## Policy Analysis Report: Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Second Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Second Amendment Regulations, 2021, based on the official gazette notification. This amendment modifies the existing Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018. Key changes focus on the "Innovators Growth Platform," eligibility criteria for investors, allocation of issue size, lock-in periods for SR equity shares, and exit mechanisms for companies listed on the Innovators Growth Platform. These amendments aim to refine and improve the operational framework of the Innovators Growth Platform and facilitate easier access to capital markets for innovative companies.
**2. Introduction:**
This report provides an informative analysis of the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Second Amendment Regulations, 2021, as published in the official gazette. The analysis is based solely on the provided text and aims to offer a clear understanding of the changes introduced to the existing regulatory framework.
**3. Policy Overview:**
* This document amends the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018.
* Core Objective(s) (inferred): To refine and improve the regulatory framework governing the issuance of capital and disclosure requirements, specifically relating to the Innovators Growth Platform, to better facilitate capital raising and listing for companies on this platform.
**4. Background and Rationale:**
This amendment appears to address specific operational challenges or perceived shortcomings within the existing Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018, specifically concerning the Innovators Growth Platform. The changes related to investor eligibility, allocation rules, SR equity shares, and exit options suggest an effort to make the platform more attractive to both issuers and investors, potentially by lowering barriers to entry or providing more flexible exit mechanisms while maintaining investor protection.
**5. Key Provisions / Changes:**
This section details the key changes introduced by the Second Amendment Regulations, 2021:
* **I. Regulation 282 (Innovators Growth Platform and SR Equity Shares):**
* *Change:* "Institutional Trading Platform" is replaced with "Innovators Growth Platform."
* *New Rule:* Issuers with SR equity shares can make an IPO of ordinary shares for listing on the Innovators Growth Platform, subject to compliance with relevant provisions and existing SR equity share rules.
* *Effect:* Clarifies the platform and allows companies with SR equity shares to list, potentially broadening the pool of companies eligible for the Innovators Growth Platform.
* **II. Regulation 283 (Investor Eligibility):**
* *Change:* Reduction of the lock-in period from two years to one year.
* *Change:* Modification to the classes of investors.
* *New Rule:* Includes "Any other class of investors as specified by Securities and Exchange Board of India from time to time."
* *Change:* "Accredited Investors" is replaced with "Innovators Growth Platform Investors."
* *New Rule:* Family trusts with a net worth of twenty-five crore rupees are now included in the explanation.
* *Effect:* Expands and clarifies the definition of eligible investors for the Innovators Growth Platform, potentially increasing demand and investment in companies listed on the platform. The reduction in lock-in period makes the platform more appealing to investors.
* **III. Regulation 283 (Innovators Growth Platform):**
* *Change:* "Institutional Trading Platform" is replaced with "Innovators Growth Platform."
* **IV. Regulation 287 (Allocation of Issue Size):**
* *New Rule:* Up to 60% of the issue size can be allocated on a discretionary basis to eligible investors before the issue opening, following SME exchange anchor investor requirements. The price cannot be lower than that offered to other applicants, and eligible investors must apply for at least fifty lakh rupees.
* *Effect:* Provides more flexibility in allocating shares to eligible investors, potentially streamlining the IPO process and attracting strategic investors to the Innovators Growth Platform.
* **V. Regulation 288 (SR Equity Shares):**
* *Change:* Inclusion of "or Category II" after "Category I."
* *New Rule:* SR equity shares are locked-in until conversion into equity shares with voting rights or for a period specified in subregulations 1, whichever is later.
* *Effect:* Addresses the lock-in period of SR equity shares.
* **VI. Regulation 290A (Exit of Issuers):**
* *New Rule:* Introduces a new regulation, 290A, governing the exit of issuers from the Innovators Growth Platform. It specifies that the SEBI Delisting of Equity Shares Regulations, 2009, apply mutatis mutandis, except for specific clauses related to exit opportunity conditions, offer price, and minimum shares to be acquired. It also outlines conditions for exit approval including board approval, shareholder approval via special resolution (with majority of public shareholders in favor), a delisting price based on SEBI Substantial Acquisition of Shares and Takeovers Regulations, promoter shareholding reaching 75% of total issued shares, and stock exchange approval.
