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Date: 2016-05-25 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred under section 30 of the Securities and Exchange Board of India Act 1992 15 of 1992 the Board

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

Executive Summary: This document presents the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Third Amendment Regulations, 2016. These regulations, effective from the date of their publication in the Official Gazette, further amend the 2009 regulations. The amendments primarily concern disclosures related to wilful defaulters in public and rights issues. Key Points / Main Content: General: * These regulations are called the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Third Amendment Regulations, 2016. * They come into force on the date of their publication in the Official Gazette. * Applicable to issuers filing offer documents with the Registrar of Companies on or after the commencement date. Amendments to Regulation 2: * In subregulation 1, clause (zm), the symbol "." is replaced with ";". * A new clause (zn) is inserted, defining "wilful defaulter" as an issuer categorized as such by any bank or financial institution, in accordance with Reserve Bank of India guidelines, including issuers whose director or promoter is categorized similarly. Amendments to Regulation 4: * In subregulation 2, clause (c) is omitted. * A new subregulation 5 is inserted, prohibiting public issues of equity securities or convertible debt instruments if the issuer, its promoters, or directors are wilful defaulters. Convertible debt instruments are also prohibited if there is a default in payment of interest/principal for more than six months. * Subregulation 6 mandates specific disclosures (as per Part G of Schedule VIII) in rights issue offer documents and abridged letters of offer if the issuer, its promoters, or directors are wilful defaulters. * Subregulation 7 restricts promoters or promoter groups from renouncing their rights in a rights issue (except within the promoter group) when the issuer is a wilful defaulter. Amendments to Regulation 73: * In subregulation 1, a new clause (h) is inserted, requiring disclosures similar to Part G of Schedule VIII if the issuer, its promoters, or directors are wilful defaulters. Amendments to Regulation 84: * In subregulation 1, it is specified that disclosures similar to Part G of Schedule VIII shall be made if applicable. Amendments to Schedule VIII: * In Part A, para 2, item XI, subitem E, the phrase "by Reserve Bank of India or other authorities" is omitted. * In Part E, para 5, item XV, subitem D, the phrase "by Reserve Bank of India or such other authorities" is omitted. * A new Part G is inserted, outlining disclosures pertaining to wilful defaulters: * Name of declaring bank. * Year of declaration. * Outstanding amount at the time of declaration. * Name of the party declared as a wilful defaulter. * Steps taken for removal from the list. * Other disclosures for informed decisions. * Any other disclosure specified by the Board. * Requires prominent disclosure of wilful defaulter status on the cover page with cross-referencing. * Mandates these disclosures in a separate, identifiable section in the document. Amendments to Schedule XXI: * In Part A, Para XIV, item C, the phrase "by Reserve Bank of India or such other authorities" is replaced with "in India or". Impact Analysis: Issuers: *Impact:* Issuers and their associated parties (promoters and directors) now face restrictions on raising capital through public issues and specific disclosure requirements for rights issues if they are categorized as wilful defaulters. *Action Required:* Issuers must assess their status regarding wilful defaulter classifications and ensure compliance with the new disclosure norms in offer documents. Promoters and Directors: *Impact:* The "wilful defaulter" status of promoters and directors now directly impacts an issuer's ability to raise capital and triggers enhanced disclosure obligations. Restrictions are placed on the renunciation of rights in rights issues. *Action Required:* Promoters and directors need to ensure they are not classified as wilful defaulters and be prepared to make the required disclosures. Investors: *Impact:* Investors will receive more information about the financial health and potential risks associated with issuers who, or whose promoters/directors, are classified as wilful defaulters, aiding in informed investment decisions. *Action Required:* Investors should carefully review the disclosures related to wilful defaulters in offer documents before making investment decisions. SEBI: *Impact:* SEBI's regulatory framework is strengthened by providing increased transparency and restrictions on issuers with wilful defaulter status. *Action Required:* SEBI will oversee the implementation and compliance with these amended regulations.

