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SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

  1. Clarification on Clause 36 of the Equity Listing Agreement:

    Securities and Exchange Board of India (hereinafter referred to as “SEBI”) has vide Circular No. CIR/CFD/DIL/2/2013 dated January 3, 2013 has informed that certain listed companies have been giving monthly disclosure of their sales/turnover/production figures to their respective trade bodies/industry associations and the same is not disclosed to the stock exchanges. SEBI has therefore, reiterated that all the events or material information which will have a bearing on the performance / operations of the company as well as price sensitive information shall be first disseminated to the stock exchanges as required under Clause 36 of the Listing Agreement.

  2. Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

    Securities and Exchange Board of India (hereinafter referred to as “SEBI”) has vide Circular No. CIR/MRD/DP/ 35 /2012 dated 17th December, 2012 directed the Stock Exchanges in respect of Companies which are listed out in the Annexure A to the circular (which have established connectivity with both NSDL and CDSL) , to consider shifting the trading in securities from Trade for Trade Settlement to normal Rolling Settlement subject to satisfaction of the following:

    1. at least 50% of the other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from Trade for Trade Settlement to normal Rolling Settlement and the Stock exchange has obtained a certificate in this regard issued by the Registrar and Transfer Agent. However, if the issuer-company does not have a separate Registrar and Transfer Agent, then such certificate needs to be issued by the Practicing Company Secretary/Chartered Accountant.

    2. There are no other grounds/ reasons for continuation of trading in Trade for Trade Settlement.
  3. Oversight of Members (Stock Brokers/Trading Members/Clearing Members of any segment of Stock Exchanges/Clearing Corporations)

    Securities and Exchange Board of India (hereinafter referred to as “SEBI”) has with a view to protect the interests of investors in securities and to promote the development of, and to regulate the securities market, vide Circular No. CIR/MRD/DSA/33/2012 dated 13th December, 2012 issued Prudential Norms on matters related to recognition, ownership and governance of Stock Exchanges and Clearing Corporations, for the effective implementation of the Securities Contracts (Regulation)(Stock Exchanges and Clearing Corporations) Regulations, 2012 (notified on 20th June, 2012).

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