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Date: 2019-07-29 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

Executive Summary: This document contains the Securities and Exchange Board of India (SEBI) Issue of Capital and Disclosure Requirements Third Amendment Regulations, 2019. It amends the 2018 regulations, introducing provisions for issuers with Superior Voting Rights (SR) equity shares. The regulations were enacted under Section 30 of the Securities and Exchange Board of India Act, 1992 and came into force on July 29, 2019. Key Points / Main Content: SR Equity Shares: * Definition: SR equity shares are defined as equity shares with superior voting rights compared to other equity shares issued by the issuer. * Initial Public Offer (IPO): Issuers with SR equity shares can only conduct an IPO of ordinary shares for listing on the Main Board, subject to specific conditions. * Issuer Requirements: The issuer must be intensive in technology, IT, intellectual property, data analytics, biotechnology, or nanotechnology. * SR Shareholder Restrictions: SR shareholders cannot be part of a promoter group with a collective net worth exceeding 500 crore rupees (excluding their investment in the issuer). * Executive Position: SR shares must be issued only to promoters/founders holding an executive position in the company. * Authorization: Issuance of SR equity shares requires a special resolution at a general shareholders' meeting, with specific disclosures in the meeting notice. * Holding Period: SR equity shares must be held for at least six months before filing the red herring prospectus. * Voting Rights Ratio: SR equity shares must have a voting rights ratio between 2:1 and 10:1 compared to ordinary shares. * Face Value and Class: SR equity shares must have the same face value as ordinary shares, and the issuer can only have one class of SR equity shares. * Equivalence: SR equity shares are equivalent to ordinary shares except for superior voting rights. Lock-in and Conversion: * Lock-in: SR equity shares are under lock-in until conversion into ordinary equity shares. * Rights Issue: SR shareholders cannot renounce their rights, and SR shares received in a rights issue remain under lock-in. * Bonus Issue: Bonus issues on SR equity shares maintain the same voting rights ratio and convert to ordinary equity shares along with existing SR equity shares. * Minimum Promoters Contribution: SR equity shares of promoters are eligible for minimum promoters contribution. Disclosure and Applicability: * Exclusion from Certain Calculations: SR equity shares are excluded from certain calculations related to specified securities held by promoters. * Offering Information: Specific disclosures are required in the offering documents regarding SR equity shares and their rights. Amendments to Regulations: * Regulation 14: Includes SR equity shares in the calculation of equity shares held. * Regulation 16: SR equity shares shall be under lock-in until conversion. * Regulations 21, 22, 119, 120: Excludes SR equity shares from specified securities held by promoters. * Regulation 62: SR shareholder shall not renounce their rights. * Regulation 113: SR equity shares of promoters are eligible towards computation of minimum promoters contribution. * Regulation 115: SR equity shares shall be under lock-in until their conversion. * Regulation 294: Bonus issue on the SR equity shares shall carry the same ratio of voting rights compared to ordinary shares. * Schedule V: Excludes SR equity shares where an issuer has outstanding SR equity shares. * Schedule VI: Includes a statement that the shares issued in the issue shall be pari passu with the existing shares excluding SR equity shares in all respects including dividends. Impact Analysis: Issuers with SR Equity Shares: * Impact: Must comply with new regulations regarding IPOs, shareholder rights, and disclosures. * Action Required: Review existing SR equity share structures and offering documents to ensure compliance. Promoters/Founders Holding SR Equity Shares: * Impact: Subject to restrictions on net worth, executive positions, and lock-in periods. * Action Required: Ensure compliance with holding period requirements and understand the implications of lock-in provisions. Shareholders of Issuers with SR Equity Shares: * Impact: Need to understand the rights and limitations of SR equity shares and their impact on voting rights. * Action Required: Review disclosures related to SR equity shares in company documents. Securities and Exchange Board of India (SEBI): * Impact: Responsible for enforcing the new regulations and monitoring compliance. * Action Required: Update regulatory frameworks and guidelines to reflect the changes.

