Executive Summary:
This document contains the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Amendment Regulations, 2017. These regulations, effective from the date of their publication in the Official Gazette, further amend the 2015 regulations concerning listing obligations and disclosure requirements. The notification number is SEBI/LADNRO/GN/2016-17/029, dated February 10, 2017.
Key Points / Main Content:
* **Authority:** These regulations are issued under the powers conferred by Section 11, sub-section 2 of Section 11A, and Section 30 of the Securities and Exchange Board of India Act, 1992, read with Section 31 of the Securities Contracts Regulation Act, 1956.
* **Amendment Title:** The regulations are called the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Amendment Regulations, 2017.
* **Effective Date:** The regulations come into force on the date of their publication in the Official Gazette.
* **Amendment to 2015 Regulations:** The regulations further amend the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015.
* **Regulation 37 Amendment:** In the 2015 Regulations, Regulation 37 is amended by inserting a new sub-regulation (6) after sub-regulation (5).
* **Exemption for Wholly Owned Subsidiary Mergers:** The newly inserted sub-regulation (6) states that nothing in Regulation 37 applies to draft schemes solely providing for the merger of a wholly-owned subsidiary with its holding company.
* **Disclosure Requirement for Exempted Schemes:** Despite the exemption, draft schemes for mergers of wholly-owned subsidiaries with their holding companies must still be filed with stock exchanges for disclosure purposes.
Impact Analysis:
**Listed Entities:**
* Impact: Listed entities considering a merger of a wholly-owned subsidiary with its holding company will benefit from the exemption from certain requirements under Regulation 37.
* Action Required: Ensure that draft schemes for such mergers are filed with the stock exchanges for disclosure purposes, even though the schemes are exempt from other aspects of Regulation 37.
**Stock Exchanges:**
* Impact: Stock exchanges will be required to handle filings of draft schemes for mergers of wholly-owned subsidiaries with their holding companies.
* Action Required: Establish procedures for receiving, processing, and disclosing draft schemes related to mergers of wholly-owned subsidiaries with their holding companies.
**Securities and Exchange Board of India (SEBI):**
* Impact: SEBI retains oversight and enforcement powers regarding listing obligations and disclosure requirements.
* Action Required: Monitor compliance with the amended regulations and take appropriate action in case of non-compliance.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): A regulatory body for securities market in India.
Securities and Exchange Board of India Act, 1992: A law that established the Securities and Exchange Board of India and defines its powers and functions.
Securities Contracts Regulation Act, 1956: An act to prevent undesirable transactions in securities.
Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015: Regulations pertaining to listing obligations and disclosure requirements for listed entities in India.
Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Amendment Regulations, 2017: Regulations amending the 2015 regulations related to listing obligations and disclosure requirements.
Mumbai, Maharashtra: The city in India where the Securities and Exchange Board of India issued the notification.
