## Policy Analysis Report: Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Amendment Regulations, 2021, as published in the Gazette of India on January 8, 2021. This amendment modifies the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018. The core purpose of the amendments appears to be to refine the conditions for preferential issues and lock-in provisions related to shareholding, potentially facilitating easier access to capital markets and aligning regulations with evolving market needs. Key changes include modifications to the requirements for frequently traded shares, omission of a proviso in regulation 115, and an exception to the lock-in provision for achieving minimum public shareholding.
**2. Introduction:**
This report provides a detailed analysis of the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Amendment Regulations, 2021, based solely on the provided policy text. The aim is to inform affected industry participants about the specific changes introduced by this amendment and their potential implications.
**3. Policy Overview:**
* **Original Policy Being Amended:** Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018.
* **Core Objective(s) (Inferred):** Based on the provided text, the core objective of the *original* policy appears to be to regulate the issuance of capital and disclosure requirements for companies, ensuring transparency and investor protection within the Indian securities market. The *amendments* aim to refine these regulations to potentially facilitate capital raising while maintaining regulatory oversight.
**4. Background and Rationale:**
The provided text suggests that the rationale for *this specific amendment* lies in addressing certain operational challenges or unintended consequences within the original 2018 regulations. The changes introduced appear to aim at streamlining the process for preferential issues of shares, potentially making it easier for companies to raise capital. For instance, the modification to regulation 112 indicates a desire to clarify or adjust the conditions for issuers with frequently traded shares. Additionally, the lock-in provision changes suggest an effort to facilitate compliance with minimum public shareholding requirements.
**5. Key Provisions / Changes:**
The amendment introduces the following key changes:
* **Regulation 112 (Frequently Traded Shares):** The existing clause (b) along with its proviso is substituted. The new clause specifies conditions relating to redressing investor complaints and compliance with SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 for companies with frequently traded shares.
* **Original Policy Part Changed:** Requirements relating to preferential issues for companies with frequently traded shares.
* **New Rule/Provision:** A new clause (b) is specified requiring 95% of investor complaints to be redressed before the reference date, along with compliance of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015 for three years minimum before the reference date.
* **Difference/Effect:** This change adjusts the eligibility criteria for issuers with frequently traded shares, now explicitly requiring a high level of investor complaint redressal and sustained compliance with listing obligations. This likely aims to ensure that companies seeking preferential issues are responsive to investor grievances and adhere to regulatory standards.
* **Regulation 115:** The existing proviso after clause (c) is omitted.
* **Original Policy Part Changed:** A proviso related to regulation 115. (The precise content of the omitted proviso cannot be determined from the provided text, limiting the scope of analysis.)
* **New Rule/Provision:** The proviso is removed entirely.
* **Difference/Effect:** The omission of this proviso suggests a change in the conditions related to regulation 115, with the specific impact difficult to ascertain without knowing the proviso's original content.
* **Regulation 167 (Lock-in Provision):** A new proviso is inserted after sub-regulation 4. This proviso states that the lock-in provision shall not apply to specified securities to the extent necessary to achieve the required minimum public shareholding.
* **Original Policy Part Changed:** Lock-in provisions for specified securities.
* **New Rule/Provision:** An exception to the lock-in provision is created to allow securities to be sold to meet minimum public shareholding requirements.
* **Difference/Effect:** This change eases the lock-in restrictions to facilitate compliance with minimum public shareholding norms. It allows promoters or other locked-in shareholders to sell a portion of their holdings to increase public float without violating the lock-in requirements.
**6. Target Audience and Stakeholders:**
Based on the text, the directly affected stakeholders include:
* Issuers of capital in the Indian securities market, particularly those seeking to make preferential issues.
* Promoters and shareholders subject to lock-in provisions.
* Investors in the Indian securities market.
* Stock exchanges.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Securities and Exchange Board of India (SEBI) is the primary responsible body, as it issued the amendment.
* **Timelines/Procedures:** The amendment came into force on the date of its publication in the Official Gazette, which was January 8, 2021. The implementation likely involves stock exchanges and other market intermediaries adapting their systems and processes to reflect the new regulations.
* **(Amendment Specifics):** Companies will need to ensure compliance with the new criteria for frequently traded shares, including investor complaint redressal, when considering preferential issues. Changes to lock-in provisions will impact trading strategies.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these changes include:
* **Improved Access to Capital:** The modifications to preferential issue conditions may encourage more companies to raise capital through this route.
* **Easier Compliance with Public Shareholding Norms:** The exception to the lock-in provision should facilitate compliance with minimum public shareholding requirements.
* **Enhanced Investor Protection (potentially):** The emphasis on investor complaint redressal could improve investor confidence.
* **Streamlined Regulatory Framework:** The overall effect of the amendments appears to be a more refined and potentially more efficient regulatory framework for capital issuance.
