SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2019

Apr 08, 2019 | by Avantis RegTech Legal Research Team

The Securities Exchange Board of India (SEBI) on April 05, 2019, has published SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2019 to further amend the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. It will come into force on the date of their publication in the Official Gazette that is April 05, 2019.

The amendments made are:

•The sub-regulation 2(1)(x) which is the defines “innovators growth platform” has been substituted with:

“innovators growth platform means the trading platform for listing and trading of specified securities of issuers that comply with the eligibility criteria specified in Regulation 283”

•In Regulation 2(1)(y), 3(i), 284(6), 290, 291, Chapter X and in Schedule V, Form A the words “institutional trading platform” has been substituted with the words “innovators growth platform”.

•In sub-regulation 282(3), the words “and not to retail individual investors” shall be omitted.

•The sub-regulation 283 (1) and (2) has been substituted.

•A new Regulation 285A has been inserted which specifies “minimum public shareholding norms and minimum offer size”.

•The sub-regulation 287(2) which specifies “Allocation and allotment”, has been substituted, namely:

“The allotment to institutional investors as well as non-institutional investors shall be on a proportionate basis.”

•The sub-regulation 287(3),(4),(5) has been omitted.

[Notification No. SEBI/LAD-NRO/GN/2019/08]

Click here to download the Notification.


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