U. K. Sinha: Chairman of the Securities and Exchange Board of India (SEBI) at the time of notification.
New Delhi, Delhi: Location of the Government of India Press which uploaded the document.
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EXTRAORDINARY
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PART III—Section 4
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PUBLISHED BY AUTHORITY
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No. 53] NEW DELHI, WEDNESDAY, FEBRUARY 15, 2017/MAGHA 26, 1938
भारतीय (cid:7079)ितभिू त और िविनमय बोड (cid:6981)
अिधसचू ना
मु(cid:7013)बई, 10 फरवरी, 2017
भारतीय (cid:7079)ितभिू त और िविनमय बोड (cid:6981)
[सचू ीब(cid:7373)ता (िल(cid:7410)(cid:7021)टग) बा(cid:7007)यताए ँ और (cid:7079)कटीकरण अप(cid:6979)े ाए]ँ (सशं ोधन) िविनयम, 2017
स.ं सबे ी / एल.ए.डी. /एन. आर. ओ./जी. एन. / 2016-17/ 29 .- भारतीय (cid:7079)ितभिू त और िविनमय बोड,(cid:6981)
(cid:7079)ितभूित संिवदा (िविनयमन) अिधिनयम, 1956 (1956 का 42) क(cid:7409) धारा 31 के साथ प(cid:7407)ठत भारतीय (cid:7079)ितभूित
और िविनमय बोड (cid:6981) अिधिनयम, 1992 (1992 का 15) क(cid:7409) धारा 11, धारा 11क क(cid:7409) उप-धारा (2) तथा धारा 30
(cid:7367)ारा (cid:7079)द(cid:7275) शि(cid:7334)य(cid:7298) का (cid:7079)योग करते (cid:7263)ए, एत(cid:7375)ारा भारतीय (cid:7079)ितभूित और िविनमय बोड (cid:6981) [सूचीब(cid:7373)ता (िल(cid:7410)(cid:7021)टग)
बा(cid:7007)यताए ँ और (cid:7079)कटीकरण अपे(cid:6979)ाए]ँ िविनयम, 2015 का और संशोधन करन े के िलए िन(cid:7388)िलिखत िविनयम बनाता
ह,ै अथा(cid:6981)त् :-
1. इन िविनयम(cid:7298) को भारतीय (cid:7079)ितभूित और िविनमय बोड (cid:6981) [सूचीब(cid:7373)ता (िल(cid:7410)(cid:7021)टग) बा(cid:7007)यताए ँ और (cid:7079)कटीकरण
अपे(cid:6979)ाए]ँ (संशोधन) िविनयम, 2017 कहा जा सकेगा ।
2. वे राजप(cid:7074) म(cid:7286) उनके (cid:7079)काशन क(cid:7409) तारीख को (cid:7079)वृ(cid:7275) ह(cid:7298)गे ।
3. भारतीय (cid:7079)ितभूित और िविनमय बोड(cid:6981) [सूचीब(cid:7373)ता (िल(cid:7410)(cid:7021)टग) बा(cid:7007)यताए ँ और (cid:7079)कटीकरण अपे(cid:6979)ाए]ँ
िविनयम, 2015 म(cid:7286), िविनयम 37 म(cid:7286), उप-िविनयम (5) के प(cid:7391)ात्, िन(cid:7388)िलिखत उप-िविनयम तथा परंतुक
अंतः(cid:7021)थािपत (cid:7408)कए जाएगँ ,े अथा(cid:6981)त,् -
830 GI/2017 (1)(cid:32)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
“(6) इस िविनयम म(cid:7286) दी (cid:7263)ई कोई भी बात उन (cid:7021)क(cid:7409)म(cid:7298) के (cid:7079)ा(cid:7272)प ((cid:7071)ा(cid:7010)ट (cid:7021)क(cid:7409)(cid:7013)स)् पर लागू नह(cid:7277) होगी, िजनम (cid:7286)
केवल पूण(cid:6981)तया (cid:7021)वािम(cid:7004)व वाली समनुषंगी (सि(cid:7011)सिडयरी) के उसक(cid:7409) िनयं(cid:7074)ी (धा(cid:7407)रता) कंपनी (हो(cid:7410)(cid:7016)डग
कंपनी) म(cid:7286) िवलय (मज(cid:6981)र) का उ(cid:7016)लेख हो :
परंतु यह (cid:7408)क ऐसी (cid:7021)क(cid:7409)म(cid:7298) के पा(cid:7272)प ((cid:7071)ा(cid:7010)ट (cid:7021)क(cid:7409)(cid:7013)स)् (cid:7021)टॉक ए(cid:6989)सच(cid:7286)ज(cid:7298) के पास (cid:7079)कटीकरण(cid:7298)
(िडस(cid:6989)लोज़स(cid:6981)) के (cid:7079)योजनाथ (cid:6981) दािखल (cid:7408)कए जाएगँ े ।"
यू. के. िस(cid:7008)हा , अ(cid:7007)य(cid:6979)
[िव(cid:6980)ापन-III /4/असा./414/16]
पाद (cid:7407)ट(cid:7009)पण :
1.(cid:32) भारतीय (cid:7079)ितभूित और िविनमय बोड(cid:6981) [सूचीब(cid:7373)ता (िल(cid:7410)(cid:7021)टग) बा(cid:7007)यताए ँ और (cid:7079)कटीकरण अपे(cid:6979)ाए]ँ
िविनयम, 2015, स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2015-16/013, 2 िसत(cid:7013)बर 2015 को
भारत के राजप(cid:7074) म(cid:7286) (cid:7079)कािशत (cid:7263)ए थे ।