* *Effect:* Provides a framework for companies to delist from the Innovators Growth Platform, offering clarity on the process and requirements, potentially increasing the attractiveness of the platform by providing a clear exit strategy.
* **VII. Regulation 292:**
* *Change:* The existing subregulation 3 is substituted.
* *New Rule:* Requires companies not satisfying the conditions under subregulation 2 of regulation 292 to have fifty percent of its capital held by Qualified Institutional Buyers as on the date of application for migration under the regular category.
**6. Target Audience and Stakeholders:**
The primary target audience includes:
* Companies seeking to list on the Innovators Growth Platform, particularly those with SR equity shares.
* Investors interested in participating in the Innovators Growth Platform, including Innovators Growth Platform Investors, Qualified Institutional Buyers, and family trusts meeting the net worth criteria.
* Promoters and promoter groups of companies listed on the Innovators Growth Platform.
* Stock exchanges and regulatory bodies involved in overseeing the platform.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Securities and Exchange Board of India (SEBI) is responsible for implementing and enforcing these regulations. Stock exchanges will also play a role in approving exits from the Innovators Growth Platform.
* **Timelines/Procedures:** The regulations came into force on the date of their publication in the Official Gazette (May 5, 2021). The specific procedures for delisting and allocation of issue size are outlined within the amended regulations. The text infers that companies seeking to exit the Innovators Growth Platform must follow the processes for shareholder approval and stock exchange approval.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these changes are:
* Increased attractiveness of the Innovators Growth Platform for both issuers and investors.
* Easier access to capital markets for innovative companies.
* Greater flexibility in capital allocation through the discretionary allocation to eligible investors.
* Clearer and more streamlined exit options for companies listed on the Innovators Growth Platform, promoting a more dynamic market.
* Enhanced investor protection through the specification of delisting procedures and investor eligibility requirements.
**9. Conclusion:**
The Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Second Amendment Regulations, 2021, represents a significant effort to refine and enhance the operational framework of the Innovators Growth Platform. By clarifying eligibility criteria, modifying allocation rules, addressing SR equity shares, and providing clear exit mechanisms, these amendments aim to stimulate activity on the platform, facilitate capital raising for innovative companies, and promote investor confidence. The impact of these changes will be crucial in shaping the future of the Innovators Growth Platform and its role in the Indian capital market.
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: Law that established the Securities and Exchange Board of India and defines its powers and functions.
Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018: Regulations pertaining to the issuance of capital and disclosure requirements by companies in India.
Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Second Amendment Regulations, 2021: Amendment to the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018
Institutional Trading Platform: A trading platform mentioned in the context of being substituted with Innovators Growth Platform.
Innovators Growth Platform: A platform for listing of companies, potentially startups and growth-oriented businesses.
SR equity shares: Shares with Superior Voting Rights issued to promoters or founders.
initial public offer: The first time a private company offers shares to the public.
Accredited Investors: Investors with sufficient net worth to invest
Innovators Growth Platform Investors: Investors in the Innovators Growth Platform.
Schedule XIII: Part of the regulations related to anchor investors for public issues on the SME exchange.
Securities and Exchange Board of India Delisting of Equity Shares Regulations, 2009: Regulations governing the delisting of equity shares from stock exchanges in India.
Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011: Regulations governing substantial acquisition of shares and takeovers of companies in India.