Key Entities Referenced

Securities and Exchange Board of India (SEBI): A regulatory body for the securities market in India, responsible for protecting investors and promoting the development of the securities market. Securities and Exchange Board of India Act, 1992: The legislation 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 governing the issuance of capital and disclosure requirements for companies in India. Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Third Amendment Regulations, 2019: The specific amendment to the 2018 regulations that is the subject of this notification. Official Gazette: The official government publication where laws, regulations, and notifications are published. SR equity shares: Equity shares of an issuer having superior voting rights compared to all other equity shares issued by that issuer. Main Board: Refers to the main listing platform of a stock exchange, as opposed to platforms for smaller or emerging companies. New Delhi: The capital of India, where the Gazette of India is published.
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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- 277] ubZ fnYyh] lkseokj] tqykbZ 29] 2019@Jko.k 7] 1941 No. 277] NEW DELHI, MONDAY, JULY 29, 2019/SHRAVANA 7, 1941 भभभभााााररररततततीीीीयययय (cid:1)(cid:1)(cid:1)(cid:1)ििििततततभभभभििििूूूू तततत औऔऔऔरररर ििििववववििििननननममममयययय बबबबोोोोडडडड (cid:9)(cid:9) (cid:9)(cid:9) अअअअििििधधधधससससचचूूचचूू ननननाााा मु(cid:3)बई, 29 जुलाई, 2019 भभभभााााररररततततीीीीयययय (cid:1)(cid:1)(cid:1)(cid:1)ििििततततभभभभििििूूूूतततत औऔऔऔरररर ििििववववििििननननममममयययय बबबबोोोोडडडड (cid:9)(cid:9) (cid:9)(cid:9) [[[[पपपपजजूँूँजजूँूँ ीीीी ककककाााा ििििननननगगगगमममम(cid:9)(cid:9)(cid:9)(cid:9) नननन ((((इइइइ(cid:14)(cid:14)(cid:14)(cid:14)यययय))ूू))ूू औऔऔऔरररर (cid:1)(cid:1)(cid:1)(cid:1)ककककटटटटीीीीककककररररणणणण अअअअपपपप(cid:24)(cid:24)ेे(cid:24)(cid:24)ेे ााााएएएए]]ँँ]]ँँ ((((ततततीीीीससससरररराााा ससससशशशशंंंं ोोोोधधधधनननन)))) ििििववववििििननननययययमममम,,,, 2222000011119999 सससस...ंं.ंं ससससबबेेबबेे ीीीी////एएएएललललएएएएडडडडीीीी----एएएएननननआआआआररररओओओओ////जजजजीीीीएएएएनननन////2222000011119999////22229999....————बोड,(cid:8) भारतीय (cid:9)ितभिू त 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 करत े (cid:23)ए एत(cid:25)ारा भारतीय (cid:9)ितभिू त और िविनमय बोड(cid:8) [पूँजी का िनगम(cid:8) न (इ(cid:30)यू) और (cid:9)कटीकरण अपे%ाएँ] िविनयम, 2018 का और संशोधन करने के िलए िन’िलिखत िविनयम बनाता ह,ै अथा(cid:8)त:्- 1. इन िविनयम(cid:21) को भारतीय (cid:9)ितभिू त और िविनमय बोड (cid:8) [पूँजी का िनगम(cid:8) न (इ(cid:30)यू) और (cid:9)कटीकरण अपे%ाए]ँ (तीसरा संशोधन) िविनयम, 2019 कहा जा सकेगा। 2. वे राजप- म. उनके (cid:9)काशन क(cid:15) तारीख को (cid:9)वृ(cid:17) (लाग)ू ह(cid:21)गे । 3. भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8)[पूँजी का िनगम(cid:8) न (इ(cid:30)य)ू और (cid:9)कटीकरण अप%े ाए]ँ िविनयम, 2018 म,.