Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2019

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....losure Requirements) Regulations, 2018, namely:- 1. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2019. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, - I. in regulation 2, in sub-regulation (1), after clause (eee) and before clause (fff), the following clause shall be inserted, namely, - "(eeea) "SR equity shares" means the equity shares of an issuer having superior voting rights compared to all other equity shares issued by that issuer." II. in ....

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...., which provide for a time frame for the validity of such SR equity shares, e. matters in respect of which the SR equity shares would have the same voting right as that of the ordinary shares, v. The SR equity shares have been held for a period of atleast 6 months prior to the filing of the red herring prospectus; vi. The SR equity shares shall have voting rights in the ratio of a minimum of 2:1 upto a maximum of 10:1 compared to ordinary shares and such ratio shall be in whole numbers only; vii. The SR equity shares shall have the same face value as the ordinary shares; viii. The issuer shall only have one class of SR equity shares; ix. The SR equity shares shall be equivalent to ordina....

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....ts same as that of ordinary equity shares along with existing SR equity shares." VIII. in regulation 113, after sub-regulation (4), the following sub-regulation shall be inserted, namely, - "(5) The SR equity shares of promoters, if any, shall be eligible towards computation of minimum promoters' contribution." IX. in regulation 115, after clause (b) and before the proviso, the following clause shall be inserted, namely, - "(c) The SR equity shares shall be under lock-in until their conversion to equity shares having voting rights same as that of ordinary shares, provided they are in compliance with the other provisions of these regulations." X. in regulation 119, after the words "Specified secur....