TaxTMI 
TaxTMI 
Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000
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....ths. The benefit of extended validity period would be available in respect of all the observation letters whose validity period has not expired on December 4, 2008. (b) Before opening of the issue, every issuer shall be required to file an updated offer document with SEBI, highlighting all changes made in the document. (c) Where updation include significant changes in the offer document, such an updated Red herring prospectus/ prospectus or letter of offer shall be filed with SEBI at least one month before filing the same with Registrar of Companies or with Designated Stock Exchange as the case may be. The procedure for submitting such updated documents including what will constitute "significant changes", "additional fees" etc will be specified by SEBI shortly. 2.2 Reduction in timelines for completion of bonus issues. (a) At present, in terms of the SEBI (DIP) Guidelines, a listed company is required to complete a bonus issue within a maximum period of six months from the date of approval of the issue by the board of directors of the company. (b) The DIP Guidelines have been amended to re....
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....regarding lock-in requirements of instruments allotted on preferential basis have been made in clause 13.3.1(c) and (d) of the DIP Guidelines. 2.4.2 Non-applicability of certain provisions of Chapter XIII of the SEBI (DIP) Guidelines. (a) It has been decided that an issuer, which has been granted relaxation by the Board in terms of regulation 29A of the SEBI (Substantial Acquisitions of Shares and Takeovers) Regulations, 1997, shall be exempted from certain provisions of Chapter XIII of DIP Guidelines, subject to the condition that in the explanatory statement to the notice for the general meeting of the shareholders, the issuer gives adequate disclosures about the details of the plan including the process proposed to be followed by it for identification of the allottees in addition to the disclosures required in other applicable laws. 2.5 Policy on relaxation from strict enforcement of rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957 (SCRR). (a) At present the SEBI (DIP) Guidelines provides for the policy regarding considering the requests for relaxation of the strict enforcement ....
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....igure "4.3.1" and before the figure "4.4.1", the word "and" shall be substituted. 3. in clause 4.7.1:- (a) the figures and punctuation "4.1.2," and mark and figure "& 4.5.1" shall be omitted; (b) for the punctuation mark "," appearing after the figure "4.3.1" and before the figure "4.4.1", the word "and" shall be substituted. 4. In clause 4.11.1:- (a) the mark and figure "& 4.5" shall be omitted; (b) for the punctuation mark "," appearing after the figure "4.3" and before the figure "4.4", the word "and" shall be substituted. CHAPTER V PRE - ISSUE OBLIGATIONS 5. In clause 5.7.2, for the words "one week", appearing after the words "shareholders at least" and before the words "before the date of opening", the words "three days" shall be substituted. CHAPTER VIII OTHER ISSUE REQUIREMENTS 6. In clause 8.3.5, the words "by an unlisted company" appearing at the end shall be omitted. 7. After clause 8.3.5 and before the existing clause 8.3.5.1, the following clause shall be inserted, namely:- "8.3.5.1 Application by an unlisted company for listing of equity shares pursuant....
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....signated stock exchange of the listed company and the designated stock exchange may forward the application along with its recommendations, giving reasons in writing to the Board. 8.3.5.5 The Board may, while granting relaxation under clauses 8.3.5.1, 8.3.5.2 and 8.3.5.3, stipulate any other conditions as may be deemed necessary in the interest of investors and securities market under the facts and circumstances of the specific case." 13. In clause 8.21.1:- (a) for the words "3 months", appearing after the words "shall open within" and before the words "from the date of issuance of the observation letter" the words "12 months" shall be substituted; (b) in proviso the word "or fast track issue" appearing at the end, shall be omitted. 14. After clause 8.21.1, the following shall be inserted:- "8.21.2 The issuer shall, before filing a red herring prospectus (in case of a book built issue) or prospectus (in case of a fixed price issue) with ROC or letter of offer with Designated Stock Exchange, as the case may be, file with the Board through the lead merchant banker an updated offer document highlighting all changes made in the document. ....
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...., shall be disclosed at least two working days (in case of an initial public offer) and at least one working day (in case of a further public offer) before the opening of the bid;" (ii) in item (b), the words "in case of a further public offer" shall be added at the end. 19. In sub-clause (viii)(b)of clause 11.3.1, for the opening statement, the following shall be substituted, namely:- "Where the issuer decides to opts for price band instead of floor price, the lead book runner shall ensure compliance with the following conditions:" CHAPTER XIII GUIDELINES ON PREFERENTIAL ISSUES 20. In clause 13.1.2.3, for the words "ten percent", appearing after the words "to atleast" and before the words "of the price", the words "twenty five percent" shall be substituted. 21. In clause 13.3.1, (i) for sub-clause (c), the following clauses shall be substituted, namely:- "(c) The instruments allotted on preferential basis and the shares allotted pursuant to exercise of options attached to warrants issued on preferential basis to the promoter / promoter group of the issuer, in addition to the instruments or....