Synopsis. Introduction. IPO Unlisted Companies. PIPEs & QIPs Listed Companies. Issues - Insider Trading and Takeover Regulations.

Size: px
Start display at page:

Download "Synopsis. Introduction. IPO Unlisted Companies. PIPEs & QIPs Listed Companies. Issues - Insider Trading and Takeover Regulations."

Transcription

1 Public offering of securities India

2 Synopsis Introduction IPO Unlisted Companies General conditions for doing an IPO in India IPO Process Issues PIPEs & QIPs Listed Companies Overview of Investments & Acquisitions in Listed Companies Key Legislations Issues Issues - Insider Trading and Takeover Regulations Conclusion 2

3 Introduction 3

4 Introduction Present Market Condition 4

5 Key Regulations 5

6 Overview of Key Regulations Companies Act, Central enactment to regulate the formation, financing, functioning and winding up of companies (private as well as public) SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 To govern all public issues by listed and unlisted companies, offers for sale, rights issues, preferential allotment, qualified institutions placement by listed companies Securities Contracts (Regulation) Act, 1956 To prevent undesirable transactions in securities by regulating the business of dealing therein Securities Contracts (Regulation) Rules, 1957 Rules promulgated under the Securities Contracts (Regulation) Act, 1956 which provide for detailed compliances 6

7 IPO Unlisted Companies: SEBI (ICDR) Regulations 7

8 Types of offers Types of offers Rights Public Preferential Issue QIPs Initial public offering Further public offering Fresh issue Offer for sale 8

9 Initial Public Offering When an unlisted company makes: a fresh issue of securities; or an offer for sale of its existing securities; or both for the first time to the public This is the trigger point for listing and trading of the issuer s securities 9

10 Regulatory Considerations Companies seeking a listing must adhere to the SEBI (ICDR) Regulations, SCR Rules and the listing requirements/policies of the stock exchange they wish to list on SEBI (ICDR) Regulations/SCR Rules FDI/FII policy Regulatory Considerations Listing Exchange Requirements/ Policies 10

11 Eligibility criteria 11

12 Eligibility for Unlisted Companies Criteria Net Tangible Assets (NTA) of at least INR 30 million in each of the preceding 3 years of which not more than 50% is held in monetary assets. (50% Limit not apply if Public Offer is made entirely through an offer for sale.) Distributable profits on both stand-alone and consolidated basis (under section 205 of the Act) in at least 3 out of immediately preceding 5 years. Net Worth of at least INR 10 million in each of the preceding 3 years. In case of change in name within the last 1 year, then at least 50% of the revenue for preceding year should be earned under the new name Issue size does not exceed 5 times the pre issue net worth Nishith Desai Associates 12

13 Contd Alternative Criteria Issue shall be through Book Building Route, with at least 50% to be mandatorily allotted to the Qualified Institutional Buyers (QIBs) OR The Project has at least 15% participation by Financial Institutions (FIs)/Scheduled Commercial Banks (SBs) of which at least 10% comes from the appraisers of the Project. In addition, at least 10% of the issue shall be allotted to QIBs. Minimum post There shall be a issue face value compulsory market capital of the making for at least company shall be INR 100 million 2 years from the date of listing the AND OR shares subject to certain conditions. 13

14 Additional Requirements All existing partly paid up shares should have been fully paid or forfeited before the issue No outstanding financial instruments with option to convert into equity shares at a later date Firm arrangements of finance through verifiable means towards 75% of the stated means of finance excluding the amount to be raised through proposed issue has to be made Company should have at least 1,000 prospective allottees in its Issue 14

15 Minimum offer to public The Department of Economic Affairs, Ministry of Finance has amended the Securities Contracts (Regulation) Rules 1956 to increase the minimum non-promoter holdings in Indian companies from 10% to 25% on June 4, The minimum threshold level of public holding to 25% for all listed companies and atleast 10% of post issue capital of the public sector undertaking. Unlisted firms that go public with a post-issue market capitalization of more than Rs. 40 billion, may go public with a 10% float initially, but will have to have a public float of 25% by increasing its public float by at least 5% a year. A llocation in the net offer to public category shall be made as follows: (a) not less than 35% to retail individual investors; (b) not less than 15% to non-institutional investors; (c) not more than 55% to QIBs, 5%of which shall be allocated to mutual funds: Provided that in case of an issue made in terms of 26 (2)(a) (i), at least 50% of the net offer to public shall be allotted to QIBs.

16 Pricing Fixed Price Offers Allowed to freely price the issue. Price is disclosed in the Offer document along with the detailed qualitative and quantitative factors justifying the price Book Building Price Red Herring Prospectus is filed which contains either the floor price or a price band along with the range within which the bids can move. Institutional Buyers and Underwriters then quote the price and quality at which they bid. Allotment is then finalized. The final prospectus with all the details including the final issue price is filed with ROC, completing the issue process 16

17 Promoter and Promoter Group 17

18 Promoters Promoter means a person or persons who are in over all control of the company who are instrumental in the formulation of a plan or programme pursuant to which securities are offered to the public; persons who are named in the prospectus as promoter. But does not include a director or officer of the issuer or a person, if acting as such merely in his/her professional capacity: a financial institution, scheduled bank, FII and MF merely by virtue of the fact that it holds ten per cent or more of the equity share capital of the issuer; 18

19 Promoter Group Promoter group includes Promoter and his/her immediate relative, In case promoter is a company any company in which promoter holds 10% or more or which holds 10% or more in promoter or any company in which 20% of equity capital is held by group of individuals or companies who holds 20% or more of the equity capital of the Issuer In case promoter is an individual any company in which 10% or more is held by promoter or an immediate relative of promoter or a firm or HUF in which promoter or immediate relative is a member and any company in which the above company holds 10% or more. Any HUF or firm in which the aggregate share of the promoter and his immediate relatives is equal to or more than 10% All persons whose shareholding is aggregated for the purpose of disclosing in the prospectus 19

20 Promoters Contribution and Lock-in 20

21 Minimum Promoter s Requirement In case of an unlisted company, the promoter shall contribute not less than 20% in the post-issue capital In case of listed company, the promoter shall participate either to the extent of 20% of the proposed issue or ensure post issue shareholding to the extent of 20% of the post issue share capital Promoters Contribution is required to be brought in before the issue opens 21

22 Exemption from Promoters Contribution In case of further issue of securities by a company which has been listed on a stock exchange for at least 3 years and has a track record of dividend payment for at least 3 immediately preceding years In case of company where no identifiable promoter or promoter group exists In case of right issues 22

23 What is not eligible as Promoters Contribution? The equity acquired during preceding 3 years before the offer documents are filed with the Board if it is: acquired for consideration than cash and revaluation of assets or capitalization of intangible assets is involved or resulting from a bonus issue, out of revaluation reserves or reserves created without accrual of cash resources Pledged securities held by Promoters Securities issued to the promoter during preceding 1 year, at a price lower than the price at which the equity is offered to the public shall not be eligible for computation of promoters contribution* *not applicable for unlisted government company/corporation/ SPV set up by any of them engaged in the infrastructure sector 23

