders in order to better identify who’s in charge. Shivanand Pandit reports
Paving the way for a...
The fragile position of independent directors of banks
The improvement of corporate governance norms of banks has been on the agenda for many years. However, after egregious irregularities and misconduct at the highest levels were found at some well-known banks and non-banking...
Cryptocurrencies unchained?
Since the Supreme Court overturned India's ban on cryptocurrencies, trading volumes have increased exponentially and home-grown crypto startups have blossomed. But the government has yet to establish a regulatory regime, and reports of another...
Indian Law Firm Awards 2021
Discover our other annual awards Award
Vandana Chatlani reports
India has faced a terrible year battling the covid-19 pandemic. Companies and law firm offices shut shop. Homes were turned into work spaces, and lawyers relied on...
Revised regulations on due diligence for listed debentures
In November 2020, the Securities and Exchange Board of India (SEBI) issued a circular on due diligence to be carried out by debenture trustees on security for listed debentures. The circular prescribed additional obligations...
Trustees to be watchdogs in the debt market
With the aim of improving protection and transparency for investors in debt markets, the Securities and Exchange Board of India (SEBI) by its circulars of 8 October 2020 significantly amended the SEBI (Debenture Trustees)...
SEBI’s awkward two-step on recent changes
The Securities and Exchange Board of India (SEBI) recently introduced a series of changes to protect investors in listed issuance debt securities. The precursor to these changes was a little noticed amendment to the...
Slowing the free fall
Taking stock of the relief measures deployed by regulators to soften the impact of the lockdown. Gautam Kagalwala reports
With the COVID-19 outbreak, the government has been fighting on two fronts. It has introduced a...
Deals of the Year 2019
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Adani Gas sells large stake to Total
Total and Adani have signed definitive agreements to deepen their partnership to supply and market natural gas in India. Total will acquire a 37.4% stake in Adani Gas for ₹61 billion (US$864 million). The...
Risky proposition
The role of an independent director is an unenviable one, argues Nitin Mittal
To be, or not to be, that is the dilemma a number of independent directors are grappling with these days. In the Punjab...
Inside out
Ensuring compliance with amended insider trading regulations. By Ashwinee Oturkar
At the turn of the year, the Securities and Exchange Board of India (SEBI) notified amendments to the country’s insider trading regulations, bringing about some...
Independent directors: Staying mindful of liabilities
The role of independent directors has recently come into sharp focus in India, as lax oversight has led to crises at large listed companies. Independent directors should be aware of and mitigate potential liabilities.
Liabilities
Directors...
Deals of the Year 2018
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Information sharing under SEBI’s insider trading rules
The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (PITR), prohibits communication of unpublished price sensitive information (UPSI) to any person except where it is in furtherance of legitimate purposes,...
MCA plan to cap pay puts outside directors in a bind
The Ministry of Corporate Affairs (MCA) on 5 November 2018 called for public comments on a slew of proposed amendments to the Companies Act, 2013, with a view to strengthen the corporate governance framework...
SEBI clarifies on transfer of securities
The Securities and Exchange Board of India (SEBI) issued a press release on 10 August that provides clarifications with respect to amendments to regulation 40 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,...
Guidelines for InvITs
The Securities and Exchange Board of India (SEBI) has introduced guidelines for listed infrastructure investment trusts (InvITs) registered under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, allowing institutional investors to raise capital by way...
Debt securities guidelines issued for REITs, INVITs
The Securities and Exchange Board of India (SEBI) issued a notification on 13 April providing guidelines for issuance of debt securities by real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). On 15...
SEBI pricing norms for merger schemes
Listed companies undertaking schemes for compromises and arrangements have to comply with conditions prescribed by the Securities and Exchange Board of India (SEBI). The framework for this is set out in a circular issued...
AZB, JSA advise on Alibaba’s acquisition in Zomato
Food delivery app Zomato has received an investment of US$200 million from Alibaba’s affiliate Ant Small and Micro Financial Services Group (Ant).
Info Edge (India), which operates the job website Naukri and a key investor...
Deals of the Year 2017
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Key concerns for minority investors in listed companies
Private equity and other investors (strategic or otherwise), while making minority investments in a listed company (listco), have to navigate a myriad of regulations including the Securities and Exchange Board of India (Listing Obligations...
Board evaluation: A step towards greater governance
Quis custodiet ipsos custodes? (Who will guard the guardians?) – Juvenal
Since the introduction of clause 49 in the Listing Agreement more than a decade ago, the Securities and Exchange Board of India (SEBI) has...
