TaxTMI 
TaxTMI 
Faster Rights Issue with a flexibility of allotment to specific investor(s)
X X X X Extracts X X X X
X X X X Extracts X X X X
....rk for Rights Issue process has been introduced vide notification of SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2025, with Gazette ID CG-DL-E-08032025-261516 published in the Official Gazette on March 08, 2025. The same is available at this link. 2. As part of the new framework, in terms of amended Regulation 85 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations), it is being specified that Rights Issues shall be completed within 23 working days from the date of Board of Directors of the Issuer approving the Rights Issue. 3. Accordingly, the revised timelines for completion of the various activities involved in Rights Issue process from the date of Board of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....er - "In the letter of offer the issuer shall disclose the process of credit of REs in the demat account and renunciation thereof." 8.2. Sub para (d) of para (A) of Annexure I of Chapter 2 of Master Circular No. SEBI/HO/CFD/PoD-1/P/CIR/2024/0154 shall read as under- "Applicants can use application form available on the website of registrar to the issue or printed forms sourced from the issuer or registrars to the issue." 8.3. Sub para (a) of para (E) of Annexure I of Chapter 2 of Master Circular No. SEBI/HO/CFD/PoD-1/P/CIR/2024/0154 shall read as under- "Correction of bid data as collated by the SCSB after issue closing shall be completed on the issue closure date itself." 8.4. Sub para 1.5 shall be inser....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s an investor / shareholder to apply through ASBA mode. ASBA process from the time of submission of application by the applicants till transfer of shares in the depository account of the investors, as specified for public issues, shall be followed in the case of rights issues also to the extent relevant for rights issue. The role and responsibilities of SCSBs, Stock Exchanges and RTAs for public issues, shall be applicable mutatis mutandis to rights issue also." 9. The Recognized Stock Exchanges and Depositories are directed to a) bring the contents of this circular to the notice of all the stakeholders; b) put in place necessary systems and infrastructure for monitoring and implementation of this circular; c) ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....price, entitlement ratio etc. Subject to Board's/ shareholders' approval* T* 3. Application by the issuer for seeking in-principle approval along with filing of Draft Letter of Offer with Stock Exchanges T+1 4. Receipt of in-principle approval from Stock Exchanges T+3 5. 2nd Board meeting for fixing record date, price, entitlement ratio etc. T+4 6. Filing of Letter of Offer with Stock Exchanges and SEBI T+5 to T+7 7. Record Date T+8 8. Receipt of BENPOS on Record date (at the end of the day) T+8 9. Credit of Right Entitlements (REs) T+9 10. Dispatch / Communication to the shareholders of Letter of Offer T+10 11. Publication of advertisement for com....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nding final certificates for ASBA application T 8. Complete reconciliation of valid ASBA, REs holding and technical rejection. T 9. Basis of allotment to be carried out by RTAs in coordination with Designated Stock Exchange (DSE) T+1 10. Stock Exchange to approve the basis of allotment T+1 11. Transfer of funds from ASBA accounts to allotment account for allottees and refund account and unblocking of accounts for non-allottees T+1 12. Listing application to be made to SEs T+1 13. Instructions to dispatch of allotment and refund/unblocking intimations T+2 14. Receiving in-principle listing approval for corporate action T+2 15. Submit application with ....