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Date: 2021-08-13 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,

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

## Report on the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Third Amendment Regulations, 2021 **1. Executive Summary:** This report analyzes the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Third Amendment Regulations, 2021, as published in the Gazette of India on August 13, 2021. This amendment primarily focuses on modifying lock-in periods for shares allotted in initial public offers (IPOs) and further public offers (FPOs), particularly when the majority of issue proceeds are intended for capital expenditure. It also modifies disclosure requirements for group companies. The key findings indicate a shift towards shorter lock-in periods under certain conditions and revised disclosure norms, potentially impacting investment strategies and information availability. **2. Introduction:** The purpose of this report is to provide an informative overview and analysis of the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Third Amendment Regulations, 2021, based solely on the provided official policy text. The report outlines the key changes introduced by this amendment and infers the potential rationale and impact on affected stakeholders. **3. Policy Overview:** * This report pertains to an amendment to the Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018. * Core Objective(s) as inferred from the provided text: The primary objectives of this amendment appear to be: * To modify the lock-in periods for shares allotted in IPOs and FPOs, potentially making it more attractive for companies utilizing funds for capital expenditure. * To revise disclosure requirements related to group companies. **4. Background and Rationale:** The likely reason for this specific amendment, based on the provided text, appears to be to adjust the regulatory framework to better accommodate companies raising capital for capital expenditure. The reduction in lock-in periods, particularly when a majority of proceeds are allocated to capital expenditure, suggests an intention to incentivize investment in such companies. Additionally, the changes to group company disclosure requirements indicate a refinement of the information required in offer documents. **5. Key Provisions / Changes:** This section details the specific changes introduced by the amendment: * **Regulation 2:** Clause pp, under subclause iii, point C, is omitted. The impact of this omission cannot be determined without the original regulation. * **Regulation 16 (IPOs):** * **Original Rule (as inferred from the change):** The lock-in period was three years from the commencement of commercial production or the date of allotment, whichever is later. * **New Rule:** The lock-in period is now eighteen months from the date of allotment in the initial public offer. * **Difference/Effect:** Shortens the mandatory lock-in period for shares allotted in IPOs. * **New Proviso:** If the majority of issue proceeds (excluding offer for sale portion) are used for capital expenditure, the lock-in period is three years from the date of allotment. * **Effect:** Provides a longer lock-in period for companies prioritizing capital expenditure. * **Original Rule (as inferred from the change):** The lock-in period for