Executive Summary:
This document contains the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Fourth Amendment Regulations, 2018. It amends the 2015 regulations and comes into force 180 days after its publication in the Official Gazette on June 8, 2018. Key changes involve regulations 7 and 40, as well as Schedule VII, clause A.
Key Points / Main Content:
Amendments to Regulations:
* Regulation 7(2): The phrase "both physical and electronic" is removed.
* Regulation 40(1):
* The symbol "." is replaced with ":".
* A proviso is added stating that requests for security transfers will not be processed unless the securities are in dematerialized form, except in cases of transmission or transposition.
* Schedule VII, Clause A: Subclause 2 is omitted.
Footnote Information:
* The Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015, were published on September 2, 2015.
* The regulations have been subsequently amended on multiple dates between December 2015 and June 2018, as detailed with specific notification numbers.
Impact Analysis:
Listed Entities:
* Impact: Listed entities must comply with the amended regulations regarding the form of securities and transfer requests.
* Action Required: Ensure compliance with the updated regulations, particularly regarding dematerialization of securities for transfer requests and the changes to Regulations 7 and Schedule VII.
Securities Holders:
* Impact: Securities holders will be affected by the requirement for dematerialized form for security transfers (except for transmission or transposition).
* Action Required: Dematerialize securities to ensure smooth processing of transfer requests, except in cases of transmission or transposition.
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 the Parliament of India that established the Securities and Exchange Board of India.
Securities Contracts Regulation Act, 1956: An act to prevent undesirable transactions in securities by regulating the business of dealing therein.
Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015: Regulations pertaining to listing obligations and disclosure requirements for companies listed on stock exchanges in India.
Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Fourth Amendment Regulations, 2018: Amendment regulations to the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.
Mumbai: City in Maharashtra, location of Securities and Exchange Board of India.
Ajay Tyagi: Chairman of Securities and Exchange Board of India.
New Delhi: Location of Government of India Press.
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PART III—Section 4
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No. 223] NEW DELHI, FRIDAY, JUNE 8, 2018/JYAISTHA 18, 1940
भभभभााााररररततततीीीीयययय (cid:1)(cid:1)(cid:1)(cid:1)ििििततततभभभभििूूििूू तततत औऔऔऔरररर ििििववववििििननननममममयययय बबबबोोोोडडडड (cid:9)(cid:9) (cid:9)(cid:9)
अअअअििििधधधधससससचचूूचचूू ननननाााा
मु(cid:3)बई, 8 जून, 2018
भभभभााााररररततततीीीीयययय (cid:1)(cid:1)(cid:1)(cid:1)ििििततततभभभभििूूििूू तततत औऔऔऔरररर ििििववववििििननननममममयययय बबबबोोोोडडडड (cid:9)(cid:9) (cid:9)(cid:9)
[[[[ससससचचूूचचूू ीीीीबबबब(cid:13)(cid:13)(cid:13)(cid:13)तततताााा ((((ििििलललल(cid:16)(cid:16)(cid:16)(cid:16)(cid:17)(cid:17)(cid:17)(cid:17)टटटटगगगग)))) बबबबाााा(cid:20)(cid:20)(cid:20)(cid:20)ययययततततााााएएएए ँँ ँँऔऔऔऔरररर (cid:1)(cid:1)(cid:1)(cid:1)ककककटटटटीीीीककककररररणणणण अअअअपपपप(cid:30)(cid:30)ेे(cid:30)(cid:30)ेे ााााएएएए]]ँँ]ँँ] ((((चचचचौौौौथथथथाााा ससससशशंंशशंं ोोोोधधधधनननन)))) ििििववववििििननननययययमममम,,,, 2222000011118888
सससस..ंं..ंं ससससेबेबेबेबीीीी////एएएएलललल....एएएए....डडडडीीीी....----एएएएनननन....आआआआरररर....ओओओओ....////जजजजीीीी....एएएएनननन....////2222000011118888////22224444....————बोड,(cid:8) (cid:9)ितभूित संिवदा (िविनयमन) अिधिनयम, 1956
(1956 का 42) क(cid:15) धारा 31 के साथ प(cid:17)ठत भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) अिधिनयम, 1992 (1992 का 15) क(cid:15)
धारा 11, धारा 11क क(cid:15) उप-धारा (2) तथा धारा 30 (cid:21)ारा (cid:9)द(cid:25) शि(cid:27)य(cid:29) का (cid:9)योग करते (cid:31)ए, एत!ारा भारतीय (cid:9)ितभूित
और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताए ँ और (cid:9)कटीकरण अपे/ाए]ँ िविनयम, 2015 का और संशोधन करन े के
िलए िन1िलिखत िविनयम बनाता ह,ै अथा(cid:8)त,् -
1. इन िविनयम(cid:29) को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताए ँ और (cid:9)कटीकरण अपे/ाए]ँ
(चौथा संशोधन) िविनयम, 2018 कहा जा सकेगा ।
2. ये िविनयम राजप7 म8 उनके (cid:9)काशन क(cid:15) तारीख स ेएक सौ अ(सीव 8 9दन (cid:9)वृ(cid:25) ह(cid:29)गे ।
3. भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताए ँ और (cid:9)कटीकरण अपे/ाए]ँ िविनयम, 2015 म,8 -
(i) िविनयम 7 म,8 उप-िविनयम (2) म,8 श=द(cid:29) “कागज़ी और इले?@ॉिनक” का लोप हो जाएगा।
