Executive Summary:
This document contains amendments to the Securities Contracts Regulation (SCR) Stock Exchanges and Clearing Corporations Regulations, 2012. These amendments, enacted by the Securities and Exchange Board of India (SEBI), are effective from the date of their publication in the Official Gazette, January 11, 2016. The amendments pertain to the definition of "associate" within the regulations.
Key Points / Main Content:
Amendments to Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2012:
* Regulation 2, subregulation 1, clause (b) is amended.
Definition of "Associate" Modified:
* Sub-clause (i): "more than" is inserted before "fifteen per cent." and "or more" is omitted.
* Sub-clause (iii): This sub-clause is omitted.
* Sub-clause (iv): "or a company under the same management as of the first person" is omitted.
* A new sub-clause (vii) is inserted: This includes cases where the Board considers a person as an associate based on factors like control, independence, and conflict of interest.
Impact Analysis:
Securities and Exchange Board of India (SEBI):
* Impact: Enhanced authority in determining associate status based on broader criteria.
* Action Required: Implement and enforce the amended regulations, considering factors like control, independence, and conflict of interest when assessing associate status.
Stock Exchanges and Clearing Corporations:
* Impact: Must comply with the revised regulations regarding the definition of "associate."
* Action Required: Update internal compliance procedures and monitoring mechanisms to reflect the new definition of "associate" and ensure adherence.
Individuals/Entities Holding Shares in Stock Exchanges and Clearing Corporations:
* Impact: The definition of "associate" affecting certain rights, obligations, or restrictions might have changed.
* Action Required: Review shareholding structures and relationships to determine if they are now classified as associates under the amended regulations, and take appropriate action.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body in India for securities and commodity market.
Securities Contracts Regulation Act, 1956: Indian legislation governing securities contracts.
Securities and Exchange Board of India Act, 1992: Indian legislation establishing the Securities and Exchange Board of India and defining its powers.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2012: Regulations governing stock exchanges and clearing corporations in India.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Amendment Regulations, 2016: Amendment regulations to the Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2012.
Mumbai, Maharashtra: City in India, location of the Securities and Exchange Board of India.
U. K. Sinha: Chairman of the Securities and Exchange Board of India.
New Delhi, Delhi: City in India, place of publication of the Gazette of India.
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EXTRAORDINARY
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PART III—Section 4
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PUBLISHED BY AUTHORITY
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अअअअििििधधधधससससचचूूचचूू ननननाााा
मु(cid:3)बई, 11 जनवरी, 2016
(cid:1)(cid:1)(cid:1)(cid:1)ििििततततभभभभििूूििूू तततत ससससििंंििंं ववववददददाााा ((((ििििववववििििननननययययममममनननन)))) (((((cid:10)(cid:10)(cid:10)(cid:10)टटटटॉॉॉॉकककक एएएए(cid:15)(cid:15)(cid:15)(cid:15)ससससचचचचजज(cid:18)(cid:18)जज(cid:18)(cid:18) औऔऔऔरररर
ससससममममााााशशशशोोोोधधधधनननन ििििननननगगगगमममम)))) ((((ससससशशंंशशंं ोोोोधधधधनननन)))) ििििववववििििननननययययमममम,,,, 2222000011116666
सससस..ंं..ंं ससससेबेबेबेबीीीी////एएएएलललल....एएएए....डडडडीीीी....-एएएएनननन.आआआआरररर.ओओओओ.////जजजजीीीी.एएएएनननन.////2222000011115555----11116666////000022229999.—भारतीय (cid:13)ितभूित और िविनमय बोड,(cid:21)
भारतीय (cid:13)ितभूित और िविनमय बोड (cid:21) अिधिनयम, 1992 क(cid:23) धारा 11 और धारा 30 के साथ प(cid:25)ठत (cid:13)ितभूित
संिवदा (िविनयमन) अिधिनयम, 1956 क(cid:23) धारा 31 (cid:27)ारा (cid:13)द(cid:29) शि(cid:31)य का (cid:13)योग करत े "ए एत$ारा (cid:13)ितभूित
