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Date: 2022-01-24 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 11, sub section 2 of section 11A and section 30 of the Securities and Exchange Board of India Act, 1992

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

## Report on the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Amendment Regulations, 2022 **1. Executive Summary:** This report analyzes the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Amendment Regulations, 2022, as published in the Gazette of India on January 24, 2022. This amendment modifies the existing SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The core purpose of the amendment, based on the provided text, is to refine and update certain compliance aspects related to board appointments, disclosures, and securities processing, particularly emphasizing dematerialization of securities. Key changes include requiring shareholder approval for re-appointing previously rejected board members/managers, shifting certain disclosures to a quarterly basis, and mandating dematerialized form for security transfers and issuances. **2. Introduction:** This report aims to provide an informative overview of the SEBI Listing Obligations and Disclosure Requirements Amendment Regulations, 2022. The analysis is solely based on the provided policy text and intends to clarify the key changes introduced by this amendment. **3. Policy Overview:** This document amends the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. * **Core Objective(s):** Based on the text, the objectives of this amendment appear to be: * Strengthening shareholder oversight in board appointments. * Enhancing the frequency of certain disclosures. * Promoting the dematerialization of securities to improve efficiency and transparency in the transfer and issuance processes. **4. Background and Rationale:** The specific reasons for these amendments are not explicitly stated in the provided text. However, it can be inferred that the amendments are designed to address potential weaknesses in the existing regulations regarding board appointments, reporting frequency, and the handling of securities in physical form. The emphasis on shareholder approval for previously rejected candidates suggests a move towards greater corporate governance and accountability. The shift to quarterly disclosures likely aims to provide more timely information to investors. The push for dematerialization indicates a desire to modernize and streamline securities processing, potentially reducing risks associated with physical certificates. **5. Key Provisions / Changes:** The Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Amendment Regulations, 2022 introduces the following key changes to the existing regulations: * **Regulation 17 (Board Appointments):** * *Specific Change:* Introduces the concept of "manager" alongside "Board of Directors" in subregulation 1C. It also adds two provisos concerning the reappointment of individuals previously rejected by shareholders. * *New Rule/Provision:* Any appointment or reappointment of a managing director, whole-time director, or manager previously rejected by shareholders requires prior shareholder approval. The notice to shareholders must include a detailed explanation and justification from the Nomination and Remuneration Committee and the Board of Directors. * *Effect of Change:* This change empowers shareholders by giving them a stronger voice in board appointments, particularly when the Board seeks to re-appoint a previously rejected candidate. It promotes greater transparency and accountability in the appointment process. * **Regulation 32 (Disclosure Requirements):** * *Specific Change:* Changes the reporting frequency in subregulation 7. * *New Rule/Provision:* The phrase "an annual basis" is replaced with "a quarterly basis." * *Effect of Change:* This mandates more frequent reporting, providing stakeholders with more up-to-date information. * **Regulation 39 (Issuance of Securities):** * *Specific Change:* Modifies the wording in subregulation 2 and adds an emphasis on dematerialization. * *New Rule/Provision:* The phrase "issue" is replaced with "effect issuance of," and ", in dematerialised form" is inserted before "within