Recent Amendments SEBI/Securities Laws

Ankur Garg (Company Secretary and Compliance Officer)   (114679 Points)

14 October 2009  

RECENT AMENDMENTS IN SEBI/SECURITIES LAWS FOR CS AND CA STUDENTS

 

NOTIFICATIONS/CIRCULARS/REGULATIONS/RULES:

 

1. Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2009 – No.LAD-NRO/GN/2009-10/12/169546, dated 14th July, 2009.

 

  1. Corporate Actions- No delivery period – Abolition of non-delivery period for all types corporate actions in respect of the scrips which are traded in the compulsory dematerialized mode – No. MRD/DOP/SE/Cir- 07/2009, dated 21st July, 2009.

 

  1. Listing agreement – Equity listing agreement has been amended to prohibit listed companies from issuing shares with superior rights as to voting or dividend vis-à-vis rights on equity share that are already listed – No.SEBI/CFD/DIL/LA/2/2009/21/7, dated 21st July, 2009.

 

  1. Offer documents – Procedure for submission of updations. It has been decided to classify the changes in offer documents which may call for filing of updated offer documents, with the Board, along with fees and for filing of updated offer documents without fees – No.SEBI/CFD/MB/IS/4/2009/31/07, dated 31st July, 2009.

 

  1. Portfolio managers – Amendment to circular dated 14th January 2003 specifying additional information for registration/renewal registration as portfolio managers – No.IMD/DOFI/PMS/Cir-5/2009, dated 31st July, 2009.

 

  1. DIP Guidelines, 2000 – IDR issues – Amendment to Chapter VIA relating to the disclosure of financial information pertaining to the issuing company and the extent of applicability of the DIP Guidelines to IDR issues – No.SEBI/CFD/DIL/DIP/37/2009/31/07, dated 31st July, 2009.

 

  1. Takeover Regulations – Clarification on interpretation of second proviso to sub-regulation (2) of regulation 11- No.CFD/DCR/TO/Cir- 01/2009/06/08, dated 6th August, 2009.

 

  1. Mutual Fund – Exit load- In order to have parity among all clauses of unit holders, no distinction among unit holders will be made – No.SEBI/IMD/CIR No.6/1724461/2009, dated 7th August, 2009.

 

  1. ASBA process – It is clarified that for the purpose of payment of commission, both types of application shall be treated on par-No. SEBI/CFD/DIL/MB/IS/5/2009/05/08, dated 5th August, 2009.

 

  1. Foreign venture capital investors – Applicants desirous of registering with SEBI shall obtain firm commitment from their investors for contribution- Cir.No.IMD/DOF-1/FVCI/CIR.No.1/2009, dated 3rd July, 2009.

 

  1. DIP Guidelines, 2000 – Guidelines amended to rationalize rights issue process/procedure – No.SEBI/CFD/DIL/DIP/38/2009/08/20, dated 20th August, 2009.

 

  1. Insider Trading – Clarifications on Prohibition of Insider Trading Regulations, 1992 –Press Release dated 24th July, 2009.