Executive Summary:
This document contains the Securities and Exchange Board of India (SEBI) Delisting of Equity Shares Amendment Regulations, 2019. It was published on July 29, 2019, and comes into force on the date of its publication in the Official Gazette. The regulations further amend the Securities and Exchange Board of India Delisting of Equity Shares Regulations, 2009.
Key Points / Main Content:
* **Amendment Regulations Title:** Securities and Exchange Board of India Delisting of Equity Shares Amendment Regulations, 2019.
* **Effective Date:** The regulations come into force on the date of their publication in the Official Gazette.
* **Amendment to 2009 Regulations:** The regulations further amend the Securities and Exchange Board of India Delisting of Equity Shares Regulations, 2009.
* **Definition of Shares:** In regulation 3, subregulation 1, an explanation is inserted after the proviso: For the purposes of these regulations, the term shares shall include equity shares having superior voting rights.
Impact Analysis:
**Issuers of Equity Shares with Superior Voting Rights:**
* Impact: The definition of "shares" now explicitly includes equity shares having superior voting rights, affecting delisting considerations.
* Action Required: Issuers must consider this expanded definition when evaluating and undertaking delisting procedures.
**Securities and Exchange Board of India (SEBI):**
* Impact: SEBI is responsible for enforcing the amended regulations.
* Action Required: Ensure compliance with the new regulations regarding the delisting of equity shares, including those with superior voting rights.
**Investors:**
* Impact: Investors holding equity shares with superior voting rights are now explicitly included in delisting regulations, potentially affecting their rights and investment decisions.
* Action Required: Be aware of the inclusion of equity shares having superior voting rights in the definition of "shares" for delisting purposes.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): Regulatory body for the securities market in India, responsible for protecting investors and promoting the development of the securities market.
Securities Contracts Regulation Act, 1956: Indian legislation regulating securities contracts.
Securities and Exchange Board of India Act, 1992: Indian legislation establishing the Securities and Exchange Board of India and defining its powers and functions.
Securities and Exchange Board of India Delisting of Equity Shares Regulations, 2009: Regulations pertaining to the delisting of equity shares as specified by SEBI.
Securities and Exchange Board of India Delisting of Equity Shares Amendment Regulations, 2019: Amendments made in 2019 to the existing regulations concerning the delisting of equity shares.
Official Gazette: A government publication where official notifications and regulations are published.
Mumbai, Maharashtra: The city in Maharashtra, India where the Securities and Exchange Board of India notification was issued.
Ajay Tyagi: The Chairman of the Securities and Exchange Board of India (SEBI) at the time of notification.
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EXTRAORDINARY
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((((इइइइ(cid:11)(cid:11)(cid:11)(cid:11)(cid:12)(cid:12)(cid:12)(cid:12)टटटटीीीी शशशशययेेययेे रररर(cid:19)(cid:19)(cid:19)(cid:19) कककक(cid:21)(cid:21)(cid:21)(cid:21) अअअअससससचचूूचचूू ीीीीबबबब(cid:25)(cid:25)(cid:25)(cid:25)तततताााा)))) ((((ससससशशशशंंंं ोोोोधधधधनननन)))) ििििववववििििननननययययमममम,,,, 2222000011119999
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(1956 का 42) क(cid:21) धारा 21क के साथ प(cid:27)ठत धारा 31, भारतीय (cid:9)ितभिू त और िविनमय बोड (cid:8) अिधिनयम, 1992 (1992 का
15) क(cid:21) धारा 30, धारा 11 क(cid:21) उप-धारा (1) तथा धारा 11क क(cid:21) उप-धारा (2) (cid:30)ारा (cid:9)द(cid:31) शि!य# का (cid:9)योग करत े %ए,
एत’ारा भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) (इ)*टी शेयर# क(cid:21) असूचीब.ता) िविनयम, 2009 का और सशं ोधन करन े के
िलए िन0िलिखत िविनयम बनाता ह,ै अथा(cid:8)त,् -
1. इन िविनयम# को भारतीय (cid:9)ितभिू त और िविनमय बोड (cid:8) (इ)*टी शेयर# क(cid:21) असूचीब.ता) (संशोधन) िविनयम,
2019 कहा जा सकेगा ।
2. वे राजप6 म7 उनके (cid:9)काशन क(cid:21) तारीख को (cid:9)वृ(cid:31) (लाग)ू ह#गे ।
3. भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) (इ)*टी शेयर# क(cid:21) असूचीब.ता) िविनयम, 2009 म,7 िविनयम 3 म,7 उप-
िविनयम (1) और उसका परंतुक िन0िलिखत स े(cid:9)ित:थािपत हो जाएगा, अथा(cid:8)त,् -
“(1) ये िविनयम उन सभी मा;यता(cid:9)ा< :टॉक ए>सच7ज# स े या ऐसे )कसी मा;यता(cid:9)ा< :टॉक ए>सच7ज से कंपनी के
इ)*टी शेयर# क(cid:21) असूचीब.ता (डीिल?:टग) के (cid:9)ित लाग ूह#गे, जहाँ ऐसे शेयर सूचीब. (िलि:टड) ह#:
परंत ु यह )क ये िविनयम मा;यता(cid:9)ा< :टॉक ए>सच7ज के सं:थागत @ापा(cid:27)रक Aलेटफॉम (cid:8) (इंि:टCूशनल Dे?डग