(ii) िविनयम 40 म,8 उप-िविनयम (1) म,8 -
3254 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
क. िचBन “।”, िचBन “:” से (cid:9)ित(थािपत हो जाएगा;
ख. िन1िलिखत परंतुक अंतः(थािपत 9कया जाएगा, अथा(cid:8)त,् -
“परंत ु यह 9क, (cid:9)ितभूितय(cid:29) (िस?यू(cid:17)रटीज़) के (cid:9)ेषण (@ांसिमशन) या (cid:9)ित(थापन (@ांसपोिजशन) के मामल े को
छोड़कर दसू रे मामल(cid:29) म,8 (cid:9)ितभूितय(cid:29) के अंतरण (@ांसफर) संबंधी िनवेदन(cid:29) पर तब तक काय(cid:8)वाही नहH क(cid:15)
जाएगी, जब तक 9क (cid:9)ितभूितया ँ िन/ेपागार (िडपॉिज़टरी) के पास गैर-कागज़ी (डीमैट) Iप म 8 धा(cid:17)रत न ह(cid:29)
।”
(iii) अनुसूची-VII म,8 खंड क म,8 उप-खंड (2) का लोप हो जाएगा ।
अजय Kयागी, अ*य/
[िवLापन-III/4/असाधारण/96/18-19]
पपपपाााादददद (cid:31)(cid:31)(cid:31)(cid:31)टटटट पपपपणणणण ::::
1. भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताए ँ और (cid:9)कटीकरण अपे/ाए]ँ िविनयम, 2015,
सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/013, 2 िसत(cid:3)बर 2015 को भारत के राजप7 म 8 (cid:9)कािशत (cid:31)ए
थ े ।
2. भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताए ँ और (cid:9)कटीकरण अप/े ाए]ँ िविनयम, 2015
तKपMात् :
क) 22 9दस(cid:3)बर, 2015 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताएँ और
(cid:9)कटीकरण अपे/ाए]ँ (संशोधन) िविनयम, 2015, अिधसूचना सं. सेबी/एल.ए.डी.-
एन.आर.ओ./जी.एन./2015-16/027, (cid:21)ारा
ख) 25 मई, 2016 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताए ँ और (cid:9)कटीकरण
अपे/ाए]ँ (संशोधन) िविनयम, 2016, अिधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/001,
(cid:21)ारा
ग) 8 जुलाई, 2016 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताए ँ और (cid:9)कटीकरण
अपे/ाए]ँ (दसू रा संशोधन) िविनयम, 2016, अिधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-
17/008, (cid:21)ारा
घ) 4 जनवरी, 2017 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताए ँ और
(cid:9)कटीकरण अपे/ाए]ँ (तीसरा संशोधन) िविनयम, 2016, अिधसूचना सं. सेबी/एल.ए.डी.-
एन.आर.ओ./जी.एन./2016-17/025, (cid:21)ारा
ङ) 15 फरवरी, 2017 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग)
बा*यताए ँ और (cid:9)कटीकरण अपे/ाए]ँ (संशोधन) िविनयम, 2017, अिधसूचना
सं. सेबी/एल.ए.डी./एन.आर.ओ./जी.एन./2016-17/29, (cid:21)ारा
च) 6 माच,(cid:8) 2017 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) (फ(cid:15)स का भुगतान और भुगतान का मा*यम)
(संशोधन) िविनयम, 2017, अिधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/037 [तारीख
29 माच(cid:8), 2017 को अिधसूिचत भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) (फ(cid:15)स का भुगतान और भुगतान का¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
मा*यम (संशोधन) िविनयम, 2017, अिधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/038 के
साथ प(cid:17)ठत], (cid:21)ारा
छ) 9 मई, 2018 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताए ँ और (cid:9)कटीकरण
अपे/ाए]ँ (संशोधन) िविनयम, 2018, अिधसूचना स.ं एसईबीआई/एलएडी-एनआरओ/जीएन/2018/10,
(cid:21)ारा
ज) 30 मई, 2018 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताए ँ और
(cid:9)कटीकरण अपे/ाए]ँ (दसू रा संशोधन) िविनयम, 2018, अिधसूचना स.ं सेबी/एल.ए.डी.-
एन.आर.ओ./जी.एन./2018/13, (cid:21)ारा
झ) 1 जून, 2018 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [सूचीब%ता (िल’(टग) बा*यताए ँ और
(cid:9)कटीकरण अपे/ाए]ँ (तीसरा संशोधन) िविनयम, 2018, अिधसूचना सं. सेबी/एल.ए.डी.-
एन.आर.ओ./जी.एन./2018/21, (cid:21)ारा
संशोिधत (cid:31)ए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 8th June, 2018
Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) (Fourth
Amendment) Regulations, 2018
No. SEBI/LAD-NRO/GN/2018/24.—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) (Fourth Amendment) Regulations, 2018.
2. These regulations shall come into force on the one hundred and eightieth day from the date of its publication in
the Official Gazette.
3. In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, -
(i) in regulation 7, in sub-regulation (2), the words “both physical and electronic” shall be omitted.
(ii) in regulation 40, in sub-regulation (1), -
a. the symbol “.” shall be substituted with the symbol “:”;
b. the following proviso shall be inserted, namely, -4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
“Provided that, except in case of transmission or transposition of securities, requests for effecting
transfer of securities shall not be processed unless the securities are held in the dematerialized form
with a depository.”
(iii) in Schedule VII, in clause A, sub-clause (2) shall be omitted.
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./96/18-19]
Footnote:
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 08, 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 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 01, 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.
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