a period". * *Effect of Change:* Reinforces the requirement for securities to be issued in dematerialized form. * **Regulation 40 (Transfer of Securities):** * *Specific Change:* Substitutes the existing proviso in subregulation 1 and omits wording in the first proviso of subregulation 3. * *New Rule/Provision:* Requests for transfer of securities will not be processed unless the securities are held in dematerialized form. Transmission or transposition of securities held in physical or dematerialized form shall be effected only in dematerialized form. The words "for securities held in dematerialized mode and physical mode and the words and twenty one days respectively shall be omitted." * *Effect of Change:* Further reinforces the move towards dematerialized securities by disallowing the transfer of securities held in physical form. It also removes the distinction for processing times for dematerialized and physical securities. * **Schedule VI (Allotment Procedures):** * *Specific Change:* Omits certain phrases and the proviso in subclause 1 of clause D. * *New Rule/Provision:* The words and symbols ", or deliver the physical certificates after rematerialising the same, depending on what has been opted for by the allottee:" and the following proviso have been omitted. * *Effect of Change:* This change removes options related to physical certificates. **6. Target Audience and Stakeholders:** Based on the provided text, the target audience and stakeholders directly affected by these amendments include: * Listed companies on the Securities and Exchange Board of India. * Boards of Directors, specifically Nomination and Remuneration Committees. * Shareholders of listed companies. * Managers of listed companies. * Depositories involved in securities dematerialization. * Investors dealing with listed securities. **7. Implementation Aspects (Inferred):** * **Responsible agency/bodies:** The Securities and Exchange Board of India (SEBI) is the primary responsible body for implementing and enforcing these regulations. The Nomination and Remuneration Committee and the Board of Directors are responsible for providing justification for reappointment of rejected individuals. * **Timelines or procedures:** The regulations come into force on the date of their publication in the Official Gazette (January 24, 2022). Companies must adjust their procedures for board appointments, disclosures, and securities transfers to comply with the new requirements immediately. The amended regulation 32 requires compliance on a quarterly basis. **8. Expected Outcomes / Impact of Changes:** The likely intended outcomes of these amendments are: * **Enhanced Corporate Governance:** Increased shareholder involvement in board appointments and greater transparency in the appointment process. * **Improved Disclosure and Transparency:** More frequent disclosures providing stakeholders with more timely information. * **Increased Dematerialization of Securities:** Streamlined securities processing and reduced risks associated with physical certificates. * **Increased Efficiency:** Quicker, easier and more transparent transfer and issuance processes **9. Conclusion:** The SEBI Listing Obligations and Disclosure Requirements Amendment Regulations, 2022, represent a significant update to existing regulations. These changes aim to strengthen corporate governance, enhance disclosure practices, and promote the dematerialization of securities. The amendments will likely have a broad impact on listed companies, their boards, shareholders, and investors. Companies must understand and implement these changes to ensure compliance and contribute to a more transparent and efficient securities market.

Key Entities Referenced