certain shares was one year. * **New Rule:** The lock-in period is now six months. * **Difference/Effect:** Further shortens the mandatory lock-in period for a subset of shares. * **New Proviso:** If the majority of issue proceeds (excluding offer for sale portion) are used for capital expenditure, the lock-in period is one year from the date of allotment. * **Effect:** Provides a longer lock-in period for companies prioritizing capital expenditure. * **Explanation Revision:** The definition of capital expenditure is clarified to include civil work, miscellaneous fixed assets, purchase of land, building, and plant and machinery. * **Effect:** Establishes a clear understanding of what qualifies as capital expenditure for the purposes of the regulation. * **Regulation 17:** Lock-in periods of one year are replaced with six months, resulting in shorter lock-in requirements. * **Regulation 115 (FPOs):** * Similar changes as in Regulation 16 are applied to FPOs, shortening lock-in periods to eighteen months generally, but maintaining a three-year lock-in if the majority of issue proceeds are used for capital expenditure. Lock-in periods of one year are replaced with six months in certain cases, with a one-year lock-in available for capital expenditure. * **Regulation 117:** Lock-in periods of three years are substituted with eighteen months. * **Schedule VI (Disclosure Requirements):** * Omission of "or group companies" from certain points in clause 5, subclause G. * Removal of "and top 5 listed group companies by market capitalization" from point 30 in clause 5, subclause G. * Clause 13, subclause A is substituted, mandating disclosure of group company information. * Subclauses B, C, E, and F of clause 13 are omitted, and D and G are renumbered. **6. Target Audience and Stakeholders:** Based on the text, the target audience and stakeholders directly affected by these amendments include: * Companies planning to raise capital through IPOs and FPOs. * Investors in IPOs and FPOs. * Securities and Exchange Board of India (SEBI). * Group companies whose disclosure norms have changed. * Investment bankers and legal professionals advising on capital market transactions. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Securities and Exchange Board of India (SEBI) is the responsible body for implementing and enforcing these regulations. * **Timelines/Procedures:** The amendment came into force on the date of its publication in the Official Gazette, which was August 13, 2021. No specific procedures are detailed in the provided text beyond adherence to the revised lock-in periods and disclosure requirements. The definition of capital expenditure will need to be consistently applied. **8. Expected Outcomes / Impact of Changes:** The likely intended outcomes of these specific changes introduced by the amendment are: * **Increased attractiveness of IPOs and FPOs for companies planning capital expenditure:** Shorter lock-in periods (in general) may encourage more companies to tap the capital markets. * **Alignment of lock-in periods with investment strategies:** The adjustments allow for more flexibility, particularly for investors with shorter-term investment horizons, while retaining longer lock-in periods for companies focused on long-term capital projects. * **More transparency in disclosure of the group companies.