24 Lock in Lock-in essentially means a freeze on the shares Necessary to ensure that Promoters have some interest in the Company after the issue of securities to the public Minimum Promoter Contribution is locked for a period of 3 years Excess Promoter s Contribution shall be locked-in for a period of 1 year 24

25 Lock in Entire pre issue capital other than promoter s contribution shall be locked in for a period of 1 year. Except: Held by VCFs or FVCI only if: Shares have been held by them for at least 1 year as on the date of filing the draft prospectus Held for a period of at least 1 year at the time of filing draft offer document with SEBI and being offered to the public though offer for sale* c) Pre-IPO shares held by employees other than promoters, which were issued under employee stock option or stock purchase scheme of the issuer company before the IPO * not applicable for unlisted govt. company/corporation engaged in the infrastructure sector 25

26 What is the process of an IPO? 26

27 Intermediaries to the Issue Book Running Lead Manager (s)/merchant Banker Registrar to the Issue Auditors Underwriters Legal counsels Syndicate members Escrow Bankers Bankers to the Issue IPO grading agency Monitoring Agency Printers Advertisement Agency 27

28 IPO Process 28

29 What kind of disclosures are made in the offer document? 29

30 Disclosure Requirements Definitions and Abbreviations Summary Risk Factors (internal and external) Capital structure of the Issuer Objects of the Issue Basis for Issue Price Business details of the Issuer Corporate structure and History of the Issuer Directors and Key Managerial Personnel Promoter and Promoter Group details Outstanding Litigations Regulations and Policies Financial Statements of the Issuer (restated) Management Discussion and Analysis Terms of the Issue Issue procedure Terms of Articles of Association of the Issuer Material contracts and documents of the Issuer Declaration 30

31 Changes from DIP to ICDR Key changes from the DIP Guidelines to the ICDR Regulations: Removal of the concept of Firm Allotments Preconditions to the Issue Amendment to the Eligibility Requirements Amendment of provisions regarding Promoters Contribution Restriction on transferability (lock-in) of promoters contribution Amendment to the provisions regarding the Disclosures to be made by the Issuer. Amendment of the provisions regarding Advertisement of the Issues Amendment of the provisions regarding Preferential Allotment Amendment to the provisions regarding QIPs Amendment to the provisions regarding Bonus Issues 31

32 Amendments to ICDR Amendment to add a new chapter that provides for separate and reduced thresholds for listing of securities of small and medium enterprises, notably provisions in relation to paidup capital threshold, filing of the offer document, underwriting, application size migration to and from a SME Exchange and Market-making. Reduction in the timeline between closure of an issue and subsequent listing of shares for public issues from 22 days to 12 days. Amendment requires a mandatory allotment of 30% of the total IDR issue, to the retail individual investors. 32

33 PIPEs and QIPs - Listed Companies 33

34 Overview of Key Legislations Companies Act, Central enactment to regulate the formation, financing, functioning and winding up of companies (private as well as public) SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2009 To govern all public issues by listed and unlisted companies, offers for sale and rights issues by listed companies. SEBI (Prohibition of Insider Trading) Regulations, 1992 To prohibit persons from dealing in securities while in possession of unpublished price sensitive information SEBI (Substantial Acquisition and Takeover) Regulations, 2011 To ensure that the incumbent management of the target company is aware of the substantial acquisition, To ensure that in the process of substantial acquisition the security market is not distorted, and To ensure that the small investors are offered a choice to either sell their shares at a price generally higher than the prevailing market price or to continue as shareholders under the new dispensation. 34

35 ICDR Regulation Preferential Issues Types of Instruments - equity shares, fully or partly convertible debentures, fully or partly convertible preference shares, warrants or any other financial instrument convertible into or exchangeable for equity shares at a later date Eligibility Issuer is in compliance with the conditions for continuous listing of equity shares as specified in the listing agreement; Issuer shall not make preferential issue of specified securities to any person who has sold any equity shares of the issuer during the six months preceding the relevant date Person belonging to promoter(s) or the promoter group has previously subscribed to warrants of an issuer but failed to exercise the warrants, ineligible for one year from date of expiry of the tenure of the warrants or date of cancellation of warrants. A special resolution has been passed by its shareholders. 35

36 Preferential Allotment (Cont ) Pricing of the Issue - higher of the average of the weekly high and low of the closing prices of the related shares quoted on the stock exchange during the (a) six months or (b) two weeks preceding the relevant date. Relevant date would mean: Equity shares, the date 30 days prior to the date on which the meeting of shareholders is held to consider the proposed preferential issue:. Convertible securities, either the relevant date referred to in above or a date 30 days prior to the date on which the holders of the convertible securities become entitled to apply for the equity shares. Term of financial instruments - financial instruments that are convertible or exchangeable for equity shares at a future date can be converted at any time within 18 months from the date of issue of the relevant instrument Lock in of instruments Specified securities allotted to promoter or promoter group shall be locked-in for a period of 3 years from the date of allotment. Not more than 20% of the total capital of the issuer shall be locked-in for 3 years from the date of allotment. Any other person (including promoters/ promoters group) instruments allotted locked in for a period of 1 year from the date of allotment. The entire pre-preferential allotment shareholding of the allottees, if any, shall be locked-in from the relevant date upto a period of 6 months from the date of preferential allotment 36

37 SEBI ICDR Regulations Qualified Institutional Placement Types of Instruments - equity shares, fully or partly convertible debentures, fully or partly convertible preference shares, NCDs attached to warrants or any other financial instrument that are convertible into or exchangeable for equity shares at a later date Eligibility - a special resolution approving the qualified institutions placement and specifically stating that he allotment is proposed to be made through qualified institutions placement on the specified date. the equity shares of the same class, proposed to be allotted through qualified institutions placement have been listed on a recognised stock exchange having nation wide trading terminal for a period of at least one year prior to the date of issuance of notice to its shareholders for meeting to pass the special resolution. in compliance with the requirement of minimum public shareholding. no allotment shall be made, either directly or indirectly, to any qualified institutional buyer who is a promoter or any person related to promoters of the issue. 37

38 QIB (Cont.) Pricing of the Issue - higher of the average of the weekly high and low of the closing prices of the related shares quoted on the stock exchange during the two weeks preceding the relevant date. Term of financial instruments - financial instruments that are convertible or exchangeable for equity shares at a future date can be converted at any time within 60 months from the date of issue of the relevant instrument. Lock in - securities allotted under a QIP cannot be sold for 1 year from the date of allotment, except on the stock exchange. Minimum Number of Allottees: 2 where the issue size is < Rs. 250 crores 5 where the issue size is > Rs. 250 crores No single allottee shall be allotted more than fifty per cent. of the issue size. Minimum of 10% of eligible securities shall be allotted to mutual funds: 38

