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The circular issued by the Securities and Exchange Board of India (SEBI) announces the repeal of previous circulars concerning the procedure for dealing with cases involving the issuance of securities to more than 49 but up to 200 investors in a financial year, under the Companies Act, 1956. It states that the repeal is enacted to protect the interests of investors in securities and regulate the securities markets. The circular outlines a procedure wherein companies were given the option to avoid penal action by providing investors with an option to surrender the securities and receive a refund amount along with interest.
The circular issued by the Securities and Exchange Board of India (SEBI) announces the repeal of previous circulars concerning the procedure for dealing with cases involving the issuance of securities to more than 49 but up to 200 investors in a financial year, under the Companies Act, 1956. It states that the repeal is enacted to protect the interests of investors in securities and regulate the securities markets. The circular outlines a procedure wherein companies were given the option to avoid penal action by providing investors with an option to surrender the securities and receive a refund amount along with interest.
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