- I. िविनयम 2 म,. उप-िविनयम (1) म., खंड (ङङङ) के प2ात् और खंड (चचच) स े पूव(cid:8), िन’िलिखत खंड अंतः5थािपत 6कया जाएगा, अथात(cid:8) ,्- “(ङङङक) “एसआर इ67टी शेयर(cid:21)” स े िनग(cid:8)मकता (cid:8) (इ(cid:30)युअर) 8ारा िनगि(cid:8) मत (इ(cid:30)यू) 6कए गए अ9य सभी इ67टी शेयर(cid:21) क(cid:15) तुलना म .उस िनगम(cid:8) कता (cid:8)के उ;तर मतािधकार(cid:21) वाल ेइ67टी शेयर अिभ(cid:9)ेत ह =।” II. िविनयम 6 म,. उप-िविनयम (2) के प2ात,् िन’िलिखत उप-िविनयम अंतः5थािपत 6कया जाएगा, अथात(cid:8) ,्- “(3) य6द 6कसी िनगम(cid:8) कता (cid:8) (इ(cid:30)युअर) ने अपन े सं(cid:9)वतक(cid:8) (cid:21) ((cid:9)ोमोटस)(cid:8) / सं5थापक(cid:21) (फाउंडस)(cid:8) को एसआर इ67टी शेयर िनगि(cid:8) मत (इ(cid:30)यू) 6कए ह(cid:21), तो उ(cid:19) िनगम(cid:8) कता (cid:8) को म@ु य-बोड (cid:8) (मेन बोड)(cid:8) पर सूचीबBता (िलC5टग) के िलए केवल साधारण शेयर(cid:21) का आरंिभक साव(cid:8)जिनक (cid:9)5ताव (इिनिशयल पिDलक ऑफर) लान े क(cid:15) अनमु ित होगी, बशतE 6क इस अFयाय तथा इन खंड(cid:21) के (cid:9)ावधान(cid:21) का पालन 6कया जाए – 3875 GI/2019 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] i. िनगम(cid:8) कता(cid:8) (इ(cid:30)युअर) उGपाद(cid:21) ((cid:9)ोडHIस), सेवाJ या कारबार के KलेटफामL (िबजनसे Kलेटफाम)(cid:8) को बेहतरीन Mप म . (cid:9)दान करन े के िलए (cid:9)ौOोिगक(cid:15) (टेPोलॉजी), सूचना (cid:9)ौOोिगक(cid:15) (इ9फॉमEशेन टेPोलॉजी), बौिBक सपं दा (इि9टलेHचुअल (cid:9)ॉपटR), डाटा एनािलSटHस, बायो-टेPोलॉजी या ननै ो- टेPोलॉजी का ब(cid:23)त Tयादा इ5तमे ाल करे; ii. एसआर शेयरधारक ऐस े सं(cid:9)वत(cid:8)क समूह ((cid:9)ोमोटर Uुप) का िह5सा न हो, िजसक(cid:15) सामूिहक शुB- मािलयत (नेटवथ)(cid:8) 500 करोड़ Vपय ेस ेTयादा क(cid:15) हो: 5पWीकरण: सामिू हक शुB-मािलयत (नेटवथ)(cid:8) क(cid:15) गणना करते समय, िनगम(cid:8) कता (cid:8) (इ(cid:30)युअर) कंपनी के शेयर(cid:21) म .6कए गए एसआर शेयरधारक के िनवेश पर गौर नहX 6कया जाएगा; iii. एसआर शेयर केवल उ9हX सं(cid:9)वत(cid:8)क(cid:21) ((cid:9)ोमोटस)(cid:8) / सं5थापक(cid:21) (फाउंडस)(cid:8) को िनगि(cid:8) मत (इ(cid:30)यू) 6कए गए ह(cid:21), जो िनगम(cid:8) कता (cid:8)(इ(cid:30)युअर) कंपनी म .6कसी बड़ ेपद (एिYज़HयूSटव पोज़ीशन) पर ह(cid:21); iv. एसआर इ67टी शेयर(cid:21) के िनगम(cid:8) (इ(cid:30)यू) को िनग(cid:8)मकता (cid:8) (इ(cid:30)युअर) के शेयरधारक(cid:21) क(cid:15) साधारण बैठक म. िवशेष सकं [प पाSरत करके (cid:9)ािधकृत 6कया गया हो, और ऐसी साधारण बैठक बुलान ेके िलए दी गई सूचना (नोSटस) म .खास तौर पर िन’िलिखत के बारे म .उ[लेख 6कया गया हो – क. एसआर इ67टी शेयर(cid:21) के िनग(cid:8)म का आकार, ख. साधारण शेयर(cid:21) क(cid:15) तुलना म. एसआर इ67टी शेयर(cid:21) के मतािधकार(cid:21) का अनुपात, ग. अलग-अलग लाभांश(cid:21), य6द कोई ह(cid:21), के संबंध म .अिधकार, घ. मा9यता क(cid:15) अविध समा\ होने से संबिं धत (cid:9)ावधान (सनसेट (cid:9)ोिवज़न), िजनके तहत ऐसे एसआर इ67टी शेयर(cid:21) क(cid:15) मा9यता क(cid:15) समय-सीमा िनधा(cid:8)Sरत हो, ङ. ऐस ेमामल,े िजनम . एसआर इ67टी शेयर(cid:21) क(cid:15) बाबत िमलन े वाल ेमतािधकार साधारण शेयर(cid:21) क(cid:15) बाबत िमलन ेवाल ेमतािधकार(cid:21) के समान ह(cid:21); v. एसआर इ67टी शेयर (cid:9)ारंिभक (रैड ह^ै रग) (cid:9)ॉ5पेHटस दािखल 6कए जान े स े कम स े कम 6 महीन े पहल ेक(cid:15) अविध तक धाSरत (हो[ड) 6कए (cid:23)ए ह(cid:21); vi. एसआर इ67टी शेयर(cid:21) क(cid:15) बाबत िमलन े वाले मतािधकार साधारण शेयर(cid:21) क(cid:15) तुलना म . कम स े कम 2:1 के अनुपात म . और अिधक स ेअिधक 10:1 के अनुपात म .