** **9. Conclusion:** The Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Third Amendment Regulations, 2021, introduces significant changes to lock-in periods for IPOs and FPOs, especially concerning the utilization of issue proceeds for capital expenditure. The amendment also refines disclosure requirements for group companies. These changes are likely intended to promote capital market activity and investment in companies undertaking capital expenditure projects, while also ensuring investor protection through appropriate disclosure norms. The revised lock-in periods and disclosure requirements represent a notable adjustment to the regulatory landscape for capital raising in India.

Key Entities Referenced

SECURITIES AND EXCHANGE BOARD OF INDIA: Regulatory body for securities market in India Mumbai: City in Maharashtra, India; location of SEBI Securities and Exchange Board of India Act, 1992: Law under which SEBI's powers are conferred Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018: Regulations amended by this notification Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Third Amendment Regulations, 2021: Title of the current amendment regulations Official Gazette: Gazette of India AJAY TYAGI: Chairman of SEBI Government of India Press, Ring Road, Mayapuri, New Delhi: Location where the document was printed
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रजजस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-एम.एxचxx.G-अID.E-x1x3x0 82021-228972 CG-MH-E-13082021-228972 ऄसाधारण EXTRAORDINARY भाग III—खण्ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 338] नइ ददल्ली, िक्रु िार, ऄगस्ट्त 13, 2021/श्रािण 22, 1943 No. 338] NEW DELHI, FRIDAY, AUGUST 13, 2021/SHRAVANA 22, 1943 भारतीय प्रजतभजू त और जिजनमय बोड ड ऄजधसचू ना मुम्बइ, 13 ऄगस्ट् त, 2021 भारतीय प्रजतभजू त और जिजनमय बोड ड [पजूूँ ी का जनगमड न (आश्य)ू और प्रकटीकरण ऄपक्षे ाएूँ] (तीसरा सिं ोधन) जिजनयम, 2021 स.ं सबे ी/एल.ए.डी-एन.अर.ओ/जी.एन./2021/45.—बोडड, भारतीय प्रजतभूजत और जिजनमय बोडड ऄजधजनयम, 1992 (1992 का 15) की धारा 30 के तहत प्रदान की गइ िजियों का प्रयोग करत े हुए एतद्द्वारा भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगमड न (आश्यू) और प्रकटीकरण ऄपेक्षाएूँ] जिजनयम, 2018 का और संिोधन करने के जलए जनम्नजलजखत जिजनयम बनाता ह,ै ऄथाडत:्- 1. आन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण ऄपेक्षाएूँ] (तीसरा संिोधन) जिजनयम, 2021 कहा जा सकेगा । 2. िे राजपत्र में ईनके प्रकािन की तारीख को लाग ूहोंग े। 3. भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण ऄपक्षे ाएूँ] जिजनयम, 2018 म,ें- I. जिजनयम 2 म,ें ईप-जिजनयम (1) म,ें खंड (तत) म,ें ईप-खंड (iii) म,ें मद (ग) का लोप हो जाएगा । II. जिजनयम 16 म,ें- i. ईप-जिजनयम (1) म,ें खंड (क) म,ें िब्द तथा जचह्न “िाजणजययक ईत्पादन के प्रारंभ की तारीख या अरंजभक सािडजजनक प्रस्ट्ताि म ेंअबंटन की तारीख (जो भी बाद म ें हो) से तीन िर्षों”, िब्दों तथा जचह्नों “अरंजभक सािडजजनक प्रस्ट्ताि (अइपीओ) में अबंटन की तारीख से ऄठारह महीनों” से प्रजतस्ट्थाजपत हो जाएगं े । 