39 Insider Trading Regulations 39

40 Insider Trading Regulations Prohibit insiders / companies from dealing in securities while in possession of unpublished price sensitive information. insider - any person who (i) is or was connected with the co or is deemed to have been connected with the co, & who is reasonably expected to have access to unpublished price sensitive information in respect of securities of a co or (b) who has received or has had access to such unpublished price sensitive information; dealing in securities - an act of subscribing, buying, selling or agreeing to subscribe, to buy, sell or deal in any securities by any person either as principal or agent; person deemed to be a connected person" (i) a co under same mgmt or group or any subsidiary; (ii) an intermediary, (iii) merchant banker, STA, registrar to an issue, debenture trustee, broker, portfolio manager, Investment Advisor, sub- broker, Investment Company etc or an employee thereof who has a fiduciary relationship with the co;(iv) a member of BoD, or an employee, of a PFI; (v) an official or employee of a SRO recognised or authorised by Board of a regulatory body; (vi) a relative of any of the above; (vii) banker of co; (viii) relatives of the connected person; (ix) a concern, firm, etc in which certain connected persons have more than 10% of the holding or interest. Unpublished - information which is not published by the co or its agents and is not specific in nature. price sensitive information - any information which relates directly or indirectly to a co and which if published is likely to materially affect the price of securities of co. 40

41 Insider Trading : Due Diligence On the one hand, Insider Trading Regulations prohibit persons from dealing in securities while in possession of unpublished price sensitive information. On the other hand, investments are seldom made without the satisfactory completion of a legal, business and financial due diligence on investee companies. Pursuant to such diligence exercises, it is likely for a potential investor to discover material non-public information. Safeguards to avoid triggering the Insider Trading Regulations for investments in listed companies: Hiring a third party law firm to conduct necessary due diligence. This arrangement would limit the investor or its advisor/agent/ affiliate/representative receiving or having access to any unpublished price sensitive information. Providing a cooling off period between the due diligence and actual dealing in securities (on the assumption that any unpublished price sensitive information would be made public by the investee company during such cooling off period). 41

42 Takeover Code 42

43 Applicability of the Takeover Code Person (Acquirer) + Persons Acting in Concert (PAC) Shares means shares carrying voting rights, and includes any security which entitles the holder to exercise voting rights. Will include all depository receipts carrying entitlement to exercise voting rights. XYZ Shares, Voting Rights, Control Target Company control shall include: a. the right to appoint majority of the directors or b. to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly including by virtue of their shareholding or management rights, shareholders agreement or voting agreement or in any other manner. An acquirer means any person who directly or indirectly acquires or agrees to acquire: a. shares b. voting rights c. control in a company either by himself or with Persons acting in concert ( PAC ) Target Company means a company and includes 1. Company established under legislation - central, state or provincial and 2. Whose shares are listed on a stock exchange. 43

44 Takeover Code Key Issues Who are PACs? Trigger Events for Disclosures and Public Announcements Change in Control Indirect Acquisitions & Conditional Offers Exempted Transactions Minimum Public Shareholding Non-Compete Fees 44

45 PACs & Deemed PACs "person acting in concert " (PAC) persons who, for a common objective or purpose of substantial acquisition of shares or voting rights, or, for gaining control over the target company, pursuant to an agreement or understanding (formal or informal), directly or indirectly co-operate by acquiring or agreeing to acquire shares or voting rights in the target company or control over the target company. Deemed PACs company + its holding company + its subsidiary or company under the same management directors of aforesaid companies and their associates company + its directors, or any person entrusted with the management of the funds of the company Promoters, members of promoter group and immediate relatives. mutual fund with sponsor or trustee or asset management company FII + sub accounts Merchant bankers with their clients who are acquirers portfolio managers with their clients as acquirers VCFs + sponsors banks, financial advisors, stock brokers of acquirers o Banks, financial advisors, stock brokers of a company which is a subsidiary or holding of the acquirer or relative of the acquirer (bank providing normal commercial banking services are excluded) Investment company with a person (as a director, fund manager, trustee or shareholder) having > 2% of the paid up capital of that company 45

46 Disclosures Trigger Events The acquirer should make necessary disclosures to the target company AND to each of the stock exchanges on which the target company s shares are listed wwithin 2 days of: (a) receipt of allotment intimation; or (b) acquisition of shares / voting rights, when such acquisition exceeds the following thresholds: 75% 74% 25% Every purchase or sale of 5% or more of the target company s share capital by an acquirer holding between 25% and the maximum permissible non-public Shareholding requires disclosure. 5% Any creeping acquisition entitling the acquirer to more than 25% or 75% shares or voting rights in the target company requires disclosure. 46

47 Public Announcement Trigger Events Public Announcement to purchase shares = minimum 26% of the voting capital of the company Creeping Acquisition: can acquire upto 5% every FY without making a PA Any acquisition of 5% or more of the voting rights in a compan Any acquisition entitling the acquirer to 25% or more of the voting rights in a company 47

48 Questions? 48

49 Disclaimer The information provided in this presentation is for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of this presentation, clients or otherwise, should act or refrain from acting on the basis of any content included in this presentation without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. The content of this presentation contains general information and may not be accurate or reflect current legal developments, verdicts or settlements. Nishith Desai Associates expressly disclaims all liability in respect to actions taken or not taken based on any or all the contents of this presentation. 49

50 Thank You Nishith Desai Associates 50

INITIAL PUBLIC OFFERING

INITIAL PUBLIC OFFERING INITIAL PUBLIC OFFERING UNDER SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 Table of Contents A. Eligibility Requirements for IPO B. Process of IPO C. Key Requirements of SEBI ICDR

More information

SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000]

SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000] SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000] Payel Jain Academy of Financial Services Pvt. Ltd PUBLIC OFFER-

More information

CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD

CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD CHAPTER II - INITIAL PUBLIC OFFER ON MAIN BOARD PART I: ELIGIBILITY REQUIREMENTS Reference date 4. Unless otherwise provided in this Chapter, an issuer making an initial public offer of specified securities

More information

The SEBI ICDR and Listing Regulations checklists

The SEBI ICDR and Listing Regulations checklists The SEBI ICDR and Listing Regulations checklists February 2018 KPMG.com/in Foreword Introduction Planning for an IPO is like conducting a symphony it has several facets, each intrinsically linked to the

More information

INITIAL PUBLIC OFFERINGS (IPOs) REGULATIONS & PROCESS

INITIAL PUBLIC OFFERINGS (IPOs) REGULATIONS & PROCESS INITIAL PUBLIC OFFERINGS (IPOs) REGULATIONS & PROCESS Options for Raising Funds Fund Raising Options Debt Equity Hybrid In India From Banks & FIs Public issue of Bonds/Debentures IPO FPO Rights Issue Various

More information

REGULATORY FRAMEWORK GOVERNING INITIAL PUBLIC OFFERINGS IN INDIA

REGULATORY FRAMEWORK GOVERNING INITIAL PUBLIC OFFERINGS IN INDIA CHAPTER 4 REGULATORY FRAMEWORK GOVERNING INITIAL PUBLIC OFFERINGS IN INDIA This chapter presents the regulatory framework governing the issuance of IPOs through public offer, book building and online route.

