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of <h1>SEBI Sets ASBA Process Effective Date; Clarifies Clause 2.8 of DIP Guidelines for Large Debt-Funded Projects.</h1> The circular issued by SEBI outlines the effective date for the ASBA process, stating that certain banks are recognized as Self Certified Syndicate Banks (SCSBs) eligible to function in public issues from September 1, 2008. It also clarifies clause 2.8 of the SEBI (DIP) Guidelines, 2000, regarding firm financial arrangements for public or rights issues. For projects with a debt funding requirement of at least Rs. 1000 crores, companies can comply by obtaining in-principle sanction letters and promoter guarantees, provided certain conditions are met. Merchant bankers must ensure compliance with these guidelines.
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