Mumbai, Maharashtra: City in Maharashtra, location of Securities and Exchange Board of India
Qualified Institutional Buyers: Institutional investors who are generally perceived to possess expertise and financial soundness
AJAY TYAGI: Chairman of Securities and Exchange Board of India
New Delhi, Delhi: Location of the Government of India Press
रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
xxxGIDHxxx
सी.जी.-एम.एxचxx.G-अID.E-0xx6x0 52021-226878
CG-MH-E-06052021-226878
ऄसाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 191] नइ ददल्ली, बधु िार, मइ 5, 2021/ििै ाख 15, 1943
No. 191] NEW DELHI, WEDNESDAY, MAY 5, 2021/VAISAKHA 15, 1943
भारतीय प्रजतभजू त और जिजनमय बोड ड
ऄजधसचू ना
मुम्बइ, 5 मइ, 2021
भारतीय प्रजतभजू त और जिजनमय बोडड
[पजूूँ ी का जनगमड न (आश्य)ू और प्रकटीकरण ऄपक्षे ाए]ूँ (दसू रा सिं ोधन) जिजनयम, 2021
स.ं सबे ी/एल.ए.डी.-एनअरओ/जीएन/2021/18.—बोडड, भारतीय प्रजतभूजत और जिजनमय बोड ड ऄजधजनयम,
1992 (1992 का 15) की धारा 30 के तहत प्रदत्त िजियों का प्रयोग करत े हुए एतद्द्वारा भारतीय प्रजतभूजत और जिजनमय
बोडड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण ऄपेक्षाएूँ] जिजनयम, 2018 का और संिोधन करन े के जलए जनम्नजलजखत
जिजनयम बनाता ह,ै ऄथातड ्:-
1. आन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोड ड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण ऄपेक्षाएूँ]
(दसू रा संिोधन) जिजनयम, 2021 कहा जा सकेगा ।
2. िे राजपत्र में ईनके प्रकािन की तारीख को प्रिृत्त (लाग)ू होंग े।
3. भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण ऄपक्षे ाएूँ] जिजनयम, 2018 म,ें-
I. जिजनयम 282 म,ें -
2504 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
i. ईप-जिजनयम (3) म,ें िब्द और जचह्न “संस्ट्थागत व्यापाररक प्लेटफाम ड (आं ट्यिू नल रेडडग प्लेटफाम)ड ”,
िब्दों “आनोिेटसड ग्रोथ प्लेटफॉम”ड से प्रजतस्ट्थाजपत हो जाएंग े ।
ii. ईप-जिजनयम (3) के पश्चात,् जनम्नजलजखत नया ईप-जिजनयम ऄंत:स्ट्थाजपत दकया जाएगा, ऄथातड ्,-
“(4) यदद दकसी जनगडमकताड (आश्युऄर) ने ऄपने संप्रितडकों (प्रोमोटसड) / संस्ट्थापकों (फाईंडसड) को एसअर
आदिटी िेयर जनगडजमत (जारी / आश्यू) दकए हों, तो उस जनगडमकताड (आश्यऄु र) को आनोिेटसड ग्रोथ प्लेटफॉमड पर
सूचीबद्धता (जलडस्ट्टग) के जलए केिल साधारण िेयरों का अरंजभक सािडजजनक प्रस्ट्ताि (आजनजियल पजब्लक
ऑफर) लाने की ऄनुमजत होगी, बिते आस ऄध्याय के प्रािधानों का पालन दकया जाए और जिजनयम 6 के
ईप-जिजनयम (3) के ऄनुसार एसअर आदिटी िेयरों से संबंजधत प्रािधानों का सतत् रूप से पालन दकया
जाए।”
II. जिजनयम 283 म,ें ईप-जिजनयम (1) म,ें-
i. िब्द “दो िर्षों”, ि “एक िर्ष”ड से प्रजतस्ट्थाजपत हो जाएंग े ।
ii. खंड (II) का लोप हो जाएगा, और मौजूदा खंड (III) तथा (IV) क्रमिः (II) तथा (III) के रूप में पुनःसंखयांदकत
हो जाएंगे ।
iii. पुनःसंखयांदकत खंड (III) के पश्चात् एक नया खंड ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत,्-
“(IV) दकसी ऄन्य िग ड के जनििे क, जैसा भारतीय प्रजतभूजत और जिजनमय बोडड (स ) द्वारा समय-समय पर
जनधाडररत दकया जाए ।”
iv. िब्दों “ऄक्रेजडरटड जनिेिक”, जहाूँ कहीं भी अत े हों, के जलए, िब्द “आनोिेटसड ग्रोथ प्लटे फॉमड जनिेिक”
प्रजतस्ट्थाजपत हो जाएंग े ।
v. स्ट्पष्टीकरण (क) के तहत, स.ं (ii) के पश्चात ् जनम्नजलजखत ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत्,-
