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November 5, 2013

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  1. Issues pertaining to primary issuance of debt securities - Amendment to Simplified Debt Listing Agreement

    SEBI has decided to implement the following measures for the development of Corporate Bond Market. This decision has been taken consequent to its discussion with issuers and various other market participants and has been circulated vide Circular No CIR/IMD/DF/18/2013 dated October 29, 2013:

    1. Disclosure of Cash Flows

    2. Withdrawal of requirement to upload bids on date time priority

    3. Disclosure of unaudited financials with limited review report

    4. Disclosure of contact details of Debenture Trustee in Annual Report

    The circular also specifies the effective date of applicability.
  2. Standardisation and Simplification of Procedures for Transmission of Securities

    SEBI has vide its Circular No CIR/MIRSD/10/2013, dated 28th October, 2013 standardized and simplified the procedures for transmission of Securities by formulating guidelines with a view to make the transmission process more efficient and investor friendly. SEBI has after reviewing the process being followed by the Share Transfer Agents (STAs) and the Depositories / Issuer companies (in-house STAs) for effecting transmission of securities held in physical as well as dematerialized mode and in consultation with Registrars Association of India (RAIN) and the depositories decided that STAs/issuer companies and the depositories shall adhere to the guidelines as prescribed in the circular.

    1. In case of transmission of securities in dematerialized mode, where the securities are held in a single name without a nominee, the existing threshold limit of Rs. 1,00,000 (Rupees One lakh only) per beneficiary owner account has now been revised to ` 5,00,000 (Rupees Five lakh only).

    2. In case of transmission of securities held in physical mode:
      1. where the securities are held in single name with a nominee, STAs/issuer companies shall follow the standardized documentary requirement as specified.

      2. where the securities are held in single name without a nominee, the STAs/issuer companies shall follow, in the normal course, the simplified documentation as specified, for a threshold limit of Rs. 2,00,000 (Rupees Two lakh only) per issuer company. However, the Issuer companies, at their discretion, may enhance the value of such securities.

    3. The timeline for processing the transmission requests for securities held in dematerialized mode and physical mode shall be 7 days and 21 days respectively, after receipt of the prescribed documents.

  3. Listing of specified securities of small and medium enterprises on the Institutional Trading Platform in a SME Exchange without making an initial public offer.

    SEBI vide Circular No CIR/MRD/DSA/33 /2013, dated 24th October, 2013 has decided to permit listing without an Initial Public Offer and trading of specified securities of small and medium enterprises (SMEs) including start-up companies on Institutional Trading Platform (ITP) in SME exchanges. This decision is in order to facilitate capital raising by small and medium enterprises including start-up companies which are in their early stages of growth and to provide for easier exit options for informed investors like angel investors, VCFs and PEs etc., from such companies. The circular specifies the details of ITP, Eligibility for listing, Process of listing, Capital raising, Minimum promoter shareholding and lock-in, Exit from the platform, Liabilities etc.,

  4. Formats under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

    SEBI vide Circular No. CIR/CFD/POLICYCELL/11/2013, dated 21st October, 2013 has in order to ensure that adequate disclosures are made to help investors in taking an informed decision. modified the formats for disclosures under regulation 29 (1), 29 (2) and 31 of the Regulations. The modified formats are available on SEBI website.

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