ह(cid:21) और ऐसा अनुपात केवल पणू ाक(cid:8) (cid:21) म . ही हो; vii. एसआर इ67टी शेयर(cid:21) का अ6ं कत मू[य (फेस वै[यू) वही हो जो साधारण शेयर(cid:21) का हो; viii. िनगम(cid:8) कता (cid:8)(इ(cid:30)युअर) के एसआर इ67टी शेयर केवल एक ही वग (cid:8)के ह(cid:21); ix. एसआर इ67टी शेयर हर (cid:9)कार स े साधारण इ67टी शेयर(cid:21) के समान ही ह(cid:21)ग े (_कत ु यह उ;तर मतािधकार(cid:21) के मामल ेम .लागू नहX होगा) ।” III. िविनयम 14 म,. उप-िविनयम (2) म,. खंड (क) म,. शDद(cid:21) “इ67टी शेयर(cid:21)” के प2ात् और शDद(cid:21) “के Mप म”. स े पूव(cid:8), िच‘न तथा शDद “(िजनम . धाSरत एसआर इ67टी शेयर, य6द कोई ह(cid:21), शािमल ह)= ” अंतः5थािपत 6कए जाएंगे । IV. िविनयम 16 म,. मौजूदा िविनयम उसके उप-िविनयम (1) के Mप म . स@ं यां6कत हो जाएगा और इस (cid:9)कार स@ं यां6कत उप-िविनयम (1) के प2ात्, िन’िलिखत उप-िविनयम अंतः5थािपत 6कया जाएगा, अथा(cid:8)त,्- “(2) एसआर इ67टी शेयर या तो तब तक VB (लॉक-इन) रहग. े, जब तक 6क उ9ह. ऐस े इ67टी शेयर(cid:21) म . बदल न 6दया जाए (संपSरवaतत न कर 6दया जाए) िजनक(cid:15) बाबत िमलन ेवाल ेमतािधकार साधारण शेयर(cid:21) क(cid:15) बाबत िमलन े वाल े मतािधकार(cid:21) के समान ह(cid:21) या वे ऐसी अविध तक VB (लॉक-इन) रह.गे िजसका उ[लेख उप-िविनयम (1) म .6कया गया ह,ै जो भी बाद म .हो ।” V. िविनयम 21 म,. शDद(cid:21) “िनधाS(cid:8) रत (cid:9)ितभिू तय(cid:21)” के प2ात ् और शDद(cid:21) “को 6कसी अनुसिू चत वािणिTयक ब=क” स ेपूव(cid:8), िच‘न तथा शDद “(एसआर इ67टी शेयर(cid:21) को छोड़कर)” अंतः5थािपत 6कए जाएंग े।¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3 VI. िविनयम 22 म,. शDद(cid:21) “VB िनधाS(cid:8) रत (cid:9)ितभूितया”ँ के प2ात ् और शDद(cid:21) “दसू रे सं(cid:9)वत(cid:8)क या सं(cid:9)वतक(cid:8) समूह” से पूव(cid:8), िच‘न तथा शDद “(एसआर इ67टी शेयर(cid:21) को छोड़कर)” अंतः5थािपत 6कए जाएंगे । VII. िविनयम 62 म,. उप-िविनयम (3) के प2ात,् िन’िलिखत उप-िविनयम अंतः5थािपत 6कया जाएगा, अथा(cid:8)त,्- “(4) जहाँ िनगम(cid:8) कता (cid:8) (इ(cid:30)युअर) ने अपन े सं(cid:9)वतक(cid:8) (cid:21) ((cid:9)ोमोटस)(cid:8) या सं5थापक(cid:21) (फाउंडस)(cid:8) को एसआर इ67टी शेयर िनग(cid:8)िमत (इ(cid:30)यू) 6कए ह(cid:21), वहाँ ऐसा एसआर शेयरधारक अपन े अिधकार(cid:21) का Gयाग नहX करेगा और सािधकार िनग(cid:8)म (राइIस इ(cid:30)यू) म . िमल े एसआर शेयर तब तक VB (लॉक-इन) रहग. े, जब तक 6क उ9ह . (मौजूदा एसआर इ67टी शेयर(cid:21) सिहत) ऐसे इ67टी शेयर(cid:21) म . बदल न 6दया जाए (संपSरवaतत न कर 6दया जाए) िजनक(cid:15) बाबत िमलन ेवाल ेमतािधकार साधारण शेयर(cid:21) क(cid:15) बाबत िमलन ेवाले मतािधकार(cid:21) के समान ह(cid:21) ।” VIII. िविनयम 113 म., उप-िविनयम (4) के प2ात,् िन’िलिखत उप-िविनयम अंतः5थािपत 6कया जाएगा, अथा(cid:8)त,्- “(5) सं(cid:9)वतक(cid:8) (cid:21) ((cid:9)ोमोटस)(cid:8) के एसआर इ67टी शेयर, य6द कोई ह(cid:21), सं(cid:9)वतक(cid:8) (cid:21) के 9यूनतम अंशदान क(cid:15) गणना करन ेहते ु पा- ह(cid:21)ग े।” IX. िविनयम 114 के प2ात् तथा िविनयम 115 स े पूव(cid:8), शीष(cid:8)क “भाग-IV: अवVBता (लॉक-इन) और अंतरणीयता (cांसफरेिबिलटी) के संबंध म .