More information

PRACTICAL AND REGULATORY ASPECTS OF IPO

PRACTICAL AND REGULATORY ASPECTS OF IPO PRACTICAL AND REGULATORY ASPECTS OF IPO 17 th March 2018 Rajesh A Company Secretary and Compliance Officer Aster DM Healthcare Preliminary check for IPO If the issuer, any of its promoters, promoter group

More information

NISM Series IX: Merchant Banking Certification Examination. Test Objectives

NISM Series IX: Merchant Banking Certification Examination. Test Objectives NISM Series IX: Merchant Banking Certification Examination Test Objectives Chapter 1: Introduction to the Capital Market 1.1 Introduction to the Indian Capital Market 1.1.1 Explain the Capital market structure

More information

Glossary: S.No. Particulars. 1 Applicable ICDR Regulations. 2 SEBI Chapter XB regulations. 3 Eligibility Norms (BSE & NSE) 4 Key features of Listing

Glossary: S.No. Particulars. 1 Applicable ICDR Regulations. 2 SEBI Chapter XB regulations. 3 Eligibility Norms (BSE & NSE) 4 Key features of Listing Glossary: S.No. Particulars 1 Applicable ICDR Regulations 2 SEBI Chapter XB regulations 3 Eligibility Norms (BSE & NSE) 4 Key features of Listing 5 Flow Chart 6 Roadmap at Macro Level 7 Practical difficulties

More information

Sub.: Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000

Sub.: Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000 Neelam Bhardwaj General Manager Corporation Finance Department Division of Issues and Listing Phone: +91 22 26449350 (D), Email: neelamb@sebi.gov.in SEBI/CFD/DIL/DIP/32/2008/28/08 August 28, 2008 To All

More information

CA FINAL SEBI ACT 1992 SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 ESTABLISHMENT OF SEBI SEC 3 & 4. HO at Mumbai

CA FINAL SEBI ACT 1992 SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 ESTABLISHMENT OF SEBI SEC 3 & 4. HO at Mumbai SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 ESTABLISHMENT OF SEBI SEC 3 & 4 One Chairman By CG by issuing a notification in the Official Gazette. HO at Mumbai SEBI is a body corporate having perpetual

More information

SEBI Board Meeting. The SEBI Board met in Mumbai today and took the following decisions:

SEBI Board Meeting. The SEBI Board met in Mumbai today and took the following decisions: SEBI Board Meeting PR No.20/2018 The SEBI Board met in Mumbai today and took the following decisions: I. Review of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 The Board has

More information

CHAPTER VII PREFERENTIAL ISSUE

CHAPTER VII PREFERENTIAL ISSUE CHAPTER VII PREFERENTIAL ISSUE Chapter VII not to apply in certain cases. 70. (1) The provisions of this Chapter shall not apply where the preferential issue of equity shares is made: (a) pursuant to conversion

More information

SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997

SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997 SECURITIES AND EXCHANGE BOARD OF INDIA (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 1997 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India

More information

CHAPTER: 5 SOURCES OF DOMESTIC EQUITY FUND, VARIOUS ROUTES OF CAPITAL ISSUES FOR INDIAN COMPANIES AND CHANGE IN THEIR REGULATIONS

CHAPTER: 5 SOURCES OF DOMESTIC EQUITY FUND, VARIOUS ROUTES OF CAPITAL ISSUES FOR INDIAN COMPANIES AND CHANGE IN THEIR REGULATIONS CHAPTER: 5 SOURCES OF DOMESTIC EQUITY FUND, VARIOUS ROUTES OF CAPITAL ISSUES FOR INDIAN COMPANIES AND CHANGE IN THEIR REGULATIONS 5,1 SOURCES OF DOMESTIC EQUITY CAPITAL 5.1.1 Equity shares 5.1.1.1 Equity

More information

Test Objectives. NISM-Series-III-B. Issuers Compliance Certification Examination

Test Objectives. NISM-Series-III-B. Issuers Compliance Certification Examination Test Objectives NISM-Series-III-B Issuers Compliance Certification Examination 1. Introduction to Indian Capital Market 1.1. Understand the Capital Market Structure in India and Role of Capital Market

More information

Primary Market. Introduction ISMR. Trends. Primary Market

Primary Market. Introduction ISMR. Trends. Primary Market 27 ISMR Introduction Primary market provides opportunity to issuers of securities, Government as well as corporates, to raise resources to meet their requirements of investment and/or discharge some obligation.

More information

Code of Conduct for Prevention of Insider Trading

Code of Conduct for Prevention of Insider Trading Code of Conduct for Prevention of Insider Trading PUNJ LLOYD LIMITED CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING 1. PREAMBLE 1.1 Punj Lloyd Limited (the Company) endeavours to preserve the confidentiality

More information

New Platform for SMEs in India to Provide a Tax Efficient Exit for Investors

New Platform for SMEs in India to Provide a Tax Efficient Exit for Investors Real Estate Laws Foreign entities cannot engage in real estate business in India. The only permissible transaction involving real estate is where the non-resident party carries out development of a minimum

More information

Notice pursuant to Section 110 of the Companies Act, 2013

Notice pursuant to Section 110 of the Companies Act, 2013 Notice pursuant to Section 110 of the Companies Act, 2013 1 Reliance Home Finance Limited CIN: L67190MH2008PLC183216 Registered Office: Reliance Centre, 6 th Floor, South Wing, Off Western Express Highway

More information

IFLR India Awards "Team of the Year" in the Indian Investment Banks category. Primary and Secondary Issuance Process

IFLR India Awards Team of the Year in the Indian Investment Banks category. Primary and Secondary Issuance Process IFLR India Awards 2011 - "Team of the Year" in the Indian Investment Banks category Primary and Secondary Issuance Process May 2012 Table of Contents Section 1 Section 2 Capital Markets Overview Trends

More information

Securities and Exchange Board of India ( Alternative Investment Funds ) Regulations,2012

Securities and Exchange Board of India ( Alternative Investment Funds ) Regulations,2012 Securities and Exchange Board of India ( Alternative Investment Funds ) Regulations,2012 Preliminary Short Title and Commencement 1. (1) These Regulation shall be called the Securities And Exchange Board

More information

Last Updated on November 14, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013

Last Updated on November 14, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013 Last Updated on November 14, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013 SHUBHLAXMI JEWEL ART LIMITED Our Company was originally formed and registered as a partnership firm on July 30, 2013 at Bhavnagar,

More information

Jharkhand Road Projects Implementation Company Limited. Code of Conduct for Prevention of Insider Trading

Jharkhand Road Projects Implementation Company Limited. Code of Conduct for Prevention of Insider Trading Jharkhand Road Projects Implementation Company Limited Code of Conduct for Prevention of Insider Trading The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 (

More information

CIRCULAR. CFD/DIL3/CIR/2017/21 March 10, All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges

CIRCULAR. CFD/DIL3/CIR/2017/21 March 10, All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges CIRCULAR CFD/DIL3/CIR/2017/21 March 10, 2017 All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges Dear Sir/Madam, Sub: Schemes of Arrangement by Listed Entities

More information

SECURITIES AND EXCHANGE BOARD OF INDIA Memorandum to the Board

SECURITIES AND EXCHANGE BOARD OF INDIA Memorandum to the Board SECURITIES AND EXCHANGE BOARD OF INDIA Memorandum to the Board Proposed Amendments to SEBI (Mutual Funds) Regulations, 1996 to provide Framework for Infrastructure Debt Fund 1. Objective 1.1. This memorandum

