Effective date of ASBA Process and clarification on clause 2.8 of SEBI (Disclosure and Investor Protection (DIP)) Guidelines, 2000

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....ers conferred under sub-section (1) of section 11 of the Securities and Exchange Board of India Act, 1992, all merchant bankers are informed as under: (1) Effective date of SEBI Circular on ASBA process (a) It is mentioned in SEBI circular no. SEBI/CFD/DIL/DIP/31/2008/30/7 dated July 30, 2008 that the said circular shall come into effect from the date to be specified by SEBI, once few eligible banks are recognised as Self Certified Syndicate Banks (SCSBs). (b) In this regard, it is hereby informed that as of date, the following banks have been recognised as SCSBs and appear in the list of SCSBs displayed on SEBI website at www.sebi.gov.in : (i) Corporation Bank (ii) Union Bank of India (iii) H....

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....practicable for companies raising funds for mega projects with debt funding requirement of at least Rs. 1000 crores, it has been decided that the abovementioned clause 2.8 shall be deemed to have been complied with, if the following conditions are satisfied: (i) The issuer company has obtained "in-principle sanction" letters for the proposed debt funding from all the relevant financial institutions/ banks; (ii) The promoters of the issuer company have given a legally enforceable undertaking/ guarantee to meet the gap in funding in the event of inability of the issuer company to arrange firm financing arrangements; (iii) The funding gap, which the promoters have undertaken to meet, does not exceed 33% of the promot....