पाब6ं दया”ँ अंतः5थािपत 6कया जाएगा । X. िविनयम 115 म., खंड (ख) के प2ात ्और परंतकु स ेपूव(cid:8), िन’िलिखत खंड अंत:5थािपत 6कया जाएगा, अथा(cid:8)त,्- “ग) एसआर इ67टी शये र तब तक VB (लॉक-इन) रहग. ,े जब तक 6क उ9ह . ऐस े इ67टी शेयर(cid:21) म . बदल न 6दया जाए (संपSरवaतत न कर 6दया जाए) िजनक(cid:15) बाबत िमलन े वाल े मतािधकार साधारण शेयर(cid:21) क(cid:15) बाबत िमलन े वाल े मतािधकार(cid:21) के समान ह(cid:21), बशत E 6क उनके संबंध म . इन िविनयम(cid:21) के अ9य (cid:9)ावधान(cid:21) का पालन 6कया गया हो ।” XI. िविनयम 119 म,. शDद(cid:21) “िनधा(cid:8)Sरत (cid:9)ितभिू तय(cid:21)” के प2ात ्और शDद(cid:21) “को 6कसी अनसु िू चत वािणिTयक बक= ” से पूव,(cid:8) िच‘न तथा शDद “(एसआर इ67टी शेयर(cid:21) को छोड़कर)” अंतः5थािपत 6कए जाएंगे । XII. िविनयम 120 म,. शDद(cid:21) “VB िनधाS(cid:8) रत (cid:9)ितभूितया”ँ के प2ात् और शDद(cid:21) “दसू रे स(cid:9)ं वतक(cid:8) या सं(cid:9)वत(cid:8)क समूह” से पूव,(cid:8) िच‘न तथा शDद “(एसआर इ67टी शेयर(cid:21) को छोड़कर)” अंतः5थािपत 6कए जाएगं े । XIII. िविनयम 294 म,. उप-िविनयम (4) के प2ात,् िन’िलिखत उप-िविनयम अंतः5थािपत 6कया जाएगा, अथा(cid:8)त,्- “(5) य6द 6कसी िनग(cid:8)मकता (cid:8) (इ(cid:30)युअर) ने अपन े सं(cid:9)वतक(cid:8) (cid:21) ((cid:9)ोमोटस)(cid:8) या सं5थापक(cid:21) (फाउंडस)(cid:8) को एसआर इ67टी शेयर िनगि(cid:8) मत (इ(cid:30)यू) 6कए ह(cid:21), तो एसआर इ67टी शये र(cid:21) के संबंध म . 6कसी बोनस िनग(cid:8)म (बोनस इ(cid:30)यू) क(cid:15) बाबत िमलन े वाल े मतािधकार साधारण शेयर(cid:21) क(cid:15) तुलना म . समान अनुपात म . ह(cid:21)गे और बोनस िनगम(cid:8) म . िनग(cid:8)िमत (इ(cid:30)यू) 6कए गए एसआर इ67टी शेयर(cid:21) को (मौजूदा एसआर इ67टी शेयर(cid:21) सिहत) भी ऐस े इ67टी शेयर(cid:21) म . बदला (संपSरवaतत 6कया) जाएगा िजनक(cid:15) बाबत िमलन े वाल े मतािधकार साधारण इ67टी शेयर(cid:21) क(cid:15) बाबत िमलन ेवाल ेमतािधकार(cid:21) के समान ह(cid:21) ।” XIV. अनसु ूची-V म,. (cid:9)Mप-क म,. खंड (11) म,. उप-खंड (क) म,. शDद(cid:21) “िनग(cid:8)मकता (cid:8) के इ67टी शेयर(cid:21)” के प2ात् और शDद(cid:21) “के िलए केवल एक ही” से पूव(cid:8), िच‘न तथा शDद “(एसआर इ67टी शेयर(cid:21) को छोड़कर, जहा ँ िनगम(cid:8) कता (cid:8)के बकाया एसआर इ67टी शेयर ह(cid:21))” अंतः5थािपत 6कए जाएंग े।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] XV. अनसु ूची-VI म,. भाग-क म,. “(cid:9)5ताव संबंधी जानकारी” स े सबं ंिधत खंड 15 म., “िनगम(cid:8) क(cid:15) शतd आ6द” स े संबंिधत उप-खंड (क) म,.- i. मद (क) िन’िलिखत से (cid:9)ित5थािपत हो जाएगी, अथा(cid:8)त,्- “(क) यह कथन 6क िनगम(cid:8) (इ(cid:30)यू) म. िनग(cid:8)िमत शेयर हर (cid:9)कार से मौजूदा शेयर(cid:21) के जैसे ही ह(cid:21)गे (लाभांश के मामल े म . भी) । एसआर इ67टी शेयर(cid:21) वाली कंपिनय(cid:21) के मामल े म,. यह कथन 6क िनग(cid:8)म (इ(cid:30)यू) म . िनगि(cid:8) मत शेयर हर (cid:9)कार स ेमौजूदा शेयर(cid:21) (एसआर इ67टी शेयर(cid:21) को छोड़कर) के जैस े ही ह(cid:21)ग े(लाभांश(cid:21) के मामल ेम .