Quick Summary
The ICAI passes an amendment in provision of SEBI(ICDR) Regulations,2018 wherein the minimum promoters contribution is not required. Read the official notification given below: Corporate Laws Corporate Governance Committee The Institute of Chartered Accountants of India 18th January, 2021 A
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FAQ :
The amendment removes the requirement for minimum promoter's contribution in certain cases under the SEBI (ICDR) Regulations, 2018.
The amendment is effective from January 8, 2021.
Companies whose equity shares are frequently traded on a stock exchange for at least three years, have redressed at least 95% of investor complaints, and have complied with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for three years are eligible.
If a company has not complied with board composition rules but is compliant at the time of filing and makes adequate disclosures about past non-compliances, it will be considered compliant.
The amended regulation is available on the SEBI website, specifically at the provided link for the Securities and Exchange Board of India (Issue of Capital And Disclosure Requirements) Regulations, 2018.
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