Aलेटफॉम(cid:8)) पर, साव(cid:8)जिनक िनगम(cid:8) (पिEलक इFयू) लाए िबना सचू ीब. (िलि:टड) (cid:9)ितभूितय# के (cid:9)ित लागू नहG ह#ग े।
3871 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
:पHीकरण: इन िविनयम# के (cid:9)योजनाथ,(cid:8) शEद “शेयर” म 7उJतर मतािधकार# वाल ेइ)*टी शेयर शािमल ह#गे ।”
अजय Kयागी, अLयM
[िवNापन-III/4/असा./162/19]
पपपपाााादददद (cid:27)(cid:27)(cid:27)(cid:27)टटटट(cid:28)(cid:28)(cid:28)(cid:28)पपपपणणणण :
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एन.आर.ओ./जी.एन./2009-2010/09/165992 (cid:30)ारा, 10 जून 2009 को भारत के राजप6 म 7(cid:9)कािशत %ए थ े।
2. मूल िविनयम तKपOात् -
क. 8 अ!ूबर 2013 को भारतीय (cid:9)ितभिू त और िविनमय बोड (cid:8) {सं:थागत @ापा(cid:27)रक (Dे?डग) Aलेटफाम (cid:8) पर
िविनQदH (cid:9)ितभिू तय# क(cid:21) सूचीब.ता} िविनयम, 2013, अिधसूचना स.ं एल.ए.डी.-
एन.आर.ओ./जी.एन./2013-14/28/6720, (cid:30)ारा
ख. 24 माच(cid:8) 2015 को भारतीय (cid:9)ितभिू त और िविनमय बोड (cid:8) (इ)*टी शेयर# क(cid:21) असचू ीब.ता) (संशोधन)
िविनयम, 2015, अिधसूचना स.ं एल.ए.डी.-एन.आर.ओ./ जी.एन./2014-15/27/541, (cid:30)ारा
ग. 14 अग:त 2015 को भारतीय (cid:9)ितभिू त और िविनमय बोड (cid:8) (इ)*टी शेयर# क(cid:21) असचू ीब.ता) (दसू रा
संशोधन) िविनयम, 2015, अिधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./ जी.एन./2015-16/010, (cid:30)ारा
घ. 12 जनवरी 2016 को भारतीय (cid:9)ितभिू त और िविनमय बोड (cid:8) (इ)*टी शेयर# क(cid:21) असचू ीब.ता) (संशोधन)
िविनयम, 2016, अिधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/030, (cid:30)ारा
ङ. 6 माच,(cid:8) 2017 को भारतीय (cid:9)ितभिू त और िविनमय बोड (cid:8) (फ(cid:21)स का भुगतान और भुगतान का माLयम)
(संशोधन) िविनयम, 2017, अिधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/037, (cid:30)ारा
च. 1 जून 2018 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) (इ)*टी शेयर# क(cid:21) असूचीब.ता) (सशं ोधन) िविनयम,
2018, अिधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/23, (cid:30)ारा
छ. 14 नव(cid:3)बर 2018 को भारतीय (cid:9)ितभिू त और िविनमय बोड (cid:8) (इ)*टी शेयर# क(cid:21) असचू ीब.ता) (दसू रा
संशोधन) िविनयम, 2018, अिधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/46, (cid:30)ारा
संशोिधत %ए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 29th July, 2019
SECURITIES AND EXCHANGE BOARD OF INDIA (DELISTING OF EQUITY SHARES)
(AMENDMENT) REGULATIONS, 2019
No. SEBI/LAD-NRO/GN/2019/25.— In exercise of the powers conferred by section 31 read with section 21A
of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), section 30, sub-section (1) of section 11 and sub-
section (2) of section 11A 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 (Delisting of
Equity Shares) Regulations, 2009, namely, -
1. These regulations may be called the Securities and Exchange Board of India (Delisting of Equity Shares)
(Amendment) Regulations, 2019.¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
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 (Delisting of Equity Shares) Regulations, 2009, in regulation 3, in
sub-regulation (1), after the proviso, the following explanation shall be inserted, namely, -
“Explanation: For the purposes of these regulations, the term “shares” shall include equity shares having
superior voting rights.”
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./162/19]
Footnotes:
1. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, were published in
the Gazette of India on June 10, 2009, vide notification No. LAD-NRO/GN/2009-2010/09/165992.
2. The Principal Regulations were subsequently amended on -
a. October 8, 2013 by the Securities and Exchange Board of India (Listing of Specified Securities on
Institutional Trading Platform) Regulations, 2013 vide notification No. LAD-NRO/GN/2013-
14/28/6720.
b. March 24, 2015 by the Securities and Exchange Board of India (Delisting of Equity Shares)
(Amendment) Regulations, 2015 vide notification No. LAD-NRO/GN/2014-15/27/541.
c. August14, 2015 by the Securities and Exchange Board of India (Delisting of Equity Shares) (Second
Amendment) Regulations, 2015 vide notification No. SEBI/LAD-NRO/GN/2015-16/010.
d. January 12, 2016 by the Securities and Exchange Board of India (Delisting of Equity Shares)
(Amendment) Regulations, 2016 vide notification No. SEBI/LAD-NRO/GN/2015-16/30.
e. March 6, 2017 by the Securities and Exchange Board of India (Payment of fees and mode of payment)
(Amendment) Regulations, 2017 vide notification No. SEBI/LAD-NRO/GN/2016-17/037.
f. June 1, 2018 by the Securities and Exchange Board of India (Delisting of Equity Shares) (Amendment)
Regulations, 2018 vide notification No. SEBI/LAD-NRO/GN/2018/23.
g. November 14, 2018 by the Securities and Exchange Board of India (Delisting of Equity Shares)
(Second Amendment) Regulations, 2018 vide notification No. SEBI/LAD-NRO/GN/2018/46.
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.