भी) ।” ii. मद (घ) िन’िलिखत स े(cid:9)ित5थािपत हो जाएगी, अथा(cid:8)त,्- “(घ) िलखत धारक(cid:21) (इ9सfमट. हो[डस(cid:8)) के अिधकार । एसआर इ67टी शेयर(cid:21) वाल े िनगम(cid:8) कता (cid:8) (इ(cid:30)यअु र) के मामल े म,. ऐस े एसआर शेयरधारक(cid:21) के िवशेष अिधकार(cid:21) के साथ-साथ उन पSरि5थितय(cid:21) का भी (cid:9)कटीकरण (िड5Hलोज़र) 6कया जाएगा, िजनम. एसआर इ67टी शेयर(cid:21) को साधारण इ67टी शेयर माना जाएगा ।” अजय Gयागी, अFय% [िवgापन-III/4/असा./166/19] पपपपाााादददद (cid:28)(cid:28)(cid:28)(cid:28)टटटट(cid:29)(cid:29)(cid:29)(cid:29)पपपपणणणण :::: 1. भारतीय (cid:9)ितभिू त और िविनमय बोड (cid:8) [पूँजी का िनग(cid:8)मन (इ(cid:30)यू) और (cid:9)कटीकरण अपे%ाएँ] िविनयम, 2018, अिधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/31 8ारा, 11 िसत(cid:3)बर, 2018 को भारत के राजप- म . (cid:9)कािशत (cid:23)ए थ े। 2. मूल िविनयम तGप2ात ्- (क) 31 6दस(cid:3)बर 2018 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [पूँजी का िनग(cid:8)मन (इ(cid:30)यू) और (cid:9)कटीकरण अपे%ाएँ] (संशोधन) िविनयम, 2018, अिधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/57, 8ारा (ख) 29 माच (cid:8) 2019 को भारतीय (cid:9)ितभिू त और िविनमय बोड (cid:8) [पूँजी का िनगम(cid:8) न (इ(cid:30)यू) और (cid:9)कटीकरण अपे%ाएँ] (संशोधन) िविनयम, 2019, अिधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/05, 8ारा (ग) 5 अ(cid:9)ैल 2019 को भारतीय (cid:9)ितभूित और िविनमय बोड (cid:8) [पूँजी का िनग(cid:8)मन (इ(cid:30)यू) और (cid:9)कटीकरण अपे%ाएँ] (दसू रा संशोधन) िविनयम, 2019, अिधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2019/08, 8ारा संशोिधत (cid:23)ए थे । SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mmbai, the 29th July, 2019 SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (THIRD AMENDMENT) REGULATIONS, 2019 No. SEBI/LAD-NRO/GN/2019/29.—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, 2019. 2. They shall come into force on the date of their publication in the Official Gazette.¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 5 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), after clause (eee) and before clause (fff), the following clause shall be inserted, namely, - “(eeea) “SR equity shares” means the equity shares of an issuer having superior voting rights compared to all other equity shares issued by that issuer.” II. in regulation 6, after sub-regulation (2), the following sub-regulation shall be inserted, namely, - “(3) If an issuer has issued SR equity shares to its promoters/ founders, the said issuer shall be allowed to do an initial public offer of only ordinary shares for listing on the Main Board subject to compliance with the provisions of this Chapter and these clauses - i. the issuer shall be intensive in the use of technology, information technology, intellectual property, data analytics, bio-technology or nano-technology to provide products, services or business platforms with substantial value addition. ii. the SR shareholder