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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>SEBI Sets New Rules for Unlisted MIIs' Schemes of Arrangement, Requires Draft Filing and Fees. Effective in 30 Days.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) establishes norms for schemes of arrangement by unlisted Market Infrastructure Institutions (MIIs) like stock exchanges, clearing corporations, and depositories. Unlisted MIIs must file draft schemes with SEBI for an observation or no-objection letter before approaching any court or tribunal. A fee of 0.1% of the paid-up share capital, capped at INR 5,00,000, is required. The circular outlines detailed information and documentation requirements, including valuation reports, fairness opinions, and compliance reports. SEBI aims to harmonize these norms with those applicable to listed MIIs, ensuring transparency and regulatory compliance. The provisions take effect 30 days post-issuance.
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