Key Entities Referenced

Securities and Exchange Board of India: Regulatory body in India for securities and commodity market. Mumbai, Maharashtra: City in India; location of SEBI and place where notification was issued. Securities and Exchange Board of India Act, 1992: The act of the Parliament of India that established the Securities and Exchange Board of India (SEBI). Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2009: Regulations pertaining to the issue of capital and disclosure requirements as specified by SEBI. Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Third Amendment Regulations, 2016: The specific amendment regulations being promulgated in the notification. Official Gazette: The official government publication where the regulations are to be published. Registrar of Companies: An office in India which deals with administration of companies and Limited Liability Partnerships. Reserve Bank of India: Central bank of India.
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L.-33004/99 vlk/kj.k EXTRAORDINARY Hkkx III—[k.M 4 PART III—Section 4 izkf/dkj ls izdkf'kr PUBLISHED BY AUTHORITY la- 224] ubZ fnYyh] cq/okj] ebZ 25] 2016@T;s"B 4] 1938 No. 224] NEW DELHI, WEDNESDAY, MAY 25, 2016/ JYAISTHA 4, 1938 भभभभााााररररततततीीीीयययय (cid:1)(cid:1)(cid:1)(cid:1)ििििततततभभभभििूूििूूतततत औऔऔऔरररर ििििववववििििननननममममयययय बबबबोोोोडडडड (cid:9)(cid:9) (cid:9)(cid:9) अअअअििििधधधधससससचचूूचचूू ननननाााा मु(cid:3)बई, 10 मई, 2016 भभभभााााररररततततीीीीयययय (cid:1)(cid:1)(cid:1)(cid:1)ििििततततभभभभििूूििूूतततत औऔऔऔरररर ििििववववििििननननममममयययय बबबबोोोोडडडड (cid:9)(cid:9) (cid:9)(cid:9)((((पपपपूँजूँजूँजूँजीीीी ककककाााा ििििननननगगगग(cid:9)म(cid:9)म(cid:9)म(cid:9)मनननन औऔऔऔरररर (cid:1)(cid:1)(cid:1)(cid:1)ककककटटटटीीीीककककररररणणणण अअअअपपपप(cid:21)(cid:21)ेे(cid:21)(cid:21)ेे ााााएएएए))ँँ))ँँ ((((ततततीीीीससससरररराााा ससससंशंशंशंशोोोोधधधधनननन)))) ििििववववििििननननययययमममम,,,, 2222000011116666 ससससं.ं.ं.ं. ससससेबेबेबेबीीीी////एएएएलललल....एएएए....डडडडीीीी....----एएएएनननन....आआआआरररर....ओओओओ....////जजजजीीीी....एएएएनननन....////2222000011116666----11117777////000000003333....————बोड(cid:8), भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) अिधिनयम, 1992 (1992 का 15) क(cid:15) धारा 30 के अधीन (cid:9)द(cid:17) शि(cid:19)य(cid:21) का (cid:9)योग करते (cid:23)ए एत(cid:25)ारा भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) िविनयम, 2009 का और संशोधन करने के िलए िन%िलिखत िविनयम बनाता ह,ै अथा(cid:8)त् :- 1111.... इन िविनयम(cid:21) को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (तीसरा संशोधन) िविनयम, 2016 कहा जा सकेगा । 2222.... वे राजप, म- उनके (cid:9)काशन क(cid:15) तारीख को (cid:9)वृ(cid:17) ह(cid:21)ग े। 3333.... वे इन िविनयम(cid:21) के (cid:9)ारंभ क(cid:15) तारीख को या के प1ात् कंपनी रिज23ार के पास (cid:9)2ताव द2तावेज (ऑफर डॉ5यूम-ट) दािखल करने वाले िनग(cid:8)मकता(cid:8)6 (इ8युअस(cid:8)) के (cid:9)ित लागू ह(cid:21)गे । 4444.... भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) िविनयम, 2009 म- :- (I) िविनयम 2 म-, उप-िविनयम (1) म-, - (1) खंड (यड) म-, िच;न "।" के िलए, िच;न ";" (cid:9)ित2थािपत हो जाएगा; (2) खंड (यड) के प1ात,् िन%िलिखत अंत:2थािपत <कया जाएगा, अथा(cid:8)त, - "(यढ) "इरादतन चूककता(cid:8)" (जानबूझकर चूक करने वाला) से वह िनग(cid:8)मकता(cid:8) (इ8युअर) अिभ(cid:9)ेत ह,ै िजसे भारतीय =रज़व(cid:8) ब?