SECURITIES AND EXCHANGE BOARD OF INDIA: Regulatory body issuing the notification and responsible for securities market regulation in India. Mumbai: City where the Securities and Exchange Board of India is located and from where the notification was issued. Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2022: The main regulation being amended by this notification. Securities and Exchange Board of India Act, 1992: Act that confers powers to the Securities and Exchange Board of India. Securities Contracts Regulation Act, 1956: Act related to the regulation of securities contracts, relevant in the context of the amendment. Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015: The original regulations that are being amended by the 2022 amendment regulations. Official Gazette: The official publication where the amendment will be published to come into force. Board of Directors: Entity within a company whose role is mentioned in the context of regulation 17. Companies Act, 2013: Act that governs company law in India, relevant in the context of appointment/reappointment of directors. Nomination and Remuneration Committee: A committee within a company whose role is mentioned in the context of regulation 17. Delhi: City in India where the Controller of Publications is located. Ajay Tyagi: Chairman of the Securities and Exchange Board of India. New Delhi: Location of the Government of India Press
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-24012022-232842 xxxGIDHxxx CG-MH-E-24012022-232842 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण्ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 43] िई ददल्ली, सोमिार, िििरी 24, 2022/माघ 4, 1943 No. 43] NEW DELHI, MONDAY, JANUARY 24, 2022/MAGHA 4, 1943 भारतीय प्रजतभजू त और जिजिमय बोड ड अजधसचू िा मुम्बई, 24 िििरी, 2022 भारतीय प्रजतभजू त और जिजिमय बोड ड [सचू ीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपक्षे ाए]ँ (सिं ोधि) जिजियम, 2022 स.ं Ôãñºããè/ †Êã.†.¡ãè.-†¶ã.‚ããÀ.‚ããñ/•ããè.†¶ã./2022/66.—बोडड, प्रजतभूजत संजिदा (जिजियमि) अजधजियम, 1956 (1956 का 42) की धारा 31 के साथ पठित भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992 (1992 का 15) की धारा 11, धारा 11क की उप-धारा (2) तथा धारा 30 द्वारा प्रदाि की गई िजियों का प्रयोग करते हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाए]ँ जिजियम, 2015 का और संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता ह,ै अथाडत्:- 1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाए]ँ (संिोधि) जिजियम, 2022 कहा िा सकेगा । 2. ये जिजियम रािपत्र म ेंइिके प्रकािि की तारीख को लागू होंग े। 3. भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाएँ] जिजियम, 2015 म,ें - I. जिजियम 17 में, 449 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (क) उप-जिजियम (1ग) म,ें िब्दों “दकसी व्यजि को जियुि दकए िािे” के बाद, िब्द “या प्रबंधक के रूप म ें दकसी व्यजि को जियुि दकए िािे” िोडे िाएंग े । (ख) उप-जिजियम (1ग) म,ें जिम्नजलजखत परंतुक िोडे िाएंग,े अथाडत,् - “परंत ु यह दक दकसी ऐस े व्यजि की जियुजि या दिर स े जियुजि [जिसमें प्रबंध जिदेिक या पूणडकाजलक जिदिे क या प्रबंधक के रूप म ें जियुजि या दिर से जियुजि भी िाजमल ह]ै केिल िेयरधारकों की पूिड मंिूरी लके र ही की िाएगी, जिसकी जियुजि या दिर से जियुजि को िेयधारकों द्वारा साधारण बैिक में पहले िामंिूर दकया गया हो: परंतु यह और दक जिस व्यजि को जियुि दकए िािे या दिर से जियुि दकए िािे के संबधं म ें िेयरधारकों द्वारा पहल े मंिूरी प्रदाि िहीं की गई थी, उस व्यजि को जियिु दकए िाि े या दिर से जियुि िाि े पर जिचार करिे के जलए िेयरधारकों को जभििाई िािे िाली सूचिा (िोठटस) के साथ कंपिी अजधजियम, 2013 की धारा 102 की उप-धारा (1) के अिुसार लगाए िािे िाले जििरण (स्ट्टेटमेंट) में िामांकि एिं पाठरश्रजमक सजमजत और जिदेिक मंडल (जिदेिक बोडड) द्वारा इस संबंध म ें ब्यौरेिार स्ट्पष्टीकरण ददया िाएगा और यह औजचत्य बताया िाएगा दक ऐसे व्यजि को जियुि या दिर से जियुि करिे की जसिाठरि क्यों की गई ह ै।” II. जिजियम 32 म,ें उप-जिजियम (7) के स्ट्थाि पर जिम्नजलजखत जिजियम आ िाएगा, अथाडत,् - “(7) िहाँ सूचीबद्ध (जलजस्ट्टड) एंठटटी िे सािडिजिक जिगडम (पजब्लक इश्यू) या साजधकार जिगडम (राइट्स इश्यू) से आए पैसों (के आगमों) के इस्ट्तेमाल पर िज़र रखिे के जलए अिुश्रिण (मॉिीटररंग) एिेंसी को जियुि दकया हो, िहाँ ऐसी एिेंसी की अिुश्रिण (मॉिीटररंग) ठरपोटड जतमाही आधार पर, ठरपोटड प्राप्त होिे के बाद िल्द से िल्द, लेखापरीक्षा सजमजत (ऑजडट कमेटी) के समक्ष रखी िाएगी ।” III. जिजियम 39 म,ें उप-जिजियम (2) के स्ट्थाि पर जिम्नजलजखत उप-जिजियम आ िाएगा, अथातड ्,- “(2) सूचीबद्ध (जलजस्ट्टड) एंठटटी सब-जडिीज़ि, जिभािि (जस्ट्ललट), समेकि (कन्सॉजलडेिि), ििीकरण, जिजिमय (एक्सचेंि), पृष्ांकिों (इन्डोसडमेंट) के मामल े म ें प्रमाणपत्र (सर्टडदिकेट) या रसीदें या सूचिापत्र (िो भी लाग ू हो), उिकी दसू री प्रजतया ँ (डुजललकेट) गैर-कागिी (डीमैट) रूप म ें िारी कराएगी अथिा जिि मामलों म ें प्रमाणपत्र या रसीदें या सूचिापत्र खो गए हों या पुरािे होकर ििडर हो गए हों या िट गए हों (िो भी लाग ू हो) उि मामलों म ें िए प्रमाणपत्र या रसीदें या सूचिापत्र (िो भी लागू हो) गैर-कागिी (डीमैट) रूप म ें िारी कराएगी और ऐसा