BRIEF OF SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations)
BRIEF OF SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing
Regulations)
In exercise of the powers conferred
by section 11, sub-section (2) of section 11A and section 30 of the Securities
and Exchange Board of India Act, 1992 (15 of 1992) read with section 31 of the
Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Securities and
Exchange Board of India hereby makes the following Regulations, namely:—
Date
of Publication in Official Gazette: September
2, 2015
Date of Applicability: December 1, 2015
Brief
on SEBI Listing Obligation:
The Securities and Exchange Board of
India (SEBI) has notified SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (Listing Regulations) on September 2, 2015,
after following the consultation process.
A time period of ninety days has been given
for implementing the Regulations.
Provisions
effective immediately:
Two provisions of the regulations,
which are facilitating in nature, are applicable with immediate effect. These
pertain to
(i) passing
of ordinary resolution instead of special resolution in case of all material
related party transactions subject to related parties abstaining from voting on
such resolutions, in line with the provisions of the companies Act, 2013, and
(ii) (ii)
re-classification of promoters as public shareholders under various
circumstances.
Salient Features
Aligned with
Companies Act, 2013:
The Securities and Exchange Board of India (SEBI) provisions for listed entities have
been aligned with those of the Companies Act, 2013. The latest listing norms,
finalised after consultations, will consolidate and streamline the provisions
of existing listing agreements for different segments of the capital market.
Parts of
Listing Regulation:
The Listing Regulations have been
sub-divided into two parts
(a) Substantive provisions incorporated in
the main body of Regulations;
(b) Procedural requirements in the form of
Schedules to the Regulations.
The Regulations have been structured to provide ease of reference by consolidating into one single document across various types of securities listed on the Stock exchanges.
The Regulations have been structured to provide ease of reference by consolidating into one single document across various types of securities listed on the Stock exchanges.
Listing Agreement:
A shortened version of the Listing
Agreement (2 page approximately) will be prescribed which will be required to
be signed by a company getting its securities listed on Stock Exchanges.
Existing listed entities will be required to sign the shortened version within
six months of the notification of the regulations.
Single Document:
The Regulations have been structured to provide ease of reference
by consolidating into one single document across various types of securities listed
on the Stock exchanges.
In order to ensure that there is no overlapping or confusion on
the applicability of these regulations, pre-listing requirements have been incorporated
in respective regulations and post-listing requirements have been incorporated
in Listing Regulations.
Other Silent Features:
· "All disclosures required to be
made on the website of the listed entity have been enumerated at a single place
for ease of reference and all requirements pertaining to disclosures in the
annual report have been combined.
· Obligations which are applicable to
specific types of securities have been incorporated in separate chapters.
Stock exchanges will be responsible in
ensuring companies comply with the listing obligations, and in the case of
non-compliance, they can take action against the entities.
· In order to ensure there is no overlapping
or confusion on the applicability of these norms, pre-listing requirements have
been incorporated in respective regulations.
·
"These provisions pertain to
allotment of securities, refund and payment of interest, one per cent security
deposit (in case of public issuance)... post-listing requirements have been
incorporated in listing regulations”.
Applicability of Listing Regulations:
Unless otherwise provided, these
regulations shall apply to the listed entity who has listed any of the
following designated securities on recognized stock exchange(s):
(a)Specified
securities listed on main board or SME Exchange or institutional trading
platform;
(b)Non-Convertible
debt securities, non-convertible redeemable preference shares, perpetual debt instrument,
perpetual non-cumulative preference shares;
(c) Indian
depository receipts;
(d) Securitized
debt instruments;
(e) Units
issued by mutual funds;
(f) Any other securities as may be specified by the Board.
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