SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2021

Last updated: 09 January 2021
Quick Summary
The Securities and Exchange Board of India has introduced the SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2021. These amendments, effective from their publication in the Official Gazette, update Schedule III of the 2015 Regulations. Key changes include detailed disclosure requirements for resolution plans approved under the Insolvency Code, covering aspects like pre and post-net worth, asset details, liabilities, shareholding patterns, and promoter information. Additionally, new clauses mandate disclosures on steps for achieving Minimum Public Shareholding (MPS), quarterly MPS status updates, and any delisting plans within the resolution plan.

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 8thJanuary, 2021 SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2021 No. SEBI/LAD-NRO/GN/2021/02.-In exercise of the powers conferred bysection 11, sub-section
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FAQ :

These are new regulations introduced by the Securities and Exchange Board of India to amend the existing SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The amendment regulations come into force on the date of their publication in the Official Gazette.

The amendments require detailed disclosures on pre and post-net worth, company assets post-CIRP, securities imposed on assets, material liabilities, shareholding patterns (assuming 100% conversion of convertible securities), funds infused, creditors paid off, impact on investors, names and experience of new promoters/KMPs, and a brief business strategy.

Yes, the amendments introduce requirements for disclosing proposed steps by the incoming investor/acquirer to achieve MPS, and quarterly disclosures on the status of achieving MPS.

The amendment also requires details on any delisting plans that have been approved within the resolution plan.

 
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