इस संबंध म ें जििेदि प्राप्त होिे की तारीख से तीस ददिों की अिजध के भीतर दकया िाएगा ।” IV. जिजियम 40 म,ें क. उप-जिजियम (1) म,ें मौिूदा परंतुक के स्ट्थाि पर जिम्नजलजखत परंतुक आ िाएगं ,े अथाडत्,- “परंत ु यह दक प्रजतभूजतयों (जसक्यूठरटीज़) का अंतरण (रांसिर) करि े के संबंध म ें प्राप्त हुए जििेदिों पर तब तक कायडिाही िहीं की िाएगी, िब तक दक िे प्रजतभूजतयाँ जिक्षपे ागार (जडपॉजिटरी) के पास डीमैट (गैर-कागिी) रूप म ेंि रखी हों: परंतु यह और दक कागिी रूप में या डीमैट (गैर-कागिी) रूप में रखी प्रजतभूजतयों (जसक्यूठरटीज़) का प्रेषण (रांसजमिि) या प्रजतस्ट्थापि (रांसपोजििि) केिल डीमैट (गैर-कागिी) रूप में ही दकया िाएगा ।" ख. उप-जिजियम (3) म,ें पहल े परंतुक के स्ट्थाि पर जिम्नजलजखत परंतुक आ िाएगा, अथाडत्,-[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 “परंत ु यह दक सूचीबद्ध (जलजस्ट्टड) एंठटटी यह सुजिजित करेगी दक पारेषण (रांसजमिि) के संबंध में प्राप्त हुए जििेदिों पर कायडिाही संबंजधत दस्ट्तािेि प्राप्त होिे के बाद सात ददिों के भीतर पूरी कर ली िाए:” V. अिुसची-VI म,ें खंड (घ) म,ें उप-खंड (1) म,ें (क) िब्द और जचह्ि ", या उन्ह ें दिर से कागिी रूप देकर (रीमैट करके) प्रमाणपत्र सौंपगे ी, यह इस बात पर जिभडर करेगा दक आबंठटती िे क्या जिकल्प चिु ा है" हट िाएंग े । (ख) परंतुक हट िाएगा । अिय त्यागी, अध्यक्ष [जिज्ञापि-III/4/असा./599/2021-22] पाद ठटलपण : 1. भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाएँ] जिजियम, 2015, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2015-16/013, 2 जसतम्बर 2015 को भारत के रािपत्र म ें प्रकाजित हुए थ े । 2. भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाएँ] जिजियम, 2015 तत्पिात ्: क) 22 ददसम्बर, 2015 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2015, अजधसूचिा स.ं सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2015-16/027, द्वारा ख) 25 मई, 2016 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2016, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2016-17/001, द्वारा ग) 8 िुलाई, 2016 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2016, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2016-17/008, द्वारा घ) 4 िििरी, 2017 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाए]ँ (तीसरा संिोधि) जिजियम, 2016, अजधसूचिा स.ं सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2016-17/025, द्वारा ङ) 15 िरिरी, 2017 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2017, अजधसूचिा सं. सेबी/एल.ए.डी./एि.आर.ओ./िी.एि./2016-17/29, द्वारा च) 6 माचड, 2017 को भारतीय प्रजतभूजत और जिजिमय बोड ड (िीस का भुगताि और भुगताि का माध्यम) (संिोधि) जिजियम, 2017, अजधसूचिा स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/037 [तारीख 29 माचड, 2017 को अजधसूजचत भारतीय प्रजतभजू त और जिजिमय बोड ड (िीस का भुगताि4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] और भुगताि का माध्यम) (संिोधि) जिजियम, 2017, अजधसूचिा स.ं सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2016-17/038 के साथ पठित], द्वारा छ) 9 मई, 2018 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाए]ँ (संिोधि) जिजियम, 2018, अजधसूचिा सं. एसईबीआई/एलएडी- एिआरओ/िीएि/2018/10, द्वारा ि) 30 मई, 2018 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाए]ँ (दसू रा संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2018/13, द्वारा झ) 1 िूि, 2018 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2018, अजधसूचिा स.ं सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2018/21, द्वारा ञ) 8 िूि, 2018 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाए]ँ (चौथा संिोधि) जिजियम, 2018, अजधसूचिा स.ं सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2018/24, द्वारा ट) 6 जसतम्बर, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (पाँचिाँ संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2018/30, द्वारा ि) 16 ििम्बर, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (छिा संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2018/47, द्वारा ड) 29 माच,ड 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] (संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी एल.ए.डी.- एि.आर.ओ./िी.एि./2019/07, द्वारा ढ) 7 मई, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] (दसू रा संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2019/12, द्वारा ण) 27 िूि, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2019/22, द्वारा त) 29 िुलाई, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (चौथा संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी/एलएडी- एिआरओ/िीएि/2019/28, द्वारा थ) 26 ददसम्बर, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (पाँचिाँ संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2019/45, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5 द) 10 िििरी, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2020, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2020/02, द्वारा ध) 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजिमय बोड ड (रेग्यलू ेटरी सैंडबॉक्स) (संिोधि) जिजियम, 2020, स.