“(iii) ऐसा कोइ कौटुंजबक न्यास (फैजमली रस्ट्ट), जजसकी िुद्ध-माजलयत (नेटिथड) पच्चीस करोड़ रुपये की हो ।”
vi. मौजूदा स्ट्पष्टीकरण (ख) जनम्नजलजखत से प्रजतस्ट्थाजपत हो जाएगा, ऄथाडत,्-
“(ख) संप्रितडकों (प्रोमोटसड) / संप्रितडक समूहों (प्रोमोटर ग्रुप) की ‘जनगडम से पूि ड की पूूँजी’ (प्री-आश्यू कैजपटल)
[ िे आनोिेटसड ग्रोथ प्लेटफॉमड जनिेिक के रूप में रजजस्ट्रीकृत हों] जिजनयम 283 के
ईप-जिजनयम (1) के तहत दी हुइ 25% ‘जनगडम से पूिड की पूूँजी’ (प्री-आश्यू कैजपटल) संबंधी पात्रता ऄपेक्षा
नहीं जाएगा ।”
III. जिजनयम 283 म,ें ईप-जिजनयम (2) म,ें िब्द और जचह्न “संस्ट्थागत व्यापाररक प्लटे फामड (आं ट्यिू नल रेडडग
प्लेटफाम)ड ”, िब्दों “आनोिेटसड ग्रोथ प्लेटफॉमड” से प्रजतस्ट्थाजपत हो जाएंगे ।
IV. जिजनयम 287 में, मौजूदा ईप-जिजनयम (3) के पश्चात,् जनम्नजलजखत नया ईप-जिजनयम ऄंत:स्ट्थाजपत दकया जाएगा,
ऄथाडत,्-
“(4) जनगडमकता ड (आश्युऄर), जनगडम (आश्य)ू के खलु न े से पहल,े जिजनयम 283 के ईप-जिजनयम (1)
पात्र जनिेिकों को, जनगडम के अकार (आश्यू साआज़) के साठ प्रजतित स ,
ऄनुसूची-XIII के भाग-क स एसएमइ एक्सचेंज प स (प
) स में एंकर जनिेिकों ऄपेक्षाओं के प स :[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 3
परंतु यह दक पात्र जनिेिकों को प्रस्ट्ताजित ‘जनधाडररत प्रजतभूजतयों’ (जसक्यूररटी ) की कीमत ईस कीमत से
कम नहीं होगी, जजस कीमत पर ऄन्य को प्रस्ट्ताि (ऑफर) दकया गया हो:
परंत ु यह और दक पात्र जनिेिक कम से कम पचास लाख रुपय ेके मूल्य का अिेदन ।”
V. जिजनयम 288 में,
i. ईप-जिजनयम (1) म,ें प , खंड (ग) में, िब्द, जचह्न औ “प्रिग-ड I” के पश्चात,् िब्द, जचह्न औ
“या प्रिग-ड II” ऄंतःस्ट्थाजपत दकए जाएंगे ।
ii. ईप-जिजनयम (4) के पश्चात,् जनम्नजलजखत नया ईप-जिजनयम ऄंत:स्ट्थाजपत दकया जाएगा, ऄथातड ्,-
“(5) एसअर आदिटी िेयर तब तक रुद्ध (लॉक-आन) रहगें े, जब तक दक ईनका संपररितनड (कन्िजडन) उ
आदिटी िेयरों प साधारण िेयरों स या
ईप-जिजनयम (1) म ें दी हुइ ऄिजध तक रुद्ध (लॉक-आन) , जो भी बाद में हो ।”
VI. जिजनयम 290 के पश्चात् और जिजनयम 291 से पूिड, जनम्नजलजखत नया ईप-जिजनयम ऄंत:स्ट्थाजपत दकया जाएगा,
ऄथाडत,्-
“ईन जनगमड कताओंड (आश्यऄु स)ड का जनकास (एजजज़ट), जजनकी प्रजतभजू तया ूँ (जसक्यूररटीज़) अरंजभक सािजड जनक
प्रस्ट्ताि (आजनजियल पजब्लक ऑफर) आनोिटे स ड ग्रोथ प्लटे फॉम ड पर सचू ीबद्ध ( ) करिाइ गइ
हों और रेडडग हो हो
290क. (1) भारतीय प्रजतभूजत और जिजनमय बोडड (आदिटी िेयरों की ऄसूचीबद्धता) जिजनयम, 2009 के प्रािधान,
ईन जिर्षयों की बाबत जजनके संबंध में आस जिजनयम के तहत स्ट्पष्ट रूप से ईल्लेख न दकया गया हो या जजन्हें आस
जिजनयम के दायरे से बाहर रखा गया हो, यथािश्यक पररितडन सजहत, आन जिजनयमों के तहत ‘जनधाडररत
प्रजतभूजतयों’ की ऄसूचीबद्धता ( ) स लागू होंगे:
परंतु यह दक भारतीय प्रजतभजू त और जिजनमय बोडड (आदिटी िेयरों की ऄसूचीबद्धता) जिजनयम, 2009 के
जनम्नजलजखत प्रािधान लाग ूनहीं होंगे:
(क) भारतीय प्रजतभूजत और जिजनमय बोडड (आदिटी िेयरों की ऄसचू ीबद्धता) जिजनयम, 2009 के जिजनयम 8
[जो “ऄसूचीबद्धता के जलए ित ें और प्रदक्रया, ज जनकास ऄिसर ऄपेजक्षत ह”ै स े सबं ंजधत ह]ै के
ईप-जिजनयम (1) के खडं (क) एिं (ख),
(ख) भारतीय प्रजतभूजत और जिजनमय बोडड (आदिटी िेयरों की ऄसचू ीबद्धता) जिजनयम, 2009 का जिजनयम 15
[जो “प्रस्ट्ताि कीमत” (ऑ स) स े संबंजधत ह]ै; औ
(ग) भारतीय प्रजतभूजत और जिजनमय बोडड (आदिटी िेयरों की ऄसचू ीबद्धता) जिजनयम, 2009 का जिजनयम 17
(जो “ऄर्जजत दकए जान े िाल ेआदिटी िेयरों की न्यनू तम संखया” स े संबंजधत ह)ै ।
