SEBI amends the Circular related to schemes of arrangement by listed entities

Sep 12, 2019 | by Avantis RegTech Legal Research Team

The Securities Exchange Board of India (SEBI) on September 12, 2019, in order to protect the interests of investors in securities and to promote the development of, and to regulate the securities market, amends the Circular No. CFD/DIL3/CIR/2017/21 dated March 10, 2017, regarding framework for Schemes of Arrangement by listed entities and relaxation under the provisions of the Securities Contracts (Regulation) Rules, 1957. The amendment is made in relation to payment of outstanding dues of SEBI, Stock exchanges and the Depositories as provided in the Annexure.

The recognized stock exchanges are directed to:

i.          bring the provisions of this circular to the notice of the listed companies and also disseminate the same on their website.

ii.          communicate to SEBI the status of implementation of the provisions of this circular through monthly development report.

[SEBI Circular No. SEBI/HO/CFD/DIL1/CIR/P/2019/192]


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