ं सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा ि) 5 अगस्ट्त, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] (दसू रा संिोधि) जिजियम, 2020, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2020/25, द्वारा प) 8 अिूबर, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2020, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2020/33, द्वारा ि) 8 िििरी, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (सिं ोधि) जिजियम, 2021, अजधसूचिा सं. सबे ी/एल.ए.डी.- एि.आर.ओ./िी.एि./2021/02, द्वारा ब) 5 मई, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] (दसू रा संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2021/22, द्वारा भ) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोड ड (रेग्यूलेटरी सैंडबॉक्स) (संिोधि) जिजियम, 2021, स.ं सेबी/एलएडी-एिआरओ/िीएि/2021/30, द्वारा म) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाए]ँ (तीसरा संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एलएडी- एिआरओ/िीएि/2021/35, द्वारा य) 13 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (चौथा संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ/िी.एि./2021/42, द्वारा कक) 7 जसतम्बर, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (पाँचिाँ संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एलएडी- एिआरओ/िीएि/2021/47, द्वारा खख) 9 ििम्बर, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (छिा संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एलएडी- एिआरओ/िीएि/2021/55, द्वारा संिोजधत हुए थे ।6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 24th January, 2022 SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2022 No. SEBI/LAD-NRO/GN/2022/66.—In exercise of the powers conferred by section 11, sub-section (2) of section 11A and section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 31 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, namely:- 1. These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2022. 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 (Listing Obligations and Disclosure Requirements) Regulations, 2015,- I. in regulation 17, (a) in sub-regulation (1C), after the words “Board of Directors” the words “or as a manager” shall be inserted. (b) in sub-regulation (1C), the following provisos shall be inserted, namely, - “Provided that the appointment or a re-appointment of a person, including as a managing director or a whole-time director or a manager, who was earlier rejected by the shareholders at a general meeting, shall be done only with the prior approval of the shareholders: Provided further that the statement referred to under sub-section (1) of section 102 of the Companies Act, 2013, annexed to the notice to the shareholders, for considering the appointment or re-appointment of such a person earlier rejected by the shareholders shall contain a detailed explanation and justification by the Nomination and Remuneration Committee and the Board of directors for recommending such a person for appointment or re-appointment.” II. in regulation 32, in sub-regulation (7), the words “an annual basis” shall be substituted with the words “a quarterly basis”. III. In regulation 39, in sub-regulation (2), the word “issue” shall be substituted with the words “effect issuance of” and before the words “within a period” the words and symbol “, in dematerialised form” shall be inserted. IV. In regulation 40, (a) in sub-regulation (1), the existing proviso shall be substituted with the following, namely– “Provided that requests for effecting transfer of securities shall not be processed unless the securities are held in the dematerialised form with a depository: Provided further that transmission or transposition of securities held in physical or dematerialised form shall be effected only in dematerialised form.” (b) in sub-regulation (3), in the first proviso, the words “for securities held in dematerialized mode and physical mode” and the words “and twenty one days respectively” shall be omitted. V. In Schedule VI, in clause D, in sub-clause (1), (a) the words and symbols “, or deliver the physical certificates after re-materialising the same, depending on what has been opted for by the allottee:” shall be omitted. (b) the proviso shall be omitted. AJAY TYAGI, Chairman [ADVT.