Exemption for holding company-subsidiary merger
With effect from 15 February, listed entities are exempt from filing a draft scheme of arrangement in the case of a merger between a holding company and its wholly owned subsidiary in order to...
Corporate governance and upside sharing agreements
Upside sharing agreements (otherwise referred to as compensation agreements) are arrangements which are sometimes entered between an investor (usually a private equity investor) and the promoters and/or management of a listed company with an...
Companies to face SEBI’s tightened merger regime
The Securities and Exchange Board of India (SEBI), in its meeting on 14 January, proposed revisions to the regulatory framework governing the merger of an unlisted company with a listed company.
The existing regime comprises
(a)...
Deals of the year 2016
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Issues in reclassification of listed companies’ promoters
In India, a promoter is generally understood as a person in control of a company. A change in the promoter of a listed company is perceived as sufficiently significant to affect the company’s share...
Bombay Stock Exchange faces legal and regulatory hurdles
The Bombay Stock Exchange and the National Stock Exchange of India are gearing up for their own listings but they still face legal and regulatory hurdles.
Nandini Lakshman reports
For quite some time, the highly profitable stock exchanges...
SEBI amends listing obligations and disclosure requirements
The Securities and Exchange Board of India (SEBI) has amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, through the SEBI (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016. The amendment has...
FAQs on SEBI’s listing and disclosure rules
Last year, the Securities and Exchange Board of India (SEBI) notified the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Since then, SEBI has published multiple frequently asked questions (FAQs) to facilitate the listing process...
Deals of the Year 2015
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Chasing capital
As India’s equity markets stir, Nandini Lakshman investigates some of the recent deals, reveals the law firms that guided them and asks what’s in store for cash-hungry companies
It has been a modest but eventful...
Reinforcing obligations
New listing regulations are a step in the right direction. Priyanka Kumar and Sohrab Khushrushahi explain why
The Securities and Exchange Board of India (SEBI) notified the Securities and Exchange Board of India (Listing Obligations...
Listing and disclosure rules consolidation: A good step?
The Securities and Exchange Board of India (SEBI) notified the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on 2 September. The regulations are designed to consolidate all post-listing requirements applicable to entities that...
SEBI updates listing obligations and disclosure rules
On 2 September, SEBI published the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which come into effect on 1 December 2015. Two provisions, however, came into force with immediate effect. They are:
Passing...
Deals of the Year 2014
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Deals of the Year 2013
India Business Law Journal identifies and analyses the standout deals and disputes of 2013 and reveals the lawyers who guided them. By Nandini Lakshman
The past year was one of the worst for the Indian economy...
Draft REIT regulations introduced
India’s securities regulator, the Securities and Exchange Board of India (SEBI), recently released the draft SEBI (Real Estate Investment Trusts) Regulations, 2013. Some of the key features are captured below.
Investment Restrictions: Real estate investment...
Prosper or perish?
The US is fertile ground for Indian companies hungry to sow new seeds of investment. But without adequate knowledge, preparation and legal guidance, they could rake in more regrets than rewards
Aliyah Shahid reports from...
New category created: the qualified foreign investor
Until recently, only two categories of non-resident investors, namely, (i) foreign institutional investors (FIIs) and their sub-accounts registered with the Securities and Exchange Board of India (SEBI), and (ii) non-resident Indians (NRIs), were permitted...
Deals of the Year 2011
India Business Law Journal celebrates 50 of the most significant transactions and cases of 2011 and reveals the law firms that guided them to fruition
Nandini Lakshman reports from Mumbai
The global financial crisis may have...
Playing by which rules?
The imminent introduction of India’s new takeover code presents an opportunity for regulatory arbitrage
Cyril Shroff and Amita Choudary report
The acquisition of shares of a listed company in India is currently governed by the Securities...
Corporate governance: A paradigm shift needed
A great deal has been written about corporate governance in India since the turn of the millennium, when the nation’s economy was gaining prominence on the world stage. It became a buzzword in boardrooms...
Regulatory developments
Provident funds
On 5 June, the Central Board of Trustees of the Employees’ Provident Fund Organisation (EPFO) approved the lowering of the threshold limit for the applicability of establishments covered under the Employees Provident Fund...
Fighting for funds
Market turbulence has forced many Indian corporates to re-evaluate their domestic and international capital-raising strategies. But in spite of the difficulties, there is no shortage of investors willing to gamble on India, Chris Crowe reports...