क @ारा इरादतन चूककता(cid:8)6 के संबंध म- जारी <कए गए माग(cid:8)दश(cid:8)क िसAाँत(cid:21) (गाइडलाइBस) के अनुसार, <कसी ब?क या िव(cid:17)ीय सं2था या उनके कनसॉCटयम @ारा, इरादतन चूककता(cid:8) के Dप म- वगEकृत 2626GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4] <कया गया हो और िजसम- वह िनग(cid:8)मकता (cid:8) सि(cid:3)मिलत ह ै िजसके िनदशे क (डायरे5टर) या सं(cid:9)वत(cid:8)क ((cid:9)ोमोटर) को इस Dप म- वगEकृत <कया गया हो ।" (II) िविनयम 4 म-, - (1) उप-िविनयम (2) म-, खंड (ग) का लोप हो जाएगा; (2) उप-िविनयम (4) के प1ात,् िन%िलिखत अंत:2थािपत <कया जाएगा, अथा(cid:8)त, - "(5) कोई भी िनग(cid:8)मकता (cid:8)(इ8युअर), (क) इ<Fटी (cid:9)ितभूितय(cid:21) का साव(cid:8)जिनक िनग(cid:8)म (पिGलक इ8य)ू नहH लाएगा, य<द िनग(cid:8)मकता (cid:8) अथवा उसका कोई सं(cid:9)वत(cid:8)क ((cid:9)ोमोटर) या िनदेशक (डायरे5टर) इरादतन चूककता(cid:8) (जानबूझकर चूक करने वाला) हो; या (ख) संप=रवत(cid:8)नीय ऋण िलखत(cid:21) (कBवCटबल डटै इं2Lम-Mस) का साव(cid:8)जिनक िनग(cid:8)म नहH लाएगा, य<द (i) िनग(cid:8)मकता(cid:8) अथवा उसका कोई सं(cid:9)वत(cid:8)क ((cid:9)ोमोटर) या िनदशे क (डायरे5टर) इरादतन चूककता(cid:8) (जानबूझकर चूक करने वाला) हो, या (ii) उसने 2वयं @ारा जनता को िनग(cid:8)िमत (इ8यूड) ऋण िलखत(cid:21) (डटै इं2Lम-Mस), य<द कोई ह(cid:21), के संबंध म-, छह महीन(cid:21) से अिधक क(cid:15) अविध तक, Gयाज अदा करने म- या मूलधन क(cid:15) रकम क(cid:15) चुकौती (का (cid:9)ितसंदाय) करने म- चूक क(cid:15) हो । (6) िविनNदO (cid:9)ितभूितय(cid:21) का सािधकार िनग(cid:8)म (राइMस इ8यू) लाने वाला िनग(cid:8)मकता(cid:8) (इ8युअर), (cid:9)2ताव द2तावेज (ऑफर डॉ5यूम-ट) और संि#Q (cid:9)2ताव प, (लैटर ऑफ ऑफर) म- (cid:9)कटीकरण (जो अनुसूची VIII के भाग छ म- िनधा(cid:8)=रत ह)? करेगा, य<द वह िनग(cid:8)मकता(cid:8) अथवा उसका कोई सं(cid:9)वत(cid:8)क ((cid:9)ोमोटर) या िनदेशक (डायरे5टर) इरादतन चूककता(cid:8) (जानबूझकर चूक करने वाला) हो । (7) ऊपर उप-िविनयम (6) म- उिSलिखत िविनNदO (cid:9)ितभूितय(cid:21) के सािधकार िनग(cid:8)म (राइMस इ8यू) के मामले म-, िनग(cid:8)मकता(cid:8) के सं(cid:9)वत(cid:8)क ((cid:9)ोमोटर) या िनग(cid:8)मकता (cid:8) का सं(cid:9)वत(cid:8)क समूह ((cid:9)ोमोटर Tुप) अपने अिधकार(cid:21) का Uयाग नहH करेगा, िसवाय वहाँ जहा ँऐसा Uयाग सं(cid:9)वत(cid:8)क समूह ((cid:9)ोमोटर Tुप) के भीतर हो ।" (III) िविनयम 73 म-, उप-िविनयम (1) म-, खंड (छ) के प1ात,् िन%िलिखत अंत:2थािपत <कया जाएगा, अथा(cid:8)त, - "(ज) अनुसूची VIII के भाग छ म- िनधा(cid:8)=रत (cid:9)कटीकरण(cid:21) जैसे (cid:9)कटीकरण, य<द िनग(cid:8)मकता(cid:8) अथवा उसका कोई सं(cid:9)वत(cid:8)क ((cid:9)ोमोटर) या िनदेशक (डायरे5टर) इरादतन चूककता(cid:8) (जानबूझकर चूक करने वाला) हो ।" (IV) िविनयम 84 म-, उप-िविनयम (1) म-, शGद(cid:21) और अंक(cid:21) "अनुसूची XVIII म- िविनNदO जानकारी सि(cid:3)मिलत ह"ै के प1ात,् शGद, िच;न और अंक "और अनुसूची VIII के भाग छ म- िनधा(cid:8)=रत (cid:9)कटीकरण(cid:21) जैसे (cid:9)कटीकरण <कए जाएँगे, य<द लागू हो" अंत:2थािपत <कए जाएँगे । (V) अनुसूची VIII म-, - (1) भाग क म-, पैरा (2) म-, मद (XI) म-, उप-मद (ङ) म-, शGद(cid:21) "5या भारतीय =रज़व(cid:8) ब?क या अBय (cid:9)ािधकरण(cid:21) @ारा" का लोप हो जाएगा;¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3 (2) भाग ङ म-, पैरा (5) म-, मद (XV) म-, उप-मद (घ) म-, शGद(cid:21) "भारतीय =रज़व (cid:8) ब?