4533 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] ii. ईप-जिजनयम (1) म,ें खंड (क) के पश्चात,् जनम्नजलजखत परंतुक ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत,् - “परंत ु यह दक यदद जनगडम से अए पैसे (आश्यू प्रोसीड्स) [`जिक्रय के जलए प्रस्ट्ताि’ (ऑफर फॉर सेल) के जहस्ट्से को छोड़कर] के ऄजधकांि जहस्ट्से का आस्ट्तेमाल पूंजीगत व्यय के जलए दकए जाने का प्रस्ट्ताि हो, तो ऐसे में लॉक-आन (ऄिरुद्धता) की ऄिजध अरंजभक सािडजजनक प्रस्ट्ताि (अइपीओ) में अबंटन की तारीख से तीन िर्षों की होगी ।” iii. ईप-जिजनयम (1) म,ें खंड (ख) में, िब्द “एक िर्षड”, िब्दों “छह महीनों” से प्रजतस्ट्थाजपत हो जाएंगे । iv. ईप-जिजनयम (1) म,ें खंड (ख) के पश्चात,् जनम्नजलजखत परंतुक ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत,् - “परंत ु यह दक यदद जनगडम से अए पैसे (आश्यू प्रोसीड्स) [`जिक्रय के जलए प्रस्ट्ताि’ (ऑफर फॉर सेल) के जहस्ट्से को छोड़कर] के ऄजधकांि जहस्ट्से का आस्ट्तेमाल पूंजीगत व्यय के जलए दकए जाने का प्रस्ट्ताि हो, तो ऐसे में लॉक-आन (ऄिरुद्धता) की ऄिजध अरंजभक सािडजजनक प्रस्ट्ताि (अइपीओ) में अबंटन की तारीख से एक िर्षड की होगी ।” v. ईप-जिजनयम (1) में, खंड (ख) के पश्चात,् मौजूदा स्ट्पष्टीकरण जनम्नजलजखत नए स्ट्पष्टीकरण से प्रजतस्ट्थाजपत हो जाएगा, ऄथाडत,् - “स्ट्पष्टीकरण: आस ईप-जिजनयम के प्रयोजनाथ,ड “पूंजीगत व्यय” में िाजमल होंगे – जसजिल कायड, जिजिध ऄचल अजस्ट्तयाूँ (दफक्सस्ट्ड ऄसेट्स), जमीन, भिन तथा संयंत्र (पलांट) और मिीन के संबंध में की जान े िाली खरीद, अदद।” III. जिजनयम 17 म,ें- i. िब्द “एक िर्षड”, िब्दों “छह महीनों” से प्रजतस्ट्थाजपत हो जाएंग े। ii. परंतुक म,ें खंड (ग) में, िब्द “एक िर्षड”, िब्दों “छह महीनों” से प्रजतस्ट्थाजपत हो जाएंग े । IV. जिजनयम 115 म,ें - i. खंड (क) जनम्नजलजखत से प्रजतस्ट्थाजपत हो जाएगा, ऄथाडत,् - “(क) संप्रितडकों (प्रोमोटसड) का न्यूनतम ऄंिदान [जजसमें अनकु जल्पक जनिेि जनजधयों या जिदेिी जोजखम पूूँजी जनिेिकों (जो भी लागू हो) द्वारा दकया गया ऄंिदान िाजमल है] बाद िाले सािडजजनक प्रस्ट्ताि (एफपीओ) में अबंटन की तारीख से ऄठारह महीनों की ऄिजध के जलए लॉक-आन रहगे ा;” ii. खंड (क) के पश्चात,् जनम्नजलजखत परंतुक ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत,् - “परंत ु यह दक यदद जनगडम से अए पैसे (आश्यू प्रोसीड्स) [`जिक्रय के जलए प्रस्ट्ताि’ (ऑफर फॉर सेल) के जहस्ट्से को छोड़कर] के ऄजधकांि जहस्ट्से का आस्ट्तेमाल पूंजीगत व्यय के जलए दकए जाने का प्रस्ट्ताि हो, तो ऐसे में लॉक-आन (ऄिरुद्धता) की ऄिजध अरंजभक सािडजजनक प्रस्ट्ताि (अइपीओ) में अबंटन की तारीख से तीन िर्षों की होगी ।” iii. खंड (ख) जनम्नजलजखत से प्रजतस्ट्थाजपत हो जाएगा, ऄथाडत,् - “(ख) संप्रितडकों के न्यूनतम ऄंिदान से ऄजधक की संप्रितडकों की धाररता (होल्ल्डग) छह महीनों की ऄिजध के जलए लॉक-आन रहगे ी ।” iv. खंड (ख) के पश्चात,् जनम्नजलजखत परंतुक ऄंतःस्ट्थाजपत दकया जाएगा, ऄथाडत,् - “परंत ु यह दक यदद जनगडम से अए पैसे (आश्यू प्रोसीड्स) [`जिक्रय के जलए प्रस्ट्ताि’ (ऑफर फॉर सेल) के जहस्ट्से को छोड़कर] के ऄजधकांि जहस्ट्से का आस्ट्तेमाल पूंजीगत व्यय के जलए दकए जाने का प्रस्ट्ताि हो, तो ऐसे में लॉक-आन (ऄिरुद्धता) की ऄिजध अरंजभक सािडजजनक प्रस्ट्ताि (अइपीओ) में अबंटन की तारीख से एक िर्षड की होगी ।” v. खंड (ग) के पश्चात,् मौजूदा स्ट्पष्टीकरण जनम्नजलजखत नए स्ट्पष्टीकरण स ेप्रजतस्ट्थाजपत हो जाएगा, ऄथाडत,् -[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 3 “स्ट्पष्टीकरण: आस जिजनयम के प्रयोजनाथ,ड “पूंजीगत व्यय” में िाजमल होंग े – जसजिल कायड, जिजिध ऄचल अजस्ट्तयाूँ (दफक्सस्ट्ड ऄसेट्स), जमीन, भिन तथा संयंत्र (पलांट) और मिीन के संबंध में की जान े िाली खरीद, अदद ।” V. जिजनयम 117 म,ें िब्द “के तीन िर्षों”, िब्दों “की तारीख से ऄठारह महीनों” से प्रजतस्ट्थाजपत हो जाएंगे । VI. ऄनुसूची-VI म,ें भाग-क म,ें- i. खंड (5) म,ें ईप-खंड (छ) म,ें मद (9) म,ें ददए हुए िब्दों “या समूह कंपजनयों” का लोप हो जाएगा । ii. खंड (5) म,ें ईप-खंड (छ) म,ें मद (10) म,ें ददए हुए िब्दों “या समूह कंपजनयों” का लोप हो जाएगा । iii. खंड (5) म,ें ईप-खंड (छ) म,ें मद (30) जनम्नजलजखत से प्रजतस्ट्थाजपत हो जाएगा, ऄथाडत,् - “(30) जनगडमकताड (आश्यऄू र) और सूचीबद्ध समनुर्षंजगयों (जलजस्ट्टड सजब्सजडयरीज़) के जखलाफ बड़ी संख्या में जनिेिकों की लंजबत जिकायतों का होना;” iv. खंड (13) म,ें ईप-खंड (क) जनम्नजलजखत स