-III/4/Exty./599/2021-22][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 7 Footnotes: 1. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 were published in the Gazette of India on 2nd September 2015 vide No. SEBI/LAD-NRO/GN/2015- 16/013. 2. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, were subsequently amended on: a) December 22, 2015 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2015 vide notification no. SEBI/LAD-NRO/GN/2015-16/27. b) May 25, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016 vide notification no. SEBI/LAD-NRO/GN/ 2016- 17/001. c) July 8, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016 vide notification no. SEBI/ LAD- NRO/GN/2016-17/008. d) January 4, 2017 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2016 vide notification no. SEBI/ LAD- NRO/GN/2016-17/025. e) February 15, 2017 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2017 vide notification no. SEBI/LAD/NRO/GN/2016-17/029. f) March 6, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017 vide Notification No. LAD-NRO/GN/2016- 17/037 read with March 29, 2017 by Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017 vide notification no. SEBI/LAD/NRO/GN/2016-17/38. g) May 9, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/10. h) May 30, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2018 vide notification no. SEBI/LAD- NRO/GN/2018/13. i) June 1, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018 vide notification no. SEBI/LAD- NRO/GN/2018/21. j) June 8, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018 vide notification no. SEBI/LAD- NRO/GN/2018/24. k) September 6, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2018 vide notification no. SEBI/LAD- NRO/GN/2018/30. l) November 16, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2018 vide notification no. SEBI/LAD- NRO/GN/2018/47. m) March 29, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2019 vide notification no. SEBI/LAD-NRO/GN/2019/07. n) May 7, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2019, vide notification no. SEBI/ LAD- NRO/GN/2019/12. o) June 27, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2019, vide notification no. SEBI/ LAD- NRO/GN/2019/22. p) July 29, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2019, vide notification no. SEBI/ LAD- NRO/GN/2019/28.8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] q) December 26, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2019, vide notification no. SEBI/ LAD- NRO/GN/2019/45. r) January 10, 2020 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2020, vide notification no. SEBI/ LAD-NRO/GN/2020/02. s) April 17, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide no. SEBI/LAD-NRO/GN/2020/10. t) August 5, 2020 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2020, vide notification no. SEBI/ LAD- NRO/GN/2020/25. u) October 8, 2020 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2020, vide notification no. SEBI/ LAD- NRO/GN/2020/33. v) January 8, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2021, vide notification no. SEBI/ LAD-NRO/GN/2021/02. w) May 5, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2021, vide notification no. SEBI/ LAD- NRO/GN/2021/22. x) August 3, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide notification no. No. SEBI/LAD-NRO/GN/2021/30. y) August 3, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021, vide notification no. SEBI/ LAD- NRO/GN/2021/35. z) August 13, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2021, vide notification no. SEBI/ LAD- NRO/GN/2021/42. aa) September 7, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2021, vide notification no. SEBI/ LAD- NRO/GN/2021/47. bb) November 9, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2021, vide notification no. SEBI/ LAD- NRO/GN/2021/55. 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.

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