More information

Code of Conduct for prevention of Insider Trading

Code of Conduct for prevention of Insider Trading Code of Conduct for prevention of Insider Trading SECTION A: GENERAL I. INTRODUCTION In terms of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 a listed company

More information

Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 Ministry : Securities and Exchange Board of India Notification No : LAD-NRO/GN/2008-2009/09/165992 Date : 10.06.2009 Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009

More information

[SCHEDULE XXI [See regulation 106F(2)] PART A DISCLOSURES IN THE ADDENDUM TO THE OFFER DOCUMENT FOR RIGHTS ISSUE OF INDIAN DEPOSITORY RECEIPTS

[SCHEDULE XXI [See regulation 106F(2)] PART A DISCLOSURES IN THE ADDENDUM TO THE OFFER DOCUMENT FOR RIGHTS ISSUE OF INDIAN DEPOSITORY RECEIPTS 348 [SCHEDULE XXI [See regulation 106F(2)] PART A DISCLOSURES IN THE ADDENDUM TO THE OFFER DOCUMENT FOR RIGHTS ISSUE OF INDIAN DEPOSITORY RECEIPTS (1) The listed issuer making a rights issue of IDRs shall

More information

Mutual Fund MUTUAL FUND MEANING

Mutual Fund MUTUAL FUND MEANING MUTUAL FUND MEANING means a fund established in the form of a trust to raise monies through the sale of units to the public or a section of the public under one or more schemes for investing in securities

More information

CIRCULAR CIR/IMD/DF/55/2016

CIRCULAR CIR/IMD/DF/55/2016 CIRCULAR CIR/IMD/DF/55/2016 May 11, 2016 To All Infrastructure Investment Trusts (InvITs) All Parties to InvITs All Stock Exchanges All Merchant Bankers Dear Sir / Madam, Sub: Guidelines for public issue

More information

IPO Case Studies CA VIVEK JAIN

IPO Case Studies CA VIVEK JAIN IPO Case Studies CA VIVEK JAIN Objective To give insight into the Applicable Guidelines, Issue Process and Critical Issues pertaining to the Initial Public Offer (IPO) based on the Practical Case Studies

More information

WHITE PAPER - CAPITAL MARKETS

WHITE PAPER - CAPITAL MARKETS WHITE PAPER - CAPITAL MARKETS Bird s Eye view Deep, liquid and efficient capital markets are critical to the continued development of the Indian Economy which has benefitted from increased openness and

More information

Decoding the Takeover Code

Decoding the Takeover Code Decoding the Takeover Code [SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997] By Payel Jain Vinod Kothari & Main idea behind the Coding of Takeover Code Some group of individuals

More information

TAKEOVER CODE: New Rules of The Game

TAKEOVER CODE: New Rules of The Game Knowledge Partner SEBI Registered Merchant Banker PREFACE The existence of an efficient and smooth functioning market for takeover plays an important role in the economic development of a country. It is

More information

SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 CHAPTER I PRELIMINARY

SECURITIES AND EXCHANGE BOARD OF INDIA (ALTERNATIVE INVESTMENT FUNDS) REGULATIONS, 2012 CHAPTER I PRELIMINARY THE GAZETTE OF INDIA EXTRAORDINARY PART III SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, MAY 21, 2012 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 21 st May, 2012 SECURITIES AND EXCHANGE

More information

NISM-Series-XI: Equity Sales Certification Examination

NISM-Series-XI: Equity Sales Certification Examination NISM-Series-XI: Equity Sales Certification Examination Test Objectives 1. Overview of Indian Securities Markets 1.1 Know about the Indian Securities Markets Discuss the structure of the Indian Securities

More information

Last Updated on June 04, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013

Last Updated on June 04, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013 Last Updated on June 04, 2018 vide SEBI Circular CIR/CFD/DIL/12/2013 PRITI INTERNATIONAL LIMITED Our Company was originally incorporated as Priti International Limited at Jodhpur, Rajasthan as a Public

More information

Notice pursuant to Section 110 of the Companies Act, 2013

Notice pursuant to Section 110 of the Companies Act, 2013 Power Reliance Power Limited CIN: L40101MH1995PLC084687 Registered Office : H Block, 1st Floor Dhirubhai Ambani Knowledge City Navi Mumbai 400 710 Tel: +91 22 3303 1000, Fax: +91 22 3303 3662 E-mail: reliancepower.investors@relianceada.com

More information

MANPASAND BEVERAGES LIMITED

MANPASAND BEVERAGES LIMITED MANPASAND BEVERAGES LIMITED CODE OF PRACTICES AND PROCEDURES FOR FAIR DISCLOSURE OF UNPUBLISHED PRICE SENSITIVE INFORMATION (Adopted by Board of Company on 04 th July, 2015) This document forms the Code

More information

GENERAL INFORMATION DOCUMENT FOR INVESTING IN PUBLIC ISSUES

GENERAL INFORMATION DOCUMENT FOR INVESTING IN PUBLIC ISSUES AKI INDIA LIMITED Corporate Identity Number: U19201UP1994PLC016467 Our Company was originally incorporated as AKI Leather Industries Private Limited on May 16, 1994 as a private limited company under the

More information

PRACTICE QUESTIONS COMPLIANCE OFFICERS (CORPORATES) MODULE. 1) As per the SEBI (ESOS and ESPS) Guidelines 1999, 'ESOS Shares' means (1 mark)

PRACTICE QUESTIONS COMPLIANCE OFFICERS (CORPORATES) MODULE. 1) As per the SEBI (ESOS and ESPS) Guidelines 1999, 'ESOS Shares' means (1 mark) PRACTICE QUESTIONS COMPLIANCE OFFICERS (CORPORATES) MODULE 1) As per the SEBI (ESOS and ESPS) Guidelines 1999, 'ESOS Shares' means. (a) shares arising out of exercise of options granted under ESOS (b)

More information

CAPITAL MARKETS FINANCIAL INNOVATION & ENGINEERING

CAPITAL MARKETS FINANCIAL INNOVATION & ENGINEERING CAPITAL MARKETS FINANCIAL INNOVATION & ENGINEERING Sanjay Purao Deputy General Manager Securities and Exchange Board of India 2 May 2011 Securities and Exchange Board of India 1 Amount Raised Year 2008-09

More information

WHITE PAPER: ALTERNATIVE INVESTMENT FUNDS

WHITE PAPER: ALTERNATIVE INVESTMENT FUNDS WHITE PAPER: ALTERNATIVE INVESTMENT FUNDS BIRD S EYE VIEW As on March 31, 2016, 209 Alternative s (AIF) have been registered with SEBI 1 with many more in the pipeline. The cumulative investments by the

More information

PROTECTION OF INVESTORS AND SHAREHOLDERS: A CRITICAL STUDY OF ROLE OF SEBI

PROTECTION OF INVESTORS AND SHAREHOLDERS: A CRITICAL STUDY OF ROLE OF SEBI PROTECTION OF INVESTORS AND SHAREHOLDERS: A CRITICAL STUDY OF ROLE OF SEBI CHAPTERS CHAPTER 1 : CHAPTER 2 : CHAPTER-3 : CHAPTER-4 : CHAPTER-5 : CHAPTER-6 : CHAPTER-7 : CHAPTER 8- : CHAPTER 9 : CHAPTER