**9. Conclusion:**
The Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Amendment Regulations, 2021, represent a significant update to the existing regulatory framework. The key changes focus on refining the conditions for preferential issues, removing a proviso in regulation 115, and creating an exception to lock-in provisions to facilitate compliance with minimum public shareholding. These amendments are likely intended to streamline the capital-raising process, promote investor protection, and ensure a more efficient securities market. Affected parties should carefully review these changes to ensure compliance.
Key Entities Referenced
SECURITIES AND EXCHANGE BOARD OF INDIA: Regulatory body for securities and commodity market in India.
Securities and Exchange Board of India Act, 1992: The Act of Indian Parliament that established the Securities and Exchange Board of India.
Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018: Regulations concerning the issue of capital and disclosure requirements as specified by the Securities and Exchange Board of India.
Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Amendment Regulations, 2021: Regulations that amend the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018.
Mumbai, Maharashtra: City in Maharashtra, location of SEBI office.
SEBI Listing Obligations and Disclosure Requirements Regulations, 2015: Regulations pertaining to the listing obligations and disclosure requirements as mandated by SEBI.
Ajay Tyagi: Chairman of the Securities and Exchange Board of India.
Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Amendment Regulations, 2019: Amendment regulations to the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018.
Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2020: Amendment regulations to the Securities and Exchange Board of India focusing on regulatory sandbox.
Securities and Exchange Board of India Payment of Fees Amendment Regulations, 2020: Amendment regulations by SEBI relating to the payment of fees.
New Delhi: Location of Government of India Press.
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-एम.एxचxx.G-अID.-E0x8xx0 12021-224289
CG-MH-E-08012021-224289
असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 07] नई ददल्ली, िुक्रिार, जनिरी 8, 2021/ पौष 18, 1942
No. 07] NEW DELHI, FRIDAY, JANUARY 8, 2021/PAUSHA 18, 1942
भारतीय प्रजतभजू त और जिजनमय बोडड
अजधसचू ना
मुम्बई, 8 जनिरी, 2021
भारतीय प्रजतभजू त और जिजनमय बोडड
[पजूूँ ी का जनगमड न (इश्य)ू और प्रकटीकरण अपक्षे ाएूँ] (सिं ोधन) जिजनयम, 2021
स.ं सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन/2021/03.— बोड,ड भारतीय प्रजतभूजत और जिजनमय बोडड अजधजनयम,
1992 (1992 का 15) की धारा 30 के तहत प्रदत्त िजियों का प्रयोग करत े हुए एतद्द्वारा भारतीय प्रजतभूजत और जिजनमय
बोडड [पूूँजी का जनगडमन (इश्य)ू और प्रकटीकरण अपेक्षाएूँ] जिजनयम, 2018 का और संिोधन करन े के जलए जनम्नजलजखत
जिजनयम बनाता ह,ै अथातड ्:-
1. इन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोड ड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ]
(संिोधन) जिजनयम, 2021 कहा जा सकेगा ।
2. िे राजपत्र में उनके प्रकािन की तारीख को प्रिृत्त (लाग)ू होंग े।
3. भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्य)ू और प्रकटीकरण अपक्षे ाएूँ] जिजनयम, 2018 म,ें-
I. जिजनयम 112 म,ें मौजूदा खंड (ख) और परंतुक जनम्नजलजखत स ेप्रजतस्ट्थाजपत हो जाएगा, अथाडत,् -
122 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
“(ख) जहाूँ जनगडमकता ड (इश्युअर) के इदिटी िेयरों म ें स्ट्टॉक एक्सचेंज म ें संदभ ड तारीख से ठीक पहल े की कम स े कम
तीन िषों की अिजध तक बारंबार व्यापार हुआ (रेडडग हुई) हो, और:
(i) जनगडमकता ड (इश्युअर) ने, संदभड तारीख के महीन े स े ठीक पहल े की जतमाही के अतं तक, जनिेिकों स े प्राप्त
जिकायतों म ें स े कम स े कम पचानिे प्रजतित जिकायतों का जनिारण कर जलया हो, और;
(ii) जनगडमकता ड (इश्युअर) न े संदभड तारीख से ठीक पहले की कम स े कम तीन िषों की अिजध तक भारतीय प्रजतभूजत