(2) जजस जनगडमकताड कंपनी (आश्यऄु र कंपनी) की जनधारड रत प्रजतभूजतयों में अरंजभक सािडजजनक प्रस्ट्ताि
(आजनजियल पजब्लक ऑफर) आनोिेटसड ग्रोथ प्लेटफॉम ड पर रेडडग , िह आनोिेटसड ग्रोथ
प्लेटफॉमड से जनकास ( ) कर स , यदद -
(क) ऐसे जनकास को कंपनी के जनदिे क मंडल द्वारा उस मंजूरी ;
(ख) ऐसे जनकास को कंपनी के िेयरधारकों द्वारा डाक मतपत्र (पोस्ट्टल बैलेट) या इ-िोटटग के जररए जििेर्ष
संकल्प पाररत करके मंजूरी , , ऐसे संकल्प ( ) के संबंध म ें4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
िेयरधारकों को व्याखयात्मक जििरण (एक्सप्लने ेटरी स्ट्टेटमेंट) म ें स महत्त्िपूणड तथ्य
प्रकट (जडस्ट्क्लोज़) कर :
परंतु यह और दक जििेर्ष संकल्प पर तभी कारडिाइ की जाएगी, जब सािडजजनक िेयरधारकों
(प स) जनकास ( ) स प्रस्ट्ताि के पक्ष म ें डाले गए हों;
(ग) ऄसूचीबद्धता (डीजलडस्ट्टग) प कीमत जनम्नतम कीमत (फ्लोर प्राआस) [जो भारतीय
प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त ऄजडन और ऄजधग्रहण) जिजनयम, 2011 के ऄनुसार
की गइ हो, जो भी लाग ू हो] और ऄसूचीबद्धता ऄजतररि प्रीजमयम [जजसका औजचत्य ऄजनड कता ड
(एिायरर) / संप्रितडक (प्रोमोटर) द्वारा ददया ] प ;
(घ) सौपें गए ( ) िेयरों जनगडम ( ) के पश्चात् ऄजडनकताड (एिायरर) / संप्रितडक
(प्रोमोटर) की िेयरधाररता (ऄजडनकता ड / सप्रं ितडक के साथ सामान्य मजत से कायड करने िाल ेव्यजियों की
जमलाकर), ईस िग ड के जनगडजमत ( / ) िेयरों के पचहत्तर प्रजतित तक प जाए
और स ईप-जिजनयम के खंड (क) में उ बैठक की तारीख तक सािडजजनक
िेयरधारक (प स) उ कम से कम पचास प्रजतित िेयर सौंपे हों और जजन्ह ें
स्ट्िीकार ; और
(ङ) िह (िे) मान्यताप्राप्त स्ट्टॉक एक्सचेंज ऐसे जनकास ( ) को मंजूरी ( ), ज ईसके िेयर
सूचीबद्ध (जलजस्ट्टड) हों ।”
VII. जिजनयम 292 में, मौजूदा ईप-जिजनयम (3) जनम्नजलजखत से प्रजतस्ट्थाजपत हो जाएगा, ऄथाडत्,-
“(3) जिजनयम 292 के ईप-जिजनयम (2) के तहत दी हुइ ितों को पूरा न करन े िाली कंपनी की पूूँजी का पचास
प्रजतित, जनयजमत श्रेणी के तहत स्ट्थानांतरण (माआग्रिे न) हते ु अिेदन दकए जान े की तारीख तक की जस्ट्थजत के
ऄनुसार, ऄर्जहत संस्ट्थागत क्रेताओं (िाजलफाआड ट्यूिनल बायसड) प स हो ।”
ऄजय त्यागी, ऄध्यक्ष
[जिज्ञापन-III/4/ऄसा./51/2021-22]
पाद रटप्पण :
1. भारतीय प्रजतभूजत और जिजनमय बोड ड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण ऄपेक्षाए]ूँ जिजनयम, 2018,
ऄजधसूचना स.ं सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2018/31 द्वारा, 11 जसतम्बर 2018 को भारत के राजपत्र म ें
प्रकाजित हुए थ े ।
2. भारतीय प्रजतभूजत और जिजनमय बोड ड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण ऄपक्षे ाए]ूँ जिजनयम, 2018
तत्पश्चात-्
(क) 31 ददसम्बर, 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण
ऄपेक्षाएूँ] (संिोधन) जिजनयम, 2018, ऄजधसूचना स.ं सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2018/57, द्वारा
(ख) 29 माच,ड 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [पजूूँ ी का जनगडमन (आश्य)ू और प्रकटीकरण ऄपेक्षाए]ूँ
(संिोधन) जिजनयम, 2019, ऄजधसूचना स.ं सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2019/05, द्वारा
(ग) 5 ऄप्रैल, 2019 को भारतीय प्रजतभूजत और जिजनमय बोड ड [पजूूँ ी का जनगडमन (आश्यू) और प्रकटीकरण ऄपेक्षाएूँ]
(दसू रा संिोधन) जिजनयम, 2019, ऄजधसूचना स.ं सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2019/08, द्वारा[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 5
(घ) 29 जुलाइ, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण
ऄपेक्षाएूँ] (तीसरा संिोधन) जिजनयम, 2019, ऄजधसूचना स.ं सेबी/एलएडी-एनअरओ/जीएन/2019/29, द्वारा
(ङ) 23 जसतम्बर, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण
ऄपेक्षाएूँ] (चौथा संिोधन) जिजनयम, 2019, ऄजधसूचना सं. सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2019/35,
द्वारा
(च) 6 ददसम्बर, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण
ऄपेक्षाएूँ] (पाूँचिा ूँ संिोधन) जिजनयम, 2019, ऄजधसूचना स.ं सेबी/एल.ए.डी.-एन.अर.ओ./
जी.एन./2019/42, द्वारा
(छ) 26 ददसम्बर, 2019 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण
ऄपेक्षाएूँ] (छठा संिोधन) जिजनयम, 2019, ऄजधसूचना सं. सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2019/47,
द्वारा
(ज) 1 जनिरी, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण
ऄपेक्षाएूँ] (सातिाूँ संिोधन) जिजनयम, 2019, ऄजधसूचना स.ं सेबी/एल.ए.डी.-एन.अर.ओ./
जी.एन./2020/01, द्वारा
(झ) 17 ऄप्रलै , 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेजयलू ेटरी सैंडबॉक्स) (संिोधन) जिजनयम,
2020, स.ं सेबी/एल.ए.डी.-एनअरओ/जीएन/2020/10, द्वारा
(ञ) 8 मइ, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड (फीस का भुगतान) (संिोधन) जिजनयम, 2020,
ऄजधसूचना स.ं सेबी/एलएडी-एनअरओ/जीएन/2020/011, द्वारा
(ट) 16 जून, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [पजूूँ ी का जनगडमन (आश्यू) और प्रकटीकरण ऄपक्षे ाए]ूँ
(संिोधन) जिजनयम, 2020, ऄजधसूचना स.ं सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2020/17, द्वारा
(ठ) 22 जून, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [पजूूँ ी का जनगडमन (आश्यू) और प्रकटीकरण ऄपक्षे ाए]ूँ
(दसू रा संिोधन) जिजनयम, 2020, ऄजधसूचना स.ं सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2020/18, द्वारा
(ड) 1 जुलाइ, 2020 को भारतीय प्रजतभूजत और जिजनमय बोड ड [पजूूँ ी का जनगडमन (आश्यू) और प्रकटीकरण ऄपेक्षाए]ूँ
(तीसरा संिोधन) जिजनयम, 2020, ऄजधसूचना स.ं सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2020/21, द्वारा
(ढ) 28 जसतम्बर, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण
ऄपेक्षाएूँ] (चौथा संिोधन) जिजनयम, 2020, ऄजधसूचना स.ं सेबी/एलएडी-एनअरओ/जीएन/2020/31, द्वारा
(ण) 8 जनिरी, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण
ऄपेक्षाएूँ] (संिोधन) जिजनयम, 2021, ऄजधसूचना स.ं सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन/2021/03, द्वारा
संिोजधत हुए थ े ।6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 5th May, 2021
SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE
REQUIREMENTS) (SECOND AMENDMENT) REGULATIONS, 2021
No. SEBI/LAD-NRO/GN/2021/18.—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, 2018,
namely: -
1. These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Second Amendment) Regulations, 2021.
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 (Issue of Capital and Disclosure Requirements) Regulations,
2018, -
I. In Regulation 282, -
i. in sub-regulation (3), the words “Institutional Trading Platform” shall be substituted with the words
“Innovators Growth Platform”.
ii. after sub-regulation (3), the following new sub-regulation shall be inserted, namely, -
“(4) If an issuer has issued SR equity shares to its promoters/ founders, the said issuer shall be