shall not be part of the promoter group whose collective net worth is more than rupees 500 crores: Explanation: While determining the collective net worth, the investment of SR shareholder in the shares of the issuer company shall not be considered. iii. The SR shares were issued only to the promoters/ founders who hold an executive position in the issuer company; iv. The issue of SR equity shares had been authorized by a special resolution passed at a general meeting of the shareholders of the issuer, where the notice calling for such general meeting specifically provided for - a. the size of issue of SR equity shares, b. ratio of voting rights of SR equity shares vis-à-vis the ordinary shares, c. rights as to differential dividends, if any d. sunset provisions, which provide for a time frame for the validity of such SR equity shares, e. matters in respect of which the SR equity shares would have the same voting right as that of the ordinary shares, v. The SR equity shares have been held for a period of atleast 6 months prior to the filing of the red herring prospectus; vi. The SR equity shares shall have voting rights in the ratio of a minimum of 2:1 upto a maximum of 10:1 compared to ordinary shares and such ratio shall be in whole numbers only; vii. The SR equity shares shall have the same face value as the ordinary shares; viii. The issuer shall only have one class of SR equity shares; ix. The SR equity shares shall be equivalent to ordinary equity shares in all respects, except for having superior voting rights.” III. in regulation 14, in sub-regulation (2), in clause (a), after the words “equity shares” and before the words “or by”, the words and symbols “, including SR equity shares held, if any,” shall be inserted. IV. in regulation 16, the existing regulation shall be numbered as sub-regulation (1) thereof and after the sub-regulation (1) so numbered, the following sub-regulation shall be inserted, namely, -6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] “(2) The SR equity shares shall be under lock-in until conversion into equity shares having voting rights same as that of ordinary shares or shall be locked-in for a period specified in sub-regulations (1), whichever is later.” V. in regulation 21, after the words “Specified securities” and before the words “held by the promoters”, the symbols and words “, except SR equity shares,” shall be inserted. VI. in regulation 22, after the words “specified securities” and before the words “held by the promoters”, the symbols and words “, except SR equity shares,” shall be inserted. VII. in regulation 62, after sub-regulation (3), the following sub-regulation shall be inserted, namely, - “(4) Where the issuer has issued SR equity shares to its promoters or founders, then such a SR shareholder shall not renounce their rights and the SR shares received in a rights issue shall remain under lock-in