Rights issue procedural relaxations allow electronic dispatch, alternative application mechanisms and digital authentication to facilitate investor participation. SEBI permits one time procedural relaxations for rights issues opening up to July 31, 2020: electronic service of offer materials with mandated website publication and outreach measures; revised advertisement requirements including electronic dissemination; conditional acceptance mechanisms for physical shareholders unable to submit demat details, prohibiting renunciation and mandating demat allotment; optional non cash application mechanisms in addition to ASBA with prohibition on third party payments; requirements for transparent, robust processes, investor helpdesks, complaint responsibility; and allowance for digital signatures and electronic inspection of offer documents.
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Provisions expressly mentioned in the judgment/order text.
Rights issue procedural relaxations allow electronic dispatch, alternative application mechanisms and digital authentication to facilitate investor participation.
SEBI permits one time procedural relaxations for rights issues opening up to July 31, 2020: electronic service of offer materials with mandated website publication and outreach measures; revised advertisement requirements including electronic dissemination; conditional acceptance mechanisms for physical shareholders unable to submit demat details, prohibiting renunciation and mandating demat allotment; optional non cash application mechanisms in addition to ASBA with prohibition on third party payments; requirements for transparent, robust processes, investor helpdesks, complaint responsibility; and allowance for digital signatures and electronic inspection of offer documents.
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