India - Capital Markets Snapshots.

Legal News & Analysis – Asia Pacific - India - Capital Markets

10 August, 2019

 

  • Extension of Time for Implementation of Phase I of Unified Payments Interface with ASBA

 

By its circular dated November 1, 2018, SEBI had introduced the use of Unified Payments Interface as a payment mechanism with Application Supported by Block Amount for applications in public issues by retail individual investors through intermediaries...

 
 
  • Amendments to the SEBI Delisting Regulations
     

SEBI, by its circular dated March 13, 2019, has prescribed the process and framework for promoters / acquirers to make a ‘counter offer’ under the SEBI (Delisting of Equity Shares) Regulations, 2009 (‘SEBI Delisting Regulations’), in case the price discovered through reverse book-building mechanism in the SEBI Delisting Regulations is not acceptable to such promoters / acquirers.

 
 
  • Amendment to the SEBI (Debenture Trustees) Regulations, 1993
     

By an amendment dated May 7, 2019, SEBI has amended the SEBI (Debenture Trustee) Regulations, 1993 (‘Debenture Trustee Regulations’), to inter alia increase the minimum capital adequacy requirement for a debenture trustee..

 
 
  • SEBI Informal Guidance in the matter of Innovative Tech Park Limited
     

Innovative Tech Park Limited requested for informal guidance from SEBI, seeking clarification inter alia with respect to interpretation of Regulation 78(6) of the erstwhile SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009...

 
 
  • Participation of Portfolio Managers in Commodity Derivatives Market in India
     

SEBI, by its circular dated May 22, 2019 has now allowed portfolio managers to participate, on behalf of their clients, in exchange traded commodity derivatives, subject to the portfolio manager appointing a SEBI registered custodian prior to such dealing, and subject to compliance with prescribed conditions....

 
 
  • Enhanced Disclosure Requirements for Listed Debt Securities
     

By its circular dated May 27, 2019, SEBI has enhanced disclosure requirements in relation to listed debt securities, which include inter alia the following...

 
 
  • Working Group Report on the FPI Regulations
     

On May 24, 2019, SEBI published the report of the Working Group under the chairmanship of Harun R. Khan, constituted to review the SEBI (Foreign Portfolio Investors) Regulations, 2014 (‘FPI Regulations’)...

 
 
  • SEBI Prescribes Framework for DVRs by Tech Companies 
     

By a Press Release dated June 27, 2019, SEBI approved a framework for issuance of shares with differential voting rights (‘DVRs’) by tech companies (as defined with respect to the Innovators Growth Platform), subject to various conditions including additional corporate governance standards...

 
 
  • Discussion Paper on the Proposed Insider Trading Informant Mechanism 
     

SEBI, by its discussion paper published on June 10, 2019, had sought public comments on its proposal to amend the SEBI (Prohibition of Insider Trading) Regulations, 2015 to provide for an effective informant mechanism for early detection of insider trading...

 
 
  • SEBI Discussion Paper on Review of Rights Issue Process 
     

SEBI has issued a discussion paper on May 21, 2019 to seek public comments on the review of the rights issue process (last date for which has elapsed). SEBI has inter alia made the following proposals....

 
 
  • SEBI Discussion Paper on Review of Buy-Back of Securities 
     

SEBI has issued a discussion paper on May 22, 2019 to seek public comments on the suggestions relating to review of conditions for buy-back of securities (last date for which has elapsed). Under the SEBI (Buy-back of Securities) Regulations, 2018, one of the main conditions for buy-back of securities is that the aggregate of secured and unsecured debts owed by the company after buy-back should not be more than twice the paid-up capital and free reserves of such a company (however, if a higher ratio is specified under the Companies Act, 2013, the higher threshold would prevail).....

 
 

 

For further information, please contact:

 

Zia Mody, Partner, AZB & Partners

[email protected]