More information

NOTICE OF EXTRAORDINARY GENERAL MEETING

NOTICE OF EXTRAORDINARY GENERAL MEETING CIN : L21012PB1997PLC035243 Regd. Office : Saila Khurd-144 529, Distt. Hoshiarpur (Punjab) E-Mail : kuantumcorp@kuantumpapers.com, Website : www.kuantumpapers.com NOTICE OF EXTRAORDINARY GENERAL MEETING

More information

ZODIAC ENERGY LIMITED

ZODIAC ENERGY LIMITED ZODIAC ENERGY LIMITED Our Company was originally incorporated as Zodiac Genset Private Limited at Ahmedabad on May 22, 1992 under the provisions of the Companies Act, 1956 vide Certificate of Incorporation

More information

CODE OF CONDUCT TO REGULATE, MONITOR AND REPORT TRADING BY INSIDER

CODE OF CONDUCT TO REGULATE, MONITOR AND REPORT TRADING BY INSIDER CODE OF CONDUCT TO REGULATE, MONITOR AND REPORT TRADING BY INSIDER 1. PRELIMINARY 1.1 Pursuant to the provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015, the Board of Directors of Balmer

More information

(Pursuant to Securities Exchange Board of India, (Prohibition of Insider Trading) Regulations, 2015)

(Pursuant to Securities Exchange Board of India, (Prohibition of Insider Trading) Regulations, 2015) BGR ENERGY SYSTEMS LIMITED CODE OF CONDUCT FOR TRADING BY INSIDERS (Pursuant to Securities Exchange Board of India, (Prohibition of Insider Trading) Regulations, 2015) OBJECTIVE OF THE CODE This Code of

More information

CODE OF CONDUCT FOR TRADING BY INSIDERS (Pursuant to Securities Exchange Board of India, (Prohibition of Insider Trading) Regulations, 2015)

CODE OF CONDUCT FOR TRADING BY INSIDERS (Pursuant to Securities Exchange Board of India, (Prohibition of Insider Trading) Regulations, 2015) CODE OF CONDUCT FOR TRADING BY INSIDERS (Pursuant to Securities Exchange Board of India, (Prohibition of Insider Trading) Regulations, 2015) OBJECTIVE OF THE CODE This Code of Conduct ( Code ) is intended

More information

Qualified Foreign Investors entry in the Indian Capital Markets

Qualified Foreign Investors entry in the Indian Capital Markets Qualified Foreign Investors entry in the Indian Capital Markets "The Indian Government has recently permitted Foreign Investors termed as Qualified Foreign Investors ( QFIs ) who meet prescribed Know Your

More information

Code of Conduct to Regulate, Monitor and Report Trading by Insiders

Code of Conduct to Regulate, Monitor and Report Trading by Insiders Code of Conduct to Regulate, Monitor and Report Trading by Insiders 1 GUJARAT ALKALIES AND CHEMICALS LIMITED PO. PETROCHEMICALS : 391 346 DIST. : VADODARA CIN : L24110GJ1973PLC002247 Code of Conduct to

More information

INSIDER TRADING POLICY

INSIDER TRADING POLICY INSIDER TRADING POLICY Rajesh Exports Limited (the Company ) is a public company whose equity shares are listed on National Stock Exchange of India Limited and Bombay Stock Exchange Limited and subject

More information

General Information Document for Investing in Public Issues

General Information Document for Investing in Public Issues Last updated on, 2014 AMSONS APPARELS LIMITED (CIN: U74899DL2003PLC122266) Our Company was originally incorporated at New Delhi as Amsons Apparels Private Limited on 16 th September, 2003 under the provisions

More information

HINDALCO INDUSTRIES LIMITED

HINDALCO INDUSTRIES LIMITED HINDALCO INDUSTRIES LIMITED CIN No: L27020MH1958PLC011238 Registered Office: Century Bhavan, 3rd Floor, Dr. Annie Besant Road, Worli, Mumbai- 400 030 Email: hil.investors@adityabirla.com website:www.hindalco.com

More information

2. Alteration of Capital Clause in the

2. Alteration of Capital Clause in the HINDALCO INDUSTRIES LIMITED CIN No: L27020MH1958PLC011238 Registered Office: Century Bhavan, 3 rd Floor, Dr. Annie Besant Road, Worli Mumbai 400 030 E Mail : hil.investors@adityabirla.com website : www.hindalco.com

More information

GENERAL INFORMATION DOCUMENT FOR INVESTING IN PUBLIC ISSUES

GENERAL INFORMATION DOCUMENT FOR INVESTING IN PUBLIC ISSUES AXITA COTTON LIMITED CIN: U17200GJ2013PLC076059 Registered office: Servey No. 324, 357, 358, Kadi Thol Road, Borisana, Kadi, Mahesana-382715, Gujarat Website: www.axitacotton.com; E-Mail: cs@axitacotton.com

More information

EXECUTIVE PROGRAMME UPDATES FOR CAPITAL MARKETS AND SECURITIES LAWS MODULE 2- PAPER 6

EXECUTIVE PROGRAMME UPDATES FOR CAPITAL MARKETS AND SECURITIES LAWS MODULE 2- PAPER 6 EXECUTIVE PROGRAMME UPDATES FOR CAPITAL MARKETS AND SECURITIES LAWS (Relevant for students appearing in December, 2016 examination) MODULE 2- PAPER 6 Disclaimer- This document has been prepared purely

More information

Private Placement of Shares. Companies Act, 2013 (As amended by Companies Act, 2017 & Rules framed thereunder)

Private Placement of Shares. Companies Act, 2013 (As amended by Companies Act, 2017 & Rules framed thereunder) Private Placement of Shares Companies Act, 2013 (As amended by Companies Act, 2017 & Rules framed thereunder) CONTENTS EVOLUTION OF PRIVATE PLACEMENT WHAT IS PRIVATE PLACEMENT? HOW IS IT DIFFERENT FROM

More information

Sr. No. Norms Heading Norms for companies which have been moved to the Dissemination Board by exiting / De-recognized Regional Stock Exchange

Sr. No. Norms Heading Norms for companies which have been moved to the Dissemination Board by exiting / De-recognized Regional Stock Exchange Norms for Direct Listing of the companies which have been moved to the Dissemination Board of nation-wide Stock Exchange/s and applying for Direct Listing in accordance with SEBI Circular CIR/MRD/DSA/05/2015

More information

OFFER PROCEDURE PART B. General Information Document for Investing in Public Issues

OFFER PROCEDURE PART B. General Information Document for Investing in Public Issues OFFER PROCEDURE PART B General Information Document for Investing in Public Issues This General Information Document highlights the key rules, processes and procedures applicable to public issues in accordance

More information

Insider Trading And Delisting Norms Revisited Nov-2014

Insider Trading And Delisting Norms Revisited Nov-2014 Insider Trading And Delisting Norms Revisited Nov-2014 TM Insider Trading Norms Revisited & Delisting Norms Eased SEBI has tightened rules to keep check on insider trading and has eased delisting process.