और जिजनमय बोड ड [सूचीबद्धता (जलडस्ट्टग) बाध्यताए ूँ और प्रकटीकरण अपेक्षाएूँ] जिजनयम, 2015 [सेबी
(जलडस्ट्टग ऑब्लीगेिन्स एंड जडस्ट्क्लोज़र ररिायरमेंट्स) रेग्यलू ेिन्स, 2015] का पालन दकया हो:
परंतु यह दक यदद जनगडमकता ड (इश्यअु र) ने जनदेिक मंडल की संरचना के संबंध म,ें भारतीय प्रजतभूजत और
जिजनमय बोडड [सूचीबद्धता (जलडस्ट्टग) बाध्यताएूँ और प्रकटीकरण अपेक्षाए]ूँ जिजनयम, 2015 [सेबी (जलडस्ट्टग
ऑब्लीगेिन्स एडं जडस्ट्क्लोज़र ररिायरमेंट्स) रेग्यलू ेिन्स, 2015] के प्रािधानों का, प्रारूप प्रस्ट्ताि दस्ट्तािेज
(ड्राफ्ट ऑफर डॉक्यूमेंट) / प्रस्ट्ताि दस्ट्तािेज (ऑफर डॉक्यूमेंट) दाजखल दकए जाने की तारीख स े ठीक पहले के
अंजतम तीन िषों के दौरान दकसी भी जतमाही में, पालन न दकया हो, ककतु यदद िह प्रारूप प्रस्ट्ताि दस्ट्तािेज
(ड्राफ्ट ऑफर डॉक्यूमेंट) / प्रस्ट्ताि दस्ट्तािेज (ऑफर डॉक्यूमेंट) दाजखल करन े के समय ऐसे प्रािधानों का पालन
कर चुका हो, और प्रारूप प्रस्ट्ताि दस्ट्तािेज (ड्राफ्ट ऑफर डॉक्यूमेंट) / प्रस्ट्ताि दस्ट्तािेज (ऑफर डॉक्यूमेंट)
दाजखल दकए जाने की तारीख स े ठीक पहले के तीन िषों के दौरान इस प्रकार पालन न दकए जाने के संबंध म ें
प्रस्ट्ताि दस्ट्तािेज (ऑफर डॉक्यूमेंट) म ें पयाडप्त प्रकटीकरण (जडस्ट्क्लोज़र) कर ददए गए हों, तो यह मान जलया
जाएगा दक ित ड का पालन हो गया ह:ै
परंत ु यह और दक जहाूँ संप्रितडक (प्रोमोटर) प्रस्ट्ताजित जनधाडररत प्रजतभूजतयों म ें उतना अजभदान करने (पैसा
लगान े / सब्स्ट्क्राइब करने) का प्रस्ट्ताि करते ह,ैं जो जिजनयम 113 के उप-जिजनयम (1) के खंड (क) म ें उपलब्ध
दो जिकल्पों म ें स े जो भी उच्चतर हो उससे अजधक हो, तो िहा ूँ ऐस े प्रजतित स े अजधक अजभदान (सजब्स्ट्क्रप्िन)
जिजनयम 164 के प्रािधानों के अनुसार तय की गई कीमत या जनगडम कीमत (इश्य ू प्राइस), जो भी अजधक हो,
पर दकया जाएगा ।”
II. जिजनयम 115 म,ें खंड (ग) के पश्चात ्ददए हुए मौजूदा परंतकु का लोप हो जाएगा ।
III. जिजनयम 167 म,ें मौजदू ा उप-जिजनयम (4) के पश्चात,् जनम्नजलजखत नया परंतुक अंत:स्ट्थाजपत दकया जाएगा, अथाडत,् -
“परंत ु यह दक अिरुद्धता (लॉक-इन) स े संबंजधत प्रािधान उतनी जनधाडररत प्रजतभूजतयों (जसक्यूररटीज़) पर लाग ू नहीं
होगा, जजतनी 10% सािडजजनक िेयरधाररता (पजब्लक िेयरहोडल्डग) सबं ंधी अपेक्षा पूरी करन े के जलए जरूरी हों ।”
अजय त्यागी, अध्यक्ष
[जिज्ञापन III/4/असा./443/2020-21]
पाद रटप्पण:
1. भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ] जिजनयम, 2018, अजधसूचना सं.
सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/31 द्वारा, 11 जसतम्बर 2018 को भारत के राजपत्र में प्रकाजित हुए थे ।
2. भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ] जिजनयम, 2018 तत्पश्चात् -
(क) 31 ददसम्बर, 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ]
(संिोधन) जिजनयम, 2018, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/57, द्वारा[भाग III—खण् ड 4] भारत का राजपत्र : असाधारण 3
(ख) 29 माचड, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ]
(संिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/05, द्वारा
(ग) 5 अप्रैल, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ] (दसू रा
संिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/08, द्वारा
(घ) 29 जुलाई, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ]
(तीसरा संिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी/एलएडी-एनआरओ/जीएन/2019/29, द्वारा
(ङ) 23 जसतम्बर, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ]
(चौथा संिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/35, द्वारा
(च) 6 ददसम्बर, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [पजूूँ ी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ]
(पाूँचिाूँ संिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/42, द्वारा
(छ) 26 ददसम्बर, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ]
(छठा संिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/47, द्वारा
(ज) 1 जनिरी, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ]
(सातिाूँ संिोधन) जिजनयम, 2019, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2020/01, द्वारा
(झ) 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यूलेटरी सैंडबॉक्स) (संिोधन) जिजनयम, 2020, सं.