allowed to make an initial public offer of only ordinary shares for listing on the Innovators Growth
Platform subject to compliance with the provisions of this Chapter and continued compliance with
the provisions for SR equity shares in accordance with sub-regulation (3) of regulation 6.”
II. in regulation 283, in sub-regulation (1), -
i. the words “two years” shall be substituted with the words “one year”.
ii. the clause (II) shall be omitted and the existing clauses (III) and (IV) shall be renumbered as (II) and
(III), respectively.
iii. a new clause shall be inserted after the renumbered clause (III), namely, -
“(IV) Any other class of investors as specified by Securities and Exchange Board of India from
time to time.”
iv. for the words “Accredited Investors”, wherever it occurs, the words “Innovators Growth Platform
Investors” shall be substituted.
v. under Explanation (a), the following shall be inserted after point (ii), namely,-
“(iii) any family trust with net worth of twenty five crore rupees”.
vi. the existing Explanation (b) shall be substituted with the following, namely,-
“(b) Pre-issue capital held by promoters/promoter groups, even if they are registered as Innovators
Growth Platform Investors, shall not be considered for the 25% pre-issue capital eligibility
requirement specified under sub-regulation (1) of regulation 283.”
III. in regulation 283, in sub-regulation (2), the words “Institutional Trading Platform” shall be substituted with
the words “Innovators Growth Platform”.
IV. in regulation 287, after the existing sub-regulation (3), the following new sub-regulation shall be inserted,
namely, -
“(4) The issuer may allocate up to sixty per cent of the issue size on a discretionary basis, prior to
the issue opening, to eligible investors as identified under sub-regulation (1) of regulation 283, in
accordance with the requirements with respect to anchor investors for public issue made on the
SME exchange as specified in Part A of Schedule XIII:
Provided that the price of the specified securities offered to eligible investors shall not be lower
than the price offered to other applicants.[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 7
Provided further that eligible investors shall make an application of a value of at least fifty
lakh rupees.”
V. in regulation 288,
i. in sub-regulation (1), in the proviso, in clause (c), the words and symbols “or Category II” shall be
inserted after the words and symbols “Category I”.
ii. after sub-regulation (4), the following new sub-regulation shall be inserted, namely, -
“(5) The SR equity shares shall be locked-in till conversion into equity shares with voting rights similar
to that of ordinary shares or shall be locked-in for a period specified in sub-regulations (1), whichever is
later.”
VI. after regulation 290 and prior to regulation 291, the following new regulation shall be inserted, namely, -
“Exit of issuers whose securities are listed and trading on the Innovators Growth Platform pursuant
to an initial public offer.