2.(cid:32) भारतीय (cid:7079)ितभूित और िविनमय बोड(cid:6981) [सूचीब(cid:7373)ता (िल(cid:7410)(cid:7021)टग) बा(cid:7007)यताए ँ और (cid:7079)कटीकरण अपे(cid:6979)ाए]ँ
िविनयम, 2015 त(cid:7004)प(cid:7391)ात् :
(क)(cid:32) 22 (cid:7408)दस(cid:7013)बर, 2015 को भारतीय (cid:7079)ितभूित और िविनमय बोड (cid:6981) [सूचीब(cid:7373)ता (िल(cid:7410)(cid:7021)टग) बा(cid:7007)यताए ँ
और (cid:7079)कटीकरण अपे(cid:6979)ाएँ] (संशोधन) िविनयम, 2015, अिधसूचना स.ं सेबी/एल.ए.डी.-
एन.आर.ओ./जी.एन./2015-16/027, (cid:7367)ारा
(ख)(cid:32) 25 मई, 2016 को भारतीय (cid:7079)ितभूित और िविनमय बोड (cid:6981) [सूचीब(cid:7373)ता (िल(cid:7410)(cid:7021)टग) बा(cid:7007)यताए ँ और
(cid:7079)कटीकरण अपे(cid:6979)ाएँ] (संशोधन) िविनयम, 2016, अिधसूचना स.ं सेबी/एल.ए.डी.-
एन.आर.ओ./जी.एन./2016-17/001, (cid:7367)ारा
(ग)(cid:32) 8 जुलाई, 2016 को भारतीय (cid:7079)ितभूित और िविनमय बोड (cid:6981) [सूचीब(cid:7373)ता (िल(cid:7410)(cid:7021)टग) बा(cid:7007)यताए ँ और
(cid:7079)कटीकरण अपे(cid:6979)ाए]ँ (दसू रा संशोधन) िविनयम, 2016, अिधसूचना स.ं सेबी/एल.ए.डी.-
एन.आर.ओ./जी.एन./2016-17/008, (cid:7367)ारा
(घ)(cid:32) 4 जनवरी, 2017 को भारतीय (cid:7079)ितभूित और िविनमय बोड (cid:6981) [सूचीब(cid:7373)ता (िल(cid:7410)(cid:7021)टग) बा(cid:7007)यताए ँ और
(cid:7079)कटीकरण अपे(cid:6979)ाएँ] (तीसरा संशोधन) िविनयम, 2016, अिधसूचना सं. सबे ी/एल.ए.डी.-
एन.आर.ओ./जी.एन./2016-17/025, (cid:7367)ारा
संशोिधत (cid:7263)ए थ े ।¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 10th February, 2017
SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE
REQUIREMENTS) (AMENDMENT) REGULATIONS, 2017
No. SEBI/LAD-NRO/GN/2016-17/029.─ In exercise of the powers conferred by section 11, sub section (2) of
section 11A and section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 31 of
the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Securities and Exchange Board of India hereby makes
the following regulations to further amend the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, namely:-
1.(cid:32) These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2017.
2.(cid:32) They shall come into force on the date of their publication in the Official Gazette.
3.(cid:32) In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, in regulation 37, after sub-regulation (5), the following sub-regulation and proviso may be inserted,
namely,-
“(6) Nothing contained in this regulation shall apply to draft schemes which solely provide for merger of a
wholly owned subsidiary with its holding company:
Provided that such draft schemes shall be filed with the stock exchanges for the purpose of disclosures.”
U. K. SINHA, Chairman
[ADVT.-III/4/Exty./414/16]
Footnote:
1.(cid:32) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
were published in the Gazette of India on 2nd September 2015 vide No. SEBI/LAD-NRO/GN/2015-16/013.
2.(cid:32) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
were subsequently amended on:
(a)(cid:32)December 22, 2015 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
(Amendment) Regulations, 2015 vide notification no. SEBI/LAD-NRO/GN/2015-16/27.
(b)(cid:32)May 25, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
(Amendment) Regulations, 2016 vide notification no. SEBI/LAD-NRO/GN/ 2016-17/001.
(c)(cid:32)July 08, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second
Amendment) Regulations, 2016 vide notification no. SEBI/ LAD-NRO/GN/2016-17/008.
(d)(cid:32)January 4, 2017 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
(Third Amendment) Regulations, 2016 vide notification no. SEBI/ LAD-NRO/GN/2016-17/025.
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.