सेबी/एल.ए.डी.-एनआरओ/जीएन/2020/10, द्वारा
(ञ) 8 मई, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का भुगतान) (संिोधन) जिजनयम, 2020, अजधसूचना सं.
सेबी/एलएडी-एनआरओ/जीएन/2020/011, द्वारा
(ट) 16 जून, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ]
(संिोधन) जिजनयम, 2020, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2020/17, द्वारा
(ठ) 22 जून, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ] (दसू रा
संिोधन) जिजनयम, 2020, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2020/18, द्वारा
(ड) 1 जुलाई, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ] (तीसरा
संिोधन) जिजनयम, 2020, अजधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2020/21, द्वारा
(ढ) 28 जसतम्बर, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाएूँ]
(चौथा संिोधन) जिजनयम, 2020, अजधसूचना सं. सेबी/एलएडी-एनआरओ/जीएन/2020/31, द्वारा
संिोजधत हुए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 8th January, 2021
SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE
REQUIREMENTS) (AMENDMENT) REGULATIONS, 2021
No. SEBI/LAD-NRO/GN/2021/03.— In exercise of the powers conferred under section 30 of the Securities
and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further
amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018,
namely: -
1. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Amendment) Regulations, 2021.
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, -4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
I. In regulation 112, the existing clause (b) along with the proviso shall be substituted with the
following, namely, -
“(b) where the equity shares of the issuer are frequently traded on a stock exchange for a period of at
least three years immediately preceding the reference date, and:
(i) the issuer has redressed at least ninety five per cent of the complaints received from the
investors till the end of the quarter immediately preceding the month of the reference date,
and;
(ii) the issuer has been in compliance with the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 for a minimum period of three years immediately
preceding the reference date:
Provided that if the issuer has not complied with the provisions of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, relating to composition of board of directors, for any quarter during
the last three years immediately preceding the date of filing of draft offer
document/offer document, but is compliant with such provisions at the time of filing of
draft offer document/offer document, and adequate disclosures are made in the offer
document about such non-compliances during the three years immediately
preceding the date of filing the draft offer document/offer document, it shall be deemed
as compliance with the condition:
Provided further that where the promoters propose to subscribe to the specified securities
offered to the extent greater than higher of the two options available in clause (a) of sub-
regulation (1) of regulation 113, the subscription in excess of such percentage shall be
made at a price determined in terms of the provisions of regulation 164 or the
issue price, whichever is higher.”
II. In regulation 115, the existing proviso after clause (c), shall be omitted.
III. In regulation 167, after the existing sub-regulation (4), the following new proviso shall be inserted,
namely, -
“Provided that the lock-in provision shall not be applicable to the specified securities to the extent to
achieve 10% public shareholding.”
AJAY TYAGI, CHAIRMAN
[ADVT.-III/4/Exty./443/2020-21]
Footnotes:
1. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
was published in the Gazette of India on September 11, 2018, vide notification No. SEBI/LAD-NRO/GN/2018/31.
2. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
was subsequently amended on -
(a) December 31, 2018 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Amendment) Regulations, 2018, vide notification No. SEBI/LAD-NRO/GN/2018/57.
(b) March 29, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Amendment) Regulations, 2019, vide notification No. SEBI/LAD-NRO/GN/2019/05.
(c) April 5, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Second Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2019/08.
(d) July 29, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Third Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2019/29.[भाग III—खण् ड 4] भारत का राजपत्र : असाधारण 5
(e) September 23, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Fourth Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2019/35.
(f) December 06, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Fifth Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2019/42.
(g) December 26, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Sixth Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2019/47.
(h) January 01, 2020 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Seventh Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2020/01.
(i) April 17, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment)
Regulations, 2020 vide notification No. SEBI/LAD-NRO/GN/2020/10.
(j) May 08, 2020 by the Securities and Exchange Board of India (Payment of Fees) (Amendment)
Regulations, 2020, vide notification No. SEBI/LAD-NRO/GN/2020/11.
(k) June 16, 2020 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Amendment) Regulations, 2020, vide notification No. SEBI/LAD-NRO/GN/2020/17.
(l) June 22, 2020 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Second Amendment) Regulations, 2020, vide notification No. SEBI/LAD-
NRO/GN/2020/18.
(m) July 01, 2020 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Third Amendment) Regulations, 2020, vide notification No. SEBI/LAD-
NRO/GN/2020/21.
(n) September 28, 2020 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Fourth Amendment) Regulations, 2020, vide notification No. SEBI/LAD-
NRO/GN/2020/31.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.