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SEBI amends guidance note on insider trading

The Securities and Exchange Board of India (SEBI) amended the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, with effect from 17 February to provide dissenting shareholders with an exit opportunity in terms...

SEBI provides exit for dissenting shareholders

The Securities and Exchange Board of India (SEBI) issued a notification on 17 February to amend the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, by inserting chapter VI-A, which gives dissenting shareholders...

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...

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 of...

SEBI can probe and take action in case of sham GDR issue

Allowing an appeal in Securities and Exchange Board of India v Pan Asia Advisors Ltd & Anr, the Supreme Court held that the Securities and Exchange Board of India (SEBI) had jurisdiction to initiate...

SEBI amends issue of capital requirements

On 11 August, the Securities and Exchange Board of India notified a third amendment to the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. Some of the key changes to regulation 10 (Fast...

Delisting before open offer: SEBI’s missed opportunity?

By Ganesh Prasad and Sanjay Khan, Khaitan & Co
The Securities and Exchange Board of India (SEBI) has recently notified crucial amendments to the SEBI (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations), and the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations,...

SEBI notifies amended delisting regulations

The Securities and Exchange Board of India (SEBI) notified the SEBI (Delisting of Equity Shares) (Amendment) Regulations, 2015 (amendment regulations), on 24 March amending the SEBI (Delisting of Equity Shares) Regulations, 2009 (delisting regulations)....

SEBI redefines ‘venture capital undertaking’

The Securities and Exchange Board of India (SEBI) has made amendments to the SEBI (Foreign Venture Capital Investors) Regulations, 2000, through the SEBI (Foreign Venture Capital Investors) (Amendment) Regulations, 2014, dated 30 December 2014.Under...

SEBI amends clause 49 of the Listing Agreement

By way of a circular dated 15 September, the Securities and Exchange Board of India (SEBI) has streamlined and clarified the corporate governance compliance requirements of listed companies. Clause 49 of the Listing Agreement...

SEBI clarifies amended rules for preferential issues

On 25 August, the Securities and Exchange Board of India (SEBI) issued the SEBI (Issue of Capital and Disclosure) (Second Amendment) Regulations, 2014, introducing new and revised regulations on preferential issues.Through a circular dated...

SEBI amends Equity Listing Agreement

The Securities and Exchange Board of India (SEBI) issued a circular on 15 September amending clause 49 of the Equity Listing Agreement, with effect from 1 October. The salient features of the circular are...

SEBI releases new risk management and margin rules

On 15 May, the Securities and Exchange Board of India (SEBI) released a circular on the risk management framework for foreign portfolio investors (FPIs) under the SEBI (Foreign Portfolio Investors) Regulations, 2014.As per this...

SEBI allows shareholders’ options/pre-emptive rights

By Ranjana Roy Gawai and Krishna Keshav, RRG & Associates
The question as to a shareholder’s right to enter into a private arrangement in relation to transfer of shares of a public company was resolved by a decision of Bombay High Court in Messer...

Alstom complies with SEBI rules

Amarchand Mangaldas acted as legal counsel to Alstom T&D India in its issue of 16,942,500 equity shares to qualified institutional buyers through an institutional placement programme. Alstom T&D India, a subsidiary of the French company...

A look at SEBI notification allowing contractual rights

By Siddharth Hariani and Aditya Bhargava, Phoenix Legal
With the issuance on 3 October of a notification under the Securities Contracts (Regulation) Act, 1956, the Securities and Exchange Board of India (SEBI) provided much needed clarity on the validity of contracts relating...

SEBI provides platform for listing without an IPO

As a welcome development for the Indian start-up ecosystem and small and medium enterprises (SMEs), the Securities and Exchange Board of India (SEBI) recently notified the regulations for the listing of small and medium...

SEBI permits options and pre-emptive rights

The Securities and Exchange Board of India (SEBI), by a recent notification, has agreed to include clauses relating to pre-emptive rights (right of first offer, tag-along right, drag-along right) and call and put options,...

SEBI updates investment fund regulations

The Securities and Exchange Board of India (SEBI) has notified the first amendment to the SEBI (Alternative Investment Funds) Regulations, 2012 (AIF regulations). The key amendments are outlined below: Permission to market a fund prior...

Analysis of circular shows SEBI is being too cautious

By Inder Mohan Singh and Arya Tripathy, Amarchand Mangaldas
The Securities and Exchange Board of India (SEBI) issued a circular on 4 February, withdrawing its earlier circular dated 3 September 2009, setting stringent requirements for listed companies and stock exchanges in relation to...