SEBI redraws securities guidelines

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SEBI securities
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On 28 August, SEBI amended the SEBI (Disclosure and Investor Protection) Guidelines, 2000.

For public issues, securities which have been acquired by shareholders or promoters during the preceding year, pursuant to a restructuring scheme approved by the high court(s) in lieu of business and invested capital, and which have existed for more than one year prior to the restructuring, will be eligible for inclusion in a promoter’s contribution as well as for an offer for sale. In addition, the timelines for a rights issue at various stages have been reduced in order to facilitate faster completion of issues.

Shares allotted pursuant to the exercise of warrants issued on a preferential basis will be subject to a full lock-in period of one year or three years from the date of allotment. Shares allotted on the exercise of warrants will not be reduced since they have already been locked-in.

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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm that provides legal and tax counselling. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.

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