ेप्रजतस्ट्थाजपत हो जाएगा, ऄथाडत,् - “(क) यदद जनगडमकता ड (आश्युऄर) सरकारी कंपनी, कानूनी प्रािधानों के तहत बनाया गया प्राजधकरण (स्ट्टैट्यूटरी ऄथॉररटी) या जनगम (कारपोरेिन) ऄथिा ईनमें से दकसी के द्वारा बनाया गया कोइ जििेर्ष प्रयोजन माध्यम (स्ट्पेिल पपडज़ िीजहकल) न हो, तो प्रस्ट्ताि दस्ट्तािेज (ऑफर डॉक्सयूमेंट) म ें सभी समूह (ग्रुप) कंपजनयों के नाम और ईनके रजजस्ट्रीकृत कायाडलय के पते ददए जाएंगे । संबंजधत समूह कंपनी [सूचीबद्ध (जलजस्ट्टड) / ऄसूचीगत (ऄनजलजस्ट्टड)] के िेबसाआट पर िीर्ष ड पाूँच समूह कंपजनयों [सूचीबद्ध कंपजनयों के मामल े म ें बाजार पूंजीकरण (माकेट कैजपटलाआजिे न) के अधार पर / ऄसूचीगत कंपजनयों के मामल े में व्यापाराित ड (टनडओिर) के अधार पर] के संबंध म ें लखे ापरीजक्षत जििरणों के अधार पर जनम्नानसु ार जानकारी डलिाइ जाएगी: (i) अरजक्षजतयों (ररज़र्वस)ड [पुनमूडल्यांकन अरजक्षजत (रीिैल्यूएिन ररज़िड) को छोड़कर] की जानकारी; (ii) जबक्री की जानकारी; (iii) कर पश्चात ्लाभ की जानकारी; (iv) प्रजत िेयर अमदनी की जानकारी; (v) घटाकर जनकाली गइ (डाआल्यूटेड) प्रजत िेयर अमदनी की जानकारी; और (vi) िुद्ध अजस्ट्त मल्ू य (नेट ऄसेट िल्ै यू) की जानकारी । प्रस्ट्ताि दस्ट्तािेज में ईस िेबसाआट का ईल्लेख होगा, जहाूँ समूह कंपजनयों की जानकारी डलिाइ गइ हो।” v. खंड (13) म,ें ईप-खंड (ख), (ग), (ङ) एिं (च) का लोप हो जाएगा और ईप-खंड (घ) एिं (छ) तदनुसार पुनःसंख्यांदकत हो जाएंग े । ऄजय त्यागी, ऄध्यक्ष [जिज्ञापन-III/4/ऄसा./202/2021-22] पाद रटपपण: 1. भारतीय प्रजतभूजत और जिजनमय बोड ड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण ऄपेक्षाएूँ] जिजनयम, 2018, ऄजधसूचना सं. सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2018/31 द्वारा, 11 जसतम्बर 2018 को भारत के राजपत्र म ें प्रकाजित हुए थे । 2. भारतीय प्रजतभूजत और जिजनमय बोड ड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण ऄपेक्षाएूँ] जिजनयम, 2018 तत्पश्चात् -4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (क) 31 ददसम्बर, 2018 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण ऄपेक्षाएूँ] (संिोधन) जिजनयम, 2018, ऄजधसूचना सं. सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2018/57, द्वारा (ख) 29 माच,ड 2019 को भारतीय प्रजतभूजत और जिजनमय बोड ड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण ऄपेक्षाएूँ] (संिोधन) जिजनयम, 2019, ऄजधसूचना सं. सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2019/05, द्वारा (ग) 5 ऄप्रलै , 2019 को भारतीय प्रजतभूजत और जिजनमय बोड ड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण ऄपेक्षाएूँ] (दसू रा संिोधन) जिजनयम, 2019, ऄजधसूचना सं. सबे ी/एल.ए.डी.- एन.अर.ओ./जी.एन./2019/08, द्वारा (घ) 29 जलु ाइ, 2019 को भारतीय प्रजतभूजत और जिजनमय बोड ड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण ऄपेक्षाएूँ] (तीसरा संिोधन) जिजनयम, 2019, ऄजधसूचना सं. 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 (आश्यू) और प्रकटीकरण ऄपेक्षाएूँ] (पाूँचिाूँ संिोधन) जिजनयम, 2019, ऄजधसूचना सं. 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 (आश्य)ू 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 सं. सेबी/एल.ए.डी.-एन.अर.ओ./ जी.एन./2020/01, द्वारा (झ) 17 ऄप्रैल, 2020 को भारतीय प्रजतभूजत और जिजनमय बोड ड (रेग्यूलेटरी सडैं बॉक्सस) (संिोधन) जिजनयम, 2020, सं. सेबी/एल.ए.डी.-एनअरओ/जीएन/2020/10, द्वारा (ञ) 8 मइ, 2020 को भारतीय प्रजतभूजत और जिजनमय बोड ड (फीस का भगु तान) (संिोधन) जिजनयम, 2020, ऄजधसूचना सं. सेबी/एलएडी-एनअरओ/जीएन/2020/011, द्वारा (ट) 16 जून, 2020 को भारतीय प्रजतभूजत और जिजनमय बोड ड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण ऄपेक्षाएूँ] (संिोधन) जिजनयम, 2020, ऄजधसूचना सं. सेबी/एल.ए.डी.-एन.अर.ओ./जी.