More information

Technocraft Industries (India) Limited

Technocraft Industries (India) Limited Technocraft Industries (India) Limited Code of Conduct for regulating, monitoring and reporting of trading by insiders (As envisaged under Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations,

More information

Note. Detailed Procedure for Listing of Privately Placed Debentures. Aman Nijhawan Niddhi Parmar

Note. Detailed Procedure for Listing of Privately Placed Debentures. Aman Nijhawan Niddhi Parmar Detailed Procedure for Listing of Privately Placed Debentures Aman Nijhawan aman@vinodkothari.com Niddhi Parmar mt@vinodkothari.com Vinod Kothari & Company Corporate Law Services Group corplaw@vinodkothari.com

More information

5) QIB holding (as a % of total outstanding capital) as disclosed to stock exchanges. Not Applicable

5) QIB holding (as a % of total outstanding capital) as disclosed to stock exchanges. Not Applicable Name of the Issue: SRG Securities Finance Ltd. (the Company ) 1) Type of issue (IPO/ FPO) : Initial Public Offer (IPO) 2) Issue size (Rs crore): Rs. 5.016 Crore 3) Grade of issue along with name of the

More information

Sr. No. Norms Heading Norms for Companies which are listed with Recognized Stock Exchanges

Sr. No. Norms Heading Norms for Companies which are listed with Recognized Stock Exchanges Norms for Direct Listing for Companies which are listed with Recognized Stock Exchanges or Nationwide Stock Exchanges with Average Daily Turnover Less than Rs.500 Crores in equity segment during immediate

More information

SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000]

SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000] SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009 [Previously SEBI (Disclosure and Investors Protection) Guidelines 2000] PREFERENTIAL ISSUE Applicability: Issue of capital by listed

More information

CHAPTER I PREAMBLE THE CODE

CHAPTER I PREAMBLE THE CODE CHAPTER I CODE OF CONDUCT TO REGULATE, MONITOR AND REPORT TRADING BY INSIDERS (PURSUANT TO SECURITIES EXCHANGE BOARD OF INDIA, (PROHIBITION OF INSIDER TRADING) REGULATIONS, 2015 PREAMBLE The Securities

More information

NATIONAL INSTITUTE OF SECURITIES MARKETS Established by the Securities and Exchange Board of India

NATIONAL INSTITUTE OF SECURITIES MARKETS Established by the Securities and Exchange Board of India NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents - Corporate Certification Examination Test Objectives Unit 1: Introduction to Securities 1.1 Describe the broad categorization of securities

More information

Listing Requirements Secondary Listing- Exclusively Listed on Regional Stock Exchange

Listing Requirements Secondary Listing- Exclusively Listed on Regional Stock Exchange Listing Requirements Secondary Listing- Exclusively Listed on Regional Stock Exchange Criteria for Secondary Listing The applicant Company whose securities that are proposed for secondary listing shall

More information

I. INTRODUCTION. 2015, RHIMRJ, All Rights Reserved Page 1 of 8 ISSN: (Online)

I. INTRODUCTION. 2015, RHIMRJ, All Rights Reserved Page 1 of 8 ISSN: (Online) ISSN: 2349-7637 (Online) RESEARCH HUB International Multidisciplinary Research Journal (RHIMRJ) Research Paper Available online at: www.rhimrj.com Analysis of SEBI Regulations for Delisting of Equity Shares

More information

OFFERING OF SECURITIES MODULE

OFFERING OF SECURITIES MODULE Central Bank of Bahrain Rulebook Volume 6 Capital Markets OFFERING OF SECURITIES MODULE Central Bank of Bahrain Rulebook Volume 6 Capital Markets MODULE OFS: Offering of Securities Table of Contents Date

More information

[SCHEDULE XXI [See regulation 106F(2)] PART A DISCLOSURES IN THE ADDENDUM TO THE OFFER DOCUMENT FOR RIGHTS ISSUE OF INDIAN DEPOSITORY RECEIPTS

[SCHEDULE XXI [See regulation 106F(2)] PART A DISCLOSURES IN THE ADDENDUM TO THE OFFER DOCUMENT FOR RIGHTS ISSUE OF INDIAN DEPOSITORY RECEIPTS 348 [SCHEDULE XXI [See regulation 106F(2)] PART A DISCLOSURES IN THE ADDENDUM TO THE OFFER DOCUMENT FOR RIGHTS ISSUE OF INDIAN DEPOSITORY RECEIPTS (1) The listed issuer making a rights issue of IDRs shall

More information

5. QIB holding (as a % of total outstanding capital) as disclosed to stock exchanges

5. QIB holding (as a % of total outstanding capital) as disclosed to stock exchanges Name of the Issue: (the Company ) 1. Type of issue (IPO/ FPO): Initial Public Offer (IPO) on SME Platform 2. Issue size (Rs crore): Rs. 4.53 crores Source: Prospectus 3. Grade of issue along with name

More information

CIRCULAR. SEBI/HO/DDHS/DDHS/CIR/P/2018/89 June 05, Sub: Guidelines for Preferential Issue of Units by Infrastructure Investment Trusts (InvITs)

CIRCULAR. SEBI/HO/DDHS/DDHS/CIR/P/2018/89 June 05, Sub: Guidelines for Preferential Issue of Units by Infrastructure Investment Trusts (InvITs) CIRCULAR SEBI/HO/DDHS/DDHS/CIR/P/2018/89 June 05, 2018 To, All Infrastructure Investment Trusts (InvITs) All Parties to InvITs All Stock Exchanges (other than Commodity Exchanges) All Merchant Bankers

More information

CODE FOR INSIDER TRADING

CODE FOR INSIDER TRADING CODE FOR INSIDER TRADING Effective Date: May 04, 2017 1. Definitions CIN: L22100MH1981PLC024052 1.1 Act means the Securities and Exchange Board of India Act, 1992. 1.2 Board means the Board of Directors

More information

IMPORTANT NOTICE IMPORTANT:

IMPORTANT NOTICE IMPORTANT: IMPORTANT NOTICE IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to the placement document (the Placement Document ) following this page and you are

More information

SUPREME PETROCHEM LTD. Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Insiders

SUPREME PETROCHEM LTD. Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Insiders SUPREME PETROCHEM LTD Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Insiders This code will be known as Supreme Petrochem Ltd Code of Internal Procedure

More information

Indian Depository Receipts

Indian Depository Receipts Historical Background Indian Depository Receipts The world has became global village due to the technology advancement and as a result the Securities Market have become international. Companies that previously

More information

RAJ PACKAGING INDUSTRIES LIMITED CODE OF CONDUCT FOR REGULATING & REPORTING TRADING BY INSIDERS AND FOR FAIR DISCLOSURE, 2015

RAJ PACKAGING INDUSTRIES LIMITED CODE OF CONDUCT FOR REGULATING & REPORTING TRADING BY INSIDERS AND FOR FAIR DISCLOSURE, 2015 RAJ PACKAGING INDUSTRIES LIMITED CODE OF CONDUCT FOR REGULATING & REPORTING TRADING BY INSIDERS AND FOR FAIR DISCLOSURE, 2015 1 CONTENTS Sl. No Particulars CHAPTER I INTRODUCTION 1 Introduction 2 The Policy