until conversion into equity shares having voting rights same as that of ordinary equity shares along with existing SR equity shares.” VIII. in regulation 113, after sub-regulation (4), the following sub-regulation shall be inserted, namely, - “(5) The SR equity shares of promoters, if any, shall be eligible towards computation of minimum promoters’ contribution.” IX. in regulation 115, after clause (b) and before the proviso, the following clause shall be inserted, namely, - “(c) The SR equity shares shall be under lock-in until their conversion to equity shares having voting rights same as that of ordinary shares, provided they are in compliance with the other provisions of these regulations.” X. in regulation 119, after the words “Specified securities” and before the words “held by the promoters”, the symbols and words “, except SR equity shares,” shall be inserted. XI. in regulation 120, after the words “specified securities” and before the words “held by the promoters”, the symbols and words “, except SR equity shares,” shall be inserted. XII. in regulation 294, after sub-regulation (4), the following sub-regulation shall be inserted, namely, - “(5) If an issuer has issued SR equity shares to its promoters or founders, any bonus issue on the SR equity shares shall carry the same ratio of voting rights compared to ordinary shares and the SR equity shares issued in a bonus issue shall also be converted to equity shares having voting rights same as that of ordinary equity shares along with existing SR equity shares.” XIII. in Schedule V, in Form A, in clause (11), in sub-clause (a), after the words “of the issuer” and before the symbol “,”, the words and symbols “, excluding SR equity shares, where an issuer has outstanding SR equity shares”, shall be inserted. XIV. in Schedule VI, in Part A, in clause 15 dealing with “Offering Information”, in sub-clause (A) dealing with “Terms of the Issue”, - i. in item (a), after the words and symbol “including dividends.”, the words and symbol “In case of companies having SR equity shares, a statement that the shares issued in the issue shall be pari passu with the existing shares (excluding SR equity shares) in all respects including dividends.”, shall be inserted; ii. in item (d), after the words and symbol “instrument holders.”, the words and symbols “In case of an issuer having SR equity shares, the special rights of such SR shareholders shall be disclosed alongwith the circumstances in which the SR equity shares shall be treated as ordinary equity shares.”, shall be inserted. AJAY TYAGI, Chairman [ADVT.-III/4/Exty./166/19]¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 7 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 Principal Regulations 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. 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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