क या अBय (cid:9)ािधकरण(cid:21) @ारा" का लोप हो जाएगा; (3) भाग च के प1ात,् िन%िलिखत अंत:2थािपत <कया जाएगा, अथा(cid:8)त्, - """"भभभभाााागगगग छछछछ [[[[ििििववववििििननननययययमममम 4444((((6666)))) ददददखखेेखखेे ]](cid:27)(cid:27)]](cid:27)(cid:27) इइइइररररााााददददततततनननन चचचचककूूककूू ककककतततताााा(cid:29)(cid:29)(cid:9)(cid:9)(cid:29)(cid:29)(cid:9)(cid:9) ससससेे ेे ससससंबंबंबंबििंंििंंधधधधतततत (cid:1)(cid:1)(cid:1)(cid:1)ककककटटटटीीीीककककररररणणणण (1) य<द िनग(cid:8)मकता(cid:8) अथवा उसका कोई सं(cid:9)वत(cid:8)क ((cid:9)ोमोटर) या िनदेशक (डायरे5टर) इरादतन चूककता (cid:8) (जानबूझकर चूक करने वाला) हो, तो वह िन%िलिखत (cid:9)कटीकरण करेगा : (क) उस ब?क का नाम, िजसने उस एं=टटी को इरादतन चूककता (cid:8) (जानबूझकर चूक करने वाली) घोिषत <कया हो; (ख) वह वष(cid:8), िजसम- उस एं=टटी को इरादतन चूककता(cid:8) (जानबूझकर चूक करने वाली) घोिषत <कया गया हो; (ग) उस समय बकाया रकम, जब उस एं=टटी को इरादतन चूककता (cid:8) (जानबूझकर चूक करने वाली) घोिषत <कया गया हो; (घ) उस प#कार (पाटE) का नाम, िजसे इरादतन चूककता (cid:8)(जानबूझकर चूक करने वाला) घोिषत <कया गया हो; (ङ) इरादतन चूककता(cid:8)6 (जानबूझकर चूक करने वाल(cid:21)) क(cid:15) सूची से नाम हटाए जान ेके िलए उठाए गए कदम, य<द कोई ह(cid:21); (च) ऐसे अBय (cid:9)कटीकरण, जो िनवेशक(cid:21) (िविनधानकता(cid:8)6) को सोच-समझकर िनण(cid:8)य लेने म- समथ (cid:8) बनान ेके उWे8य से िनग(cid:8)मकता (cid:8)(इ8युअर) @ारा उिचत समझे जाएँ; (छ) बोड(cid:8) @ारा यथा िनधा(cid:8)=रत कोई अBय (cid:9)कटीकरण । (2) इस तXय को मुख पृY (कवर पेज) पर (संबA पृY(cid:21) क(cid:15) संZया का उSलेख करते (cid:23)ए) (cid:9)मुखता से (cid:9)कट <कया जाएगा <क िनग(cid:8)मकता(cid:8) (इ8युअर) अथवा उसका कोई सं(cid:9)वत(cid:8)क ((cid:9)ोमोटर) या िनदेशक (डायरे5टर) इरादतन चूककता(cid:8) (जानबूझकर चूक करने वाला) ह ै। (3) यहा ँ िनधा(cid:8)=रत (cid:9)कटीकरण एक अलग अ[याय या खंड म- <कए जाएँगे और िजसका 2पO उSलेख अनु\मिणका (इंड5े स) / िवषय-सूची म- <कया जाएगा ।" (VI) अनुसूची XXI म-, भाग क म-, पैरा (XIV) म-, मद (ग) म-, शGद "भारतीय =रज़व(cid:8) ब?क या उसके अपने दशे के ऐसे अBय (cid:9)ािधकरण(cid:21) @ारा", शGद(cid:21) "भारत म- या उसके अपने दशे म-" से (cid:9)ित2थािपत हो जाएँगे । यू. के. िसBहा , अ[य# [िव]ापन-III/4/असा./108]4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4] पपपपाााादददद (cid:30)(cid:30)(cid:30)(cid:30)टटटट(cid:31)(cid:31)(cid:31)(cid:31)पपपपणणणण :::: 1. भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) िविनयम, 2009, सं. एलएडी- एनआरओ/जीएन/2009-10/15/174471, @ारा 26 अग2त, 2009 को भारत के राजप, म- (cid:9)कािशत (cid:23)ए थे । 2. भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) िविनयम, 2009 तUप1ात ्:- (1) 11 <दस(cid:3)बर 2009 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (संशोधन) िविनयम, 2009, सं. एलएडी-एनआरओ/जीएन/2009-10/23/186926, @ारा (2) 1 जनवरी 2010 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (संशोधन) िविनयम, 2010, सं. एलएडी-एनआरओ/जीएन/2009-2010/25/189240, @ारा (3) 8 जनवरी 2010 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (दसू रा संशोधन) िविनयम, 2010, सं. एलएडी-एनआरओ/जीएन/2009-10/26/190146, @ारा (4) 13 अ(cid:9)ैल 2010 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (तीसरा संशोधन) िविनयम, 2010, सं. एलएडी-एनआरओ/जी.एन./2010-11/03/1104, @ारा (5) 12 नव(cid:3)बर 2010 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (चौथा संशोधन) िविनयम, 2010, सं. एलएडी-एनआरओ/जीएन/2010-11/19/26456, @ारा (6) 29 अ(cid:9)ैल 2011 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (संशोधन) िविनयम, 2011, फा. सं. एल.ए.डी.-एन.आर.