एन./2020/17, द्वारा (ठ) 22 जून, 2020 को भारतीय प्रजतभूजत और जिजनमय बोड ड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण ऄपेक्षाएूँ] (दसू रा संिोधन) जिजनयम, 2020, ऄजधसूचना सं. सेबी/एल.ए.डी.-एन.अर.ओ./ जी.एन./2020/18, द्वारा (ड) 1 जुलाइ, 2020 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्य)ू और प्रकटीकरण ऄपेक्षाएूँ] (तीसरा संिोधन) जिजनयम, 2020, ऄजधसूचना सं. 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 (आश्यू) और प्रकटीकरण ऄपेक्षाएूँ] (चौथा संिोधन) जिजनयम, 2020, ऄजधसूचना सं. सेबी/एलएडी-एनअरओ/जीएन/2020/31, द्वारा[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 5 (ण) 8 जनिरी, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण ऄपेक्षाएूँ] (संिोधन) जिजनयम, 2021, ऄजधसूचना सं. सबे ी/एल.ए.डी.-एन.अर.ओ./जी.एन/2021/03, द्वारा (त) 5 मइ, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड [पूूँजी का जनगडमन (आश्यू) और प्रकटीकरण ऄपेक्षाए]ूँ (दसू रा संिोधन) जिजनयम, 2021, ऄजधसूचना सं. सेबी/एलएडी-एनअरओ/जीएन/2021/18, द्वारा (थ) 3 ऄगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यूलेटरी सैंडबॉक्सस) (संिोधन) जिजनयम, 2021, स.ं सेबी/एलएडी-एनअरओ/जीएन/2021/30, द्वारा संिोजधत हुए थे । SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 13th August, 2021 SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (THIRD AMENDMENT) REGULATIONS, 2021 No. SEBI/LAD-NRO/GN/2021/45.—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) (Third 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 2, in sub-regulation (1), in clause (pp), under sub-clause (iii), the point (C) shall be omitted. II. In regulation 16, - i. in sub-regulation (1), in clause (a), the words “three years from the date of commencement of commercial production or date of allotment in the initial public offer, whichever is later”, shall be substituted with the words “eighteen months from the date of allotment in the initial public offer”. ii. in sub-regulation (1), after clause (a), the following proviso shall be inserted, namely, - “Provided that in case the majority of the issue proceeds excluding the portion of offer for sale is proposed to be utilized for capital expenditure, then the lock-in period shall be three years from the date of allotment in the initial public offer.” iii. in sub-regulation (1), in clause (b), the words “one year” shall be substituted with the words “six months”. iv. in sub-regulation (1), after clause (b), the following proviso shall be inserted, namely, - “Provided that in case the majority of the issue proceeds excluding the portion of offer for sale is proposed to be utilized for capital expenditure, then the lock-in period shall be one year from the date of allotment in the initial public offer.” v. in sub-regulation (1), after clause (b), the existing Explanation shall be substituted with the following, namely, -6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “Explanation: For the purpose of this sub-regulation, “capital expenditure” shall include civil work, miscellaneous fixed assets, purchase of land, building and plant and machinery, etc.” III. In regulation 17, - i. the words “one year” shall be substituted with the words “six months”. ii. in the proviso under clause (c), the words “one year” shall be substituted with the words “six months”. IV. In regulation 115, - i. in clause (a), the words “three years from the date of commencement of commercial production or from the date of allotment in further public offer, whichever is later;” shall be substituted with the