More information

DISHMAN CARBOGEN AMCIS LIMITED [Formerly Carbogen Amcis (India) Limited]

DISHMAN CARBOGEN AMCIS LIMITED [Formerly Carbogen Amcis (India) Limited] DISHMAN CARBOGEN AMCIS LIMITED [Formerly Carbogen Amcis (India) Limited] CODE OF CONDUCT FOR REGULATING, MONITORING AND REPORTING OF TRADING BY INSIDERS 1) Definitions: 1) Act means the Securities and

More information

Foreign Investments in NBFCs Concerns & Limitations

Foreign Investments in NBFCs Concerns & Limitations THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Foreign Investments in NBFCs Concerns & Limitations September 3, 2011 Sahil Shah Karan Kalra Topics Key Regulations Types of NBFCs FDI Regime FII Route Setting-Up

More information

SECURITIES AND EXCHANGE BOARD OF INDIA

SECURITIES AND EXCHANGE BOARD OF INDIA WTM/GM/EFD/DRAIII/76/2017-18 SECURITIES AND EXCHANGE BOARD OF INDIA ORDER Under Sections 11 and 11B of the Securities and Exchange Board of India Act, 1992 read with regulation 107 of SEBI (Issue of Capital

More information

Register now for your free, tailored, daily legal newsfeed service. Register

Register now for your free, tailored, daily legal newsfeed service. Register Page 1 of 5 We use cookies to customise content for your subscription and for analytics. If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information

More information

Consultants Pvt. Ltd.

Consultants Pvt. Ltd. THE GAZETTE OF INDIA EXTRAORDINARY PART III SECTION 4 PUBLISHED BY AUTHORITY NEW DELHI, OCTOBER 8, 2013 SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 8 th October, 2013 SECURITIES AND

More information

C OD E OF CONDUCT TO REGULATE, MONITOR AND REPORT TRADING BY INSIDERS

C OD E OF CONDUCT TO REGULATE, MONITOR AND REPORT TRADING BY INSIDERS C OD E OF CONDUCT TO REGULATE, MONITOR AND REPORT TRADING BY INSIDERS [under Regulation 9(1) and (2) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015] Page

More information

PART V - MINIMUM OFFER TO PUBLIC, RESERVATIONS, ETC.

PART V - MINIMUM OFFER TO PUBLIC, RESERVATIONS, ETC. PART V - MINIMUM OFFER TO PUBLIC, RESERVATIONS, ETC. Minimum offer to public. 41. 84 [ The minimum net offer to the public shall be subject to the provisions of clause (b) of sub-rule (2) of rule 19 of

More information

The Price is Right. Calculation of Price - Investments

The Price is Right. Calculation of Price - Investments The Price is Right This article attempts to set out the rules for valuation, as prescribed in various regulations, which have an impact on M&A transactions in India. Calculation of Price - Investments

More information

MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED

MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED The information in this Red Herring Prospectus is not complete and may be changed. The Issue is meant only for QIBs and is not an offer to any other class of investors to purchase the Equity Shares. This

More information

GENERAL INFORMATION DOCUMENT FOR INVESTING IN PUBLIC ISSUES / OFFERS

GENERAL INFORMATION DOCUMENT FOR INVESTING IN PUBLIC ISSUES / OFFERS ARIHANT INSTITUTE LIMITED CIN: U80301GJ2007PLC050413 Our Company was originally incorporated on March 30, 2007 as Arihant Institute Private Limited vide Registration no. 050413 (CIN: U80301GJ2007PTC050413)

More information

RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking)

RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking) RURAL ELECTRIFICATION CORPORATION LIMITED (A Government of India Undertaking) HIGHLIGHTS OF TAX BENEFITS The income by way of interest on these Bonds is exempt from Income Tax and shall not form part of

More information

Section A (Short Answer Type Questions)

Section A (Short Answer Type Questions) B.Com. (Hons.) V Semester Paper Title: Paper Code: AS-2640 *(Prepared by Mr. Amit Manglani, Assistant Professor, Department of Commerce, GGV) Note: These model answers are a depiction of important points

More information

MARINE ELECTRICALS (INDIA) LIMITED

MARINE ELECTRICALS (INDIA) LIMITED MARINE ELECTRICALS (INDIA) LIMITED Our Company was incorporated pursuant to a certificate of incorporation dated December 04, 2007 issued by the Registrar of Companies, Maharashtra Mumbai at Maharashtra

More information

AUTOLITE (INDIA) LIMITED

AUTOLITE (INDIA) LIMITED Notice of Extra-Ordinary General Meeting NOTICE is hereby given to the members of the Company that an Extra-Ordinary General Meeting of members of AUTOLITE (INDIA) LIMITED will be held on Tuesday, 15 th

More information

INSIDER TRADING, PROHIBITION OF SECURITIES AND EXCHANGE BOARD OF INDIA [PROHIBITION OF] INSIDER TRADING) REGULATIONS, 1992 CHAPTER I PRELIMINARY

INSIDER TRADING, PROHIBITION OF SECURITIES AND EXCHANGE BOARD OF INDIA [PROHIBITION OF] INSIDER TRADING) REGULATIONS, 1992 CHAPTER I PRELIMINARY INSIDER TRADING, PROHIBITION OF SECURITIES AND EXCHANGE BOARD OF INDIA [PROHIBITION OF] INSIDER TRADING) REGULATIONS, 1992 In exercise the powers conferred by section 30 the Securities and Exchange Board

More information

Code of Conduct to Regulate, Monitor and Report Trading By Insiders

Code of Conduct to Regulate, Monitor and Report Trading By Insiders Code of Conduct to Regulate, Monitor and Report Trading By Insiders Version 1.2 Effective 17 May 2018 [Pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015 and as approved by the Board of

More information

5. Enumerate the various penalties which can be imposed under SEBI Act, 1992 for various

5. Enumerate the various penalties which can be imposed under SEBI Act, 1992 for various SL&C Page 1 STUDY I - GENESIS AND DEVELOPMENT OF REGULATORY FRAMEWORK 1. Briefly discuss the evolution, growth and functions of financial system in India. 2. Explain the role of securities market in economic

More information

ESOPS 16.1 Meaning Grant Vesting Period Option Trust

ESOPS 16.1 Meaning Grant Vesting Period Option Trust 16.1 Meaning Employee Stock Option Plans or ESOPs are increasingly being accepted as a reward for Employee Productivity. Earlier, the use of ESOPs was restricted to knowledge-based companies only but now

More information

¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ Ã

¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ à CIRCULAR CIR/CFD/CMD/16/2015 November 30, 2015 To All Listed Entities who have listed their equity and convertibles All the Recognized Stock Exchanges Dear Sir/Madam, Sub: Schemes of Arrangement by Listed

More information

Due Diligence and Corporate Compliance Management 377

Due Diligence and Corporate Compliance Management 377 Due Diligence and Corporate Compliance Management : 1 : RollNo... Time allowed : 3 hours Maximum marks : 100 Total number of questions : 8 Total number of printed pages : 5 NOTE : Answer SIX questions

More information