ओ./जीएन/2011-12/05/13907, @ारा (7) 23 िसत(cid:3)बर 2011 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (शेयर(cid:21) का पयाQ(cid:8) अज(cid:8)न और अिधTहण) िविनयम, 2011, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2011-12/24/30181, @ारा (8) 23 िसत(cid:3)बर 2011 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (दसू रा संशोधन) िविनयम, 2011, फा. सं.एलएडी-एनआरओ/जीएन/2011-12/25/30309, @ारा (9) 30 जनवरी 2012 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (संशोधन) िविनयम, 2012, सं. एलएडी-एनआरओ/जीएन/2011-12/34/2499, @ारा (10) 7 फरवरी 2012 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (दसू रा संशोधन) िविनयम, 2012, सं. एलएडी-एनआरओ/जीएन/2011-12/35/3186, @ारा (11) 21 मई 2012 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) [आनुकिSपक िविनधान (िनवेश) िनिधया]ँ िविनयम, 2012, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2012-13/04/11262, @ारा (12) 24 अग2त 2012 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (तीसरा संशोधन) िविनयम, 2012, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2012-13/12/18951, @ारा (13) 12 अ(cid:19)ूबर 2012 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (चौथा संशोधन) िविनयम, 2012, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2012-13/18/5391, @ारा (14) 27 फरवरी 2013 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (संशोधन) िविनयम, 2013, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2012-13/32/4947, @ारा (15) 26 अग2त 2013 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (दसू रा संशोधन) िविनयम, 2013, सं. एल.ए.डी.-एन.आर.ओ./जी-एन/2013-2014/19/6422, @ारा¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 5 (16) 8 अ(cid:19)ूबर 2013 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) {सं2थागत aापा=रक (3ेbडग) cलेटफाम(cid:8) पर िविनNदO (cid:9)ितभूितय(cid:21) क(cid:15) सूचीबAता} िविनयम, 2013, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2013-14/28/6720, @ारा (17) 7 जनवरी 2014 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) [िवदेशी पोटफ(cid:8) ोिलयो िविनधानकता(cid:8) (िनवशे क)] िविनयम, 2014, सं. एल.ए.डी.एन.आर.ओ./जी.एन./2013-14/36/12, @ारा (18) 4 फरवरी 2014 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (संशोधन) िविनयम, 2014, सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2013-14/44/226, @ारा (19) 23 मई 2014 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (फ(cid:15)स का संदाय) (संशोधन) िविनयम, 2014, सं. एल.ए.डी- एन.आर.ओ./जी.एन./2014-15/ 03/1089, @ारा (20) 25 अग2त 2014 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (दसू रा संशोधन) िविनयम, 2014, सं. एल.ए.डी/एन.आर.ओ./जी.एन./2014-15/06/1372, @ारा (21) 24 माच(cid:8) 2015 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (संशोधन) िविनयम, 2015, सं. एल.ए.डी-एन.आर.ओ./जी.एन./2014-15/24/538, @ारा (22) 5 मई 2015 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (दसू रा संशोधन) िविनयम, 2015, सं. सेबी-एन.आर.ओ./ओ.आई.ए.ई./जी.एन./2015-16/003, @ारा (23) 11 अग2त 2015 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (तीसरा संशोधन) िविनयम, 2015, सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-2016/007, @ारा (24) 14 अग2त 2015 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (चौथा संशोधन) िविनयम, 2015, सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन/2015-16/008, @ारा (25) 14 अग2त 2015 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (पाँचवाँ संशोधन) िविनयम, 2015, सं. सेबी/एल.