words “eighteen months from the date of allotment of the further public offer:”. ii. after clause (a), the following proviso shall be inserted, namely, - “Provided that in case the majority of the issue proceeds excluding the portion of offer for sale is proposed to be utilized for capital expenditure, then the lock-in period shall be three years from the date of allotment in the initial public offer.” iii. in clause (b), the words “one year” shall be substituted with the words “six months”. iv. after clause (b), the following proviso shall be inserted, namely, - “Provided that in case the majority of the issue proceeds excluding the portion of offer for sale is proposed to be utilized for capital expenditure, then the lock-in period shall be one year from the date of allotment in the initial public offer.” v. after clause (c), the existing Explanation shall be substituted with the following, namely, - “Explanation: For the purpose of this regulation, “capital expenditure” shall include civil work, miscellaneous fixed assets, purchase of land, building and plant and machinery, etc.” V. In regulation 117, the words “three years” shall be substituted with the words “eighteen months”. VI. In Schedule VI, in Part A, - i. in clause (5), sub-clause (G), in point (9), the words “or group companies” shall be omitted. ii. in clause (5), sub-clause (G), in point (10), the words “or group companies” shall be omitted. iii. in clause (5), sub-clause (G), in point (30), the symbol “,” shall be substituted with the word “and” and the words “and top 5 listed group companies by market capitalization” shall be omitted. iv. in clause (13), sub-clause (A) shall be substituted as under: “(A) In case of an issuer not being a government company, statutory authority or corporation or any special purpose vehicle set up by any of them, the names and registered office address of all the group companies shall be disclosed in the Offer Document. The following information based on the audited statements in respect of top five group companies (based on market capitalization for listed/ based on turnover in case of unlisted) for the preceding three years shall be hosted on the website of the respective group company (listed/ unlisted): (i) reserves (excluding revaluation reserve); (ii) sales; (iii) profit after tax;[भाग III—खण् ड 4] भारत का राजपत्र : ऄसाधारण 7 (iv) earnings per share; (v) diluted earnings per share; and (vi) net asset value. The offer document shall refer the website where the details of the group companies shall be available.” v. in clause (13), sub-clause (B), (C), (E) and (F) shall be omitted and sub-clause (D) and (G) shall be re-numbered accordingly. AJAY TYAGI, Chairman [ADVT.-III/4/Exty./202/2021-22] Footnotes: 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/2020/17.8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (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 1, 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 8, 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. (p) May 5, 2021 by the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2021, vide notification No. SEBI/LAD-NRO/GN/2021/18. (q) August 3, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021, vide notification No. SEBI/LAD-NRO/GN/2021/30. 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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