Executive Summary:
This document contains the Securities and Exchange Board of India (SEBI) Delisting of Equity Shares Second Amendment Regulations, 2015. It amends the 2009 regulations regarding the delisting of equity shares and comes into force on the date of its publication in the Official Gazette (August 14, 2015). The amendment modifies a proviso concerning the applicability of these regulations to securities listed on institutional trading platforms without a public issue.
Key Points / Main Content:
* **Title and Authority:**
* These regulations are called the Securities and Exchange Board of India Delisting of Equity Shares Second Amendment Regulations, 2015.
* The regulations are issued under the powers conferred by section 31 read with section 21A of the Securities Contracts Regulation Act, 1956, and section 30, subsection 1 of section 11 and subsection 2 of section 11A of the Securities and Exchange Board of India Act, 1992.
* **Effective Date:**
* The regulations come into force on the date of their publication in the Official Gazette (August 14, 2015).
* **Amendment to 2009 Regulations:**
* Regulation 3, in subregulation 1 of the Securities and Exchange Board of India Delisting of Equity Shares Regulations, 2009, is amended.
* The existing proviso is substituted with a new one.
* **New Proviso:**
* The regulations shall not apply to securities listed without making a public issue, on the institutional trading platform of a recognised stock exchange.
Impact Analysis:
* **Securities and Exchange Board of India (SEBI):**
* Impact: SEBI is responsible for enforcing and overseeing the amended regulations, ensuring compliance among listed entities and stock exchanges.
* Action Required: SEBI must implement and communicate the amended regulations to relevant stakeholders and monitor their adherence.
* **Listed Entities:**
* Impact: Listed entities, particularly those with securities listed on institutional trading platforms without a prior public issue, are directly affected by the change in regulations.
* Action Required: These entities must understand the amended regulations to ensure they are compliant, especially if they are considering delisting their equity shares.
* **Recognised Stock Exchanges:**
* Impact: Recognised stock exchanges operating institutional trading platforms are affected by the amended regulations.
* Action Required: Stock exchanges must take note of the change and ensure that their delisting processes align with the new proviso, especially for securities listed without a public issue.
* **Investors:**
* Impact: Investors in companies listed on institutional trading platforms without a public issue may be indirectly affected, as the delisting process for these companies is now outside the purview of these specific regulations.
* Action Required: Investors should be aware of the updated regulations to understand their rights and the delisting procedures for companies they have invested in.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): A regulatory body for securities markets in India. It is the primary regulator for the Indian stock market.
Securities Contracts Regulation Act, 1956: An act of the Parliament of India which regulates the securities contracts in India.
Securities and Exchange Board of India Act, 1992: An act of the Parliament of India that established the Securities and Exchange Board of India (SEBI).
Securities and Exchange Board of India Delisting of Equity Shares Regulations, 2009: Regulations established by SEBI regarding the delisting of equity shares from stock exchanges.
Securities and Exchange Board of India Delisting of Equity Shares Second Amendment Regulations, 2015: An amendment to the 2009 regulations concerning the delisting of equity shares.
Mumbai, Maharashtra: The city in which the Securities and Exchange Board of India notification was issued.
U. K. Sinha: Chairman of the Securities and Exchange Board of India (SEBI) at the time of this notification.
SEBI Listing of Specified Securities on Institutional Trading Platform Regulations, 2013: Regulations by SEBI for listing securities on Institutional Trading Platform.
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SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 14th August, 2015
Securities and Exchange Board of India (Delisting of Equity Shares) (Second Amendment)
Regulations, 2015
No. SEBI/LAD-NRO/GN/2015-16/010.─In exercise of the powers conferred by section 31 read with
section 21A of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), section 30, sub-section (1) of
section 11 and sub-section (2) of section 11A of the Securities and Exchange Board of India Act, 1992 (15 of
1992),the Board hereby makes the following Regulations to further amend the Securities and Exchange Board
of India (Delisting of Equity Shares) Regulations, 2009, namely:—
1. These regulations may be called the Securities and Exchange Board of India (Delisting of Equity Shares)
(Second Amendment) Regulations, 2015.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, in
regulation 3, in sub-regulation (1), the proviso shall be substituted with the following namely:—
"Provided that these regulations shall not apply to securities listed without making a public issue, on
the institutional trading platform of a recognised stock exchange."
U. K. SINHA, Chairman
[ADVT.-III/4/Exty./69 ZB/15/(167)]
Footnotes:
1. The SEBI (Delisting of Equity Shares) Regulations, 2009, were published in the Gazette of India on
10 June, 2009 vide No. LAD-NRO/GN/2009-2010/09/165992.
2. The Principal Regulations were subsequently amended on:
(a) October 8, 2013 by the SEBI (Listing of Specified Securities on Institutional Trading Platform)
Regulations, 2013 vide No. LAD-NRO/GN/2013-14/28/6720.
(b) March 24, 2015 by SEBI (Delisting of Equity Shares) (Amendment) Regulations, 2015 vide
No. LAD-NRO/GN/2014-15/27/541.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.