ए.डी.एन.आर.ओ./जी.एन./2015-16/012, @ारा (26) 2 िसत(cid:3)बर 2015 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) [सूचीबAता (िलb2टग) बा[यताए ँ और (cid:9)कटीकरण अपे#ाएँ] िविनयम, 2015 सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/013, @ारा (27) 10 िसत(cid:3)बर 2015 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (छठा संशोधन) िविनयम, 2015, सं. सेबी/एल.ए.डी.-एनआरओ/जी.एन./2015-16/018, @ारा (28) 27 अ(cid:19)ूबर 2015 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (सातवा ँ संशोधन) िविनयम, 2015, सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/025, @ारा (29) 21 जनवरी 2016 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाए)ँ (संशोधन) िविनयम, 2016, सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/031, @ारा (30) 17 फरवरी 2016 को भारतीय (cid:9)ितभूित और िविनमय बोड(cid:8) (पूँजी का िनग(cid:8)मन और (cid:9)कटीकरण अपे#ाएँ) (दसू रा संशोधन) िविनयम, 2016, सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/036, @ारा संशोिधत (cid:23)ए थे ।6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4] SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 10th May, 2016 SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (THIRD AMENDMENT) REGULATIONS, 2016 No. SEBI/LAD-NRO/GN/2016-17/003.─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, 2009, namely:- 1. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2016. 2. They shall come into force on the date of their publication in the Official Gazette. 3. They shall be applicable to issuers filing offer documents with the Registrar of Companies on or after the date of commencement of these regulations. 4. In the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009: - (I) In regulation 2, in sub-regulation (1),- (1) in clause (zm), for the symbol “.”, the symbol “;” shall be substituted; (2) after clause (zm), the following shall be inserted namely, - "(zn) "wilful defaulter" means an issuer who is categorized as a wilful defaulter by any bank or financial institution or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India and includes an issuer whose director or promoter is categorized as such." (II) In regulation 4,- (1) in sub-regulation (2), clause (c) shall be omitted; (2) after sub-regulation (4), the following shall be inserted, namely, - "(5) No issuer shall make, (a) a public issue of equity securities, if the issuer or any of its promoters or directors is a wilful defaulter; or (b) a public issue of convertible debt instruments if, (i) the issuer or any of its promoters or directors is a wilful defaulter, or (ii) it is in default of payment of interest or repayment of principal amount in respect of debt instruments issued by it to the public, if any, for a period of more than six months. (6) An issuer making a rights issue of specified securities, shall make disclosures as specified in Part G of Schedule VIII, in the offer document and abridged letter of offer, if the issuer or any of its promoters or directors is a wilful defaulter. (7) In case of a rights issue of specified securities referred to in sub-regulation (6) above, the promoters or promoter group of the issuer, shall not renounce their rights except to the extent of renunciation within the promoter group."¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 7 (III) In regulation 73, in sub-regulation (1), after clause (g) the following shall be inserted, namely, - "(h) disclosures, similar to disclosures specified in Part G of Schedule VIII, if the issuer or any of its promoters or directors is a wilful defaulter." (IV) In regulation 84, in sub-regulation (1), after the words and numbers "Schedule XVIII", the words, symbols and numbers "and disclosures similar to disclosures specified in Part G of Schedule VIII shall be made, if applicable" shall be inserted; (V) In Schedule VIII,- (1) in Part A, in para (2), in item (XI), in sub-item (E) the words "by Reserve Bank of India or other authorities" shall be omitted; (2) in Part E, in para (5), in item (XV), in sub-item (D) the words "by Reserve Bank of India or such other authorities" shall be omitted; (3) after Part F, the following shall be inserted, namely,- "Part G [See regulation 4(6)] DISCLOSURES PERTAINING TO WILLFUL DEFAULTERS (1) If the issuer or any of its promoters or directors is a wilful defaulter, it shall make the following disclosures: (a) Name of the bank declaring the entity as a wilful defaulter; (b) The year in which the entity is declared as a wilful defaulter; (c) Outstanding amount when the entity is declared as a wilful defaulter; (d) Name of the party declared as a wilful defaulter; (e) Steps taken, if any, for the removal from the list of wilful defaulters; (f) Other disclosures, as deemed fit by the issuer in order to enable investors to take informed decisions; (g) Any other disclosure as specified by the Board. (2) The fact that the issuer or any of its promoters or directors is a wilful defaulter shall be disclosed prominently on the cover page with suitable cross-referencing to the pages. (3) Disclosures specified herein shall be made in a separate chapter or section distinctly identifiable in the Index / Table of Contents" (VI) In Schedule XXI, in Part A, in Para (XIV), in item (C), the words "by Reserve Bank of India or such other authorities" shall be substituted with the words "in India or". U. K. SINHA, Chairman [ADVT.III/4/Exty./108] Footnote: 1. The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 were published in the Gazette of India on 26th August, 2009 vide No. LAD-NRO/GN/2009- 10/15/174471. 2. The SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 were subsequently amended on:-8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III —SEC. 4] (1) 11th December, 2009 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2009 vide No. LAD-NRO/GN/2009- 10/23/186926. (2) 1st January, 2010 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2010 vide No. LAD-NRO/GN/2009- 2010/25/189240. (3) 8th January, 2010 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2010 vide No. LADNRO/GN/2009- 10/26/190146. (4) 13th April, 2010 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2010 vide No. LADNRO/GN/2010- 11/03/1104. (5) 12th November, 2010 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2010 vide No. LADNRO/GN/2010-11/19/26456. (6) 29th April, 2011 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2011 vide F. No. LADNRO/GN/2011-12/05/13907. (7) 