संिवदा (िविनयमन) (%टॉक ए(सच+ज और समाशोधन िनगम) िविनयम, 2012 का और संशोधन करन े के िलए
िन-िलिखत िविनयम बनाता ह,ै अथा(cid:21)त:् -
1. इन िविनयम को (cid:13)ितभूित संिवदा (िविनयमन) (%टॉक ए(सच+ज और समाशोधन िनगम) (संशोधन)
िविनयम, 2016 कहा जा सकेगा ।
2. व े राजप3 म + उनके (cid:13)काशन क(cid:23) तारीख को (cid:13)वृ(cid:29) ह ग े ।
3. (cid:13)ितभूित संिवदा (िविनयमन) (%टॉक ए(सच+ज और समाशोधन िनगम) िविनयम, 2012 म+, िविनयम 2 म+,
उप-िविनयम (1) म,+ खंड (ख) म + -
i. उप-खंड (ii) म,+ श7द "या", श7द "से" से (cid:13)ित%थािपत हो जाएगा ।
ii. उप-खंड (iii) का लोप हो जाएगा ।
132 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4]
iii. उप-खंड (iv) म+ श7द "या एक ही (cid:13)बंधन जो पहले ;ि(cid:31) का हो के अधीन कंपनी" का लोप हो
जाएगा ।
iv. उप-खंड (vi) के प<ात,् िन-िलिखत उप-खंड अंत:%थािपत >कया जाएगा, अथा(cid:21)त,् –
"(vii) ऐसे अ@य मामले जहाँ बोड (cid:21) का यह िवचार हो >क >कसी ;ि(cid:31) को तBय और कारक
(िजनम+ ये भी शािमल ह C - >क िनय3ं ण >कतना ह,ै %वत3ं ता >कतनी ह,ै िहत-िवरोध >कतना ह)ै के
आधार पर सहयु(cid:31) (असोिसएट) समझा जाएगा;"
यू. के. िस@हा, अGयH
[िवIापन-III/4/असा./69 जैडबी/315]
पपपपाााादददद (cid:20)(cid:20)(cid:20)(cid:20)टटटट(cid:21)(cid:21)(cid:21)(cid:21)पपपपणणणण ::::
1. (cid:13)ितभूित संिवदा (िविनयमन) (%टॉक ए(सच+ज और समाशोधन िनगम) िविनयम, 2012, फा. स.ं
एल.ए.डी.-एन.आर.ओ./जी.एन./2012-13/07/13546, 20 जून 2012 को भारत के राजप3 म+ (cid:13)कािशत
"ए थे ।
2. (cid:13)ितभूित संिवदा (िविनयमन) (%टॉक ए(सच+ज और समाशोधन िनगम) िविनयम, 2012 तJप<ात ्:-
(क) 2 िसत(cid:3)बर 2013 को (cid:13)ितभूित संिवदा (िविनयमन) (%टॉक ए(सच+ज और समाशोधन िनगम)
(संशोधन) िविनयम, 2013, सं. एलएडी/एनआरओ/जीएन/2013-14/21/6463, (cid:27)ारा
(ख) 8 िसत(cid:3)बर 2015 को (cid:13)ितभूित संिवदा (िविनयमन) (%टॉक ए(सच+ज और समाशोधन िनगम)
(संशोधन) िविनयम, 2015, सं. सेबी/एलएडी-एनआरओ/जीएन/2015-16/016, (cid:27)ारा
संशोिधत "ए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 11th January, 2016
Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
(Amendment) Regulations, 2016
No. SEBI/LAD/NRO/GN/2015-16/029.—In exercise of the powers conferred by section 31 of the
Securities Contracts (Regulation) Act, 1956 read with sections 11 and 30 of the Securities and Exchange
Board of India Act, 1992, the Securities and Exchange Board of India hereby makes the following regulations
to further amend the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
Regulations, 2012, namely:—
1. These regulations may be called the Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Amendment) Regulations, 2016.
2. They shall come into force on the date of their publication in the Official Gazette.¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
3. In the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012,
in Regulation 2, in sub-regulation (1), in clause (b) –
i. in sub clause (ii) –
(1) after the words “who holds” and before the words “fifteen per cent.”, the words “more
than” shall be inserted.
(2) the words “or more” shall be omitted.
ii. sub clause (iii) shall be omitted.
iii. in sub clause (iv) the words “or a company under the same management as of the first person”
shall be omitted.
iv. after sub-clause (vi) the following sub-clause shall be inserted, namely,-“(vii) such other cases
where the Board is of the view that a person shall be considered as an associate based on the
facts and factors including the extent of control, independence, conflict of interest;”
U. K. SINHA, Chairman
[ADVT-III/4/Exty./69ZB/315]
Footnote:
1. The SC(R) (Stock Exchanges and Clearing Corporations) Regulations, 2012 were published in the Gazette
of India on 20th June, 2012 vide F. No. LAD-NRO/GN/2012-13/07/13546.
2. The SC(R) (Stock Exchanges and Clearing Corporations) Regulations, 2012 were subsequently
amended –
(a) on 2nd September, 2013 by the SC(R)(Stock Exchanges and Clearing Corporations) (Amendment)
Regulations, 2013 vide No. LAD-NRO/GN/2013/14/21/6463.
(b) on 8th September, 2015 by the SC(R)(Stock Exchanges and Clearing Corporations) (Amendment)
Regulations, 2015 vide No. LAD-NRO/GN/2015-16/016.
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and Published by the Controller of Publications, Delhi-110054.