290A (1) The provisions of the Securities and Exchange Board of India (Delisting of Equity Shares)
Regulations, 2009, in respect of the matters not specifically dealt or excluded under this regulation, shall
apply mutatis mutandis to delisting of specified securities under these regulations:
Provided that the following provisions of the Securities and Exchange Board of India (Delisting of Equity
Shares) Regulations, 2009 shall not apply:
(a) clause (a) and (b) of sub-regulation (1) of regulation 8 of the Securities and Exchange Board
of India (Delisting of Equity Shares) Regulations, 2009, relating to conditions and procedure
for delisting where exit opportunity is required;
(b) regulation 15 of the Securities and Exchange Board of India (Delisting of Equity Shares)
Regulations, 2009, relating to offer price; and
(c) regulation 17 of the Securities and Exchange Board of India (Delisting of Equity Shares)
Regulations, 2009, relating to minimum number of equity shares to be acquired.
(2) An issuer company whose specified securities are traded on the Innovators Growth Platform pursuant
to an initial public offer may exit from the Innovators Growth Platform, if -
(a) such an exit is approved by the board of directors of the company in its meeting;
(b) such an exit is approved by the shareholders of the company by a special resolution passed
through postal ballot or e-voting, after disclosure of all material facts in the explanatory
statement sent to the shareholders in relation to such resolution:
Provided further that the special resolution shall be acted upon only if the votes cast by the majority of
public shareholders are in favor of such exit proposal;
(c) delisting price is based on a floor price determined in terms of regulation 8 of Securities and
Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,
as may be applicable, and an additional delisting premium justified by the acquirer / promoter;
(d) the post offer acquirer / promoter shareholding (along with the persons acting in concert with
the acquirer / promoter), taken together with the shares tendered reaches seventy five per cent of
the total issued shares of that class and at least fifty per cent shares of the public shareholders as
on date of the meeting referred to in clause (a) of this sub-regulation are tendered and accepted;
and
(e) recognised stock exchange(s) where its shares are listed approves of such an exit.”
VII. in regulations 292, the existing sub-regulation (3) shall be substituted with the following, namely, -
“(3) A company not satisfying the conditions laid down under sub-regulation (2) of regulation 292, shall, as on
date of application for migration under the regular category, have fifty per cent of its capital held by Qualified
Institutional Buyers.”
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./51/2021-22]8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
Footnote:
1. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
was published in the Gazette of India on September 11, 2018, vide notification No. SEBI/LAD-
NRO/GN/2018/31.
2. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
was subsequently amended on -
(a) December 31, 2018 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Amendment) Regulations, 2018, vide notification No. SEBI/LAD-NRO/GN/2018/57.
(b) March 29, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Amendment) Regulations, 2019, vide notification No. SEBI/LAD-NRO/GN/2019/05.
(c) April 5, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Second Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2019/08.
(d) July 29, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Third Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2019/29.
(e) September 23, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Fourth Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2019/35.
(f) December 06, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Fifth Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2019/42.
(g) December 26, 2019 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Sixth Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2019/47.
(h) January 01, 2020 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Seventh Amendment) Regulations, 2019, vide notification No. SEBI/LAD-
NRO/GN/2020/01.
(i) April 17, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment)
Regulations, 2020 vide notification No. SEBI/LAD-NRO/GN/2020/10.
(j) May 08, 2020 by the Securities and Exchange Board of India (Payment of Fees) (Amendment)
Regulations, 2020, vide notification No. SEBI/LAD-NRO/GN/2020/11.
(k) June 16, 2020 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Amendment) Regulations, 2020, vide notification No. SEBI/LAD-NRO/GN/2020/17.
(l) June 22, 2020 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Second Amendment) Regulations, 2020, vide notification No. SEBI/LAD-
NRO/GN/2020/18.
(m) July 01, 2020 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Third Amendment) Regulations, 2020, vide notification No. SEBI/LAD-
NRO/GN/2020/21.
(n) September 28, 2020 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Fourth Amendment) Regulations, 2020, vide notification No. SEBI/LAD-
NRO/GN/2020/31.
(o) January 08, 2021 by the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) (Amendment) Regulations, 2021, vide notification No. SEBI/LAD-NRO/GN/2021/03.
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