23rd September, 2011 by Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 vide No. LAD-NRO/GN/2011-12/24/30181. (8) 23rd September, 2011 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2011 vide F. No. LADNRO/GN/2011- 12/25/30309. (9) 30th January, 2012 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2012 vide No. LAD-NRO/GN/2011-12/34/2499. (10) 7th February, 2012 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2012 vide No. LAD-NRO/GN/2011- 12/35/3186. (11) 21st May, 2012 by Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 vide No. LAD-NRO/GN/2012-13/04/11262. (12) 24th August, 2012 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2012 vide No. LADNRO/GN/2012- 13/12/18951. (13) 12th October, 2012 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2012 vide No. LADNRO/GN/2012- 13/18/5391. (14) 27th February, 2013 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)(Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2012- 13/32/4947. (15) 26th August, 2013 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)(Second Amendment) Regulations, 2013 vide No. LAD-NRO/GN/2013- 14/19/6422. (16) 8th October, 2013 by Securities and Exchange Board of India (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013 vide No. LAD-NRO/GN/2013- 14/28/6720. (17) 7th January, 2014 by Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014 vide No. LAD-NRO/GN/2013-14/36/12. (18) 4th February, 2014 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2013-14/44/226.¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 9 (19) 23rd May, 2014 by Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014-15/03/1089. (20) 25th August, 2014 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2014 vide No. LAD-NRO/GN/2014- 15/06/1372. (21) 24th March 2015 by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2015 vide No. LAD-NRO/GN/2014-15/24/538. (22) 5th of May, 2015 by SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2015 vide No. SEBI-NRO/OIAE/GN/2015-16/003. (23) 11th of August, 2015 by SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2015 vide No. SEBI/LAD-NRO/GN/2015-16/007. (24) 14th of August, 2015 by SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2015 vide No. SEBI/LAD-NRO/GN/2015-16/008. (25) 14th of August, 2015 by SEBI (Issue of Capital and Disclosure Requirements) (Fifth Amendment) Regulations, 2015 vide No. SEBI/LAD-NRO/GN/2015-16/012. (26) 02nd of September, 2015 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 vide No. SEBI/LAD-NRO/GN/2015- 16/013. (27) 10th of September, 2015 by SEBI (Issue of Capital and Disclosure Requirements) (Sixth Amendment) Regulations, 2015 vide No. SEBI/LAD-NRO/GN/2015-16/18. (28) 27th of October, 2015 by SEBI (Issue of Capital and Disclosure Requirements) (Seventh Amendment) Regulations, 2015 vide No. SEBI/ LAD-NRO/GN/2015-16/025. (29) 21st of January, 2016 by SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2016 vide No. SEBI/ LAD-NRO/GN/2015-16/031. (30) 17th of February, 2016 by SEBI (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2016 vide No. SEBI/ LAD-NRO/GN/2015-16/036. 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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