Mandatory forensic audit disclosure to stock exchanges, reverse book building not applicable for delisting listed subsidiary & other key decisions at SEBI Board meeting

SEBI has taken certain major decisions in its meeting held on September 29, 2020, including following:
  • In case of initiation of forensic audits, listed entities shall make the disclosures to stock exchanges, without any application of
  • materiality;
  • Exemption from the Reverse Book Building process for delisting of listed subsidiary, where it becomes the wholly owned subsidiary of
  • the listed parent pursuant to a scheme of arrangement;
  • For Mutual Funds, introduction of Code of Conduct for Fund Managers including Chief Investment Officers and Dealers of Asset
  • Management Companies;
  • For Alternative Investment Funds, qualification and experience criteria of the investment team, may be fulfilled individually or
  • collectively by personnel of key investment team of the manager;
  • Strengthening the role of Debenture Trustees so as to protect the interest of debenture holders;
  • Change in mechanism with respect to the information to be submitted by informants under the informant mechanism of the SEBI
  • (Prohibition of Insider Trading) Regulations, 2015.

Additionally, SEBI has given extensions to certain relaxations with respect to validity of SEBI Observations and filing of fresh offer document in case of increase or decrease of issue size beyond a particular threshold SEBI (Issue of Capital and Disclosure Requirements) Regulations,
2018 (ICDR Regulations).

Visit here for more info:  https://elplaw.in/wp-content/uploads/2020/10/ELP-Corporate-Update-Mandatory-forensic-audit-disclosure-to-stock-exchanges-reverse-book-building-not-applicable-for-delisting-listed-subsidiary-other-key-decisions-at-SEBI-Board-meeting.pdf

Comments

Post a Comment

Popular posts from this blog

India’s Consumer Protection Rules: What Foreign E-Commerce Entities Need to be Cognizant Of

The recent difference of opinions between the Government and Twitter brings to fore the increasing scrutiny that foreign digital/e-commerce players are facing from multiple regulatory check-points in India, a trend which is mirroring the global current in that direction. Significant compliance parameters for entities in digital space is consumer protection laws.  Recently, the Government of India (GOI) has been aggressively enforcing consumer protection laws against e-commerce players. 148 notices been issued to them in the last three months for disclosing ‘country of origin’ on the websites. However, an interesting point to examine is how consumer protection laws of India extend to foreign digital/ e-commerce players, especially those who otherwise have no physical presence in the country.     The Consumer Protection Act, 2019 (CPA) has been enacted with the aim of safeguarding the interests of consumers in India against unlawful business activities and unfair trade...
Read more

International Trade and Customs Practice

ELP's International Trade and Customs practice helps organizations with global guidelines overseeing their organizations. ELP has a wide ability in taking care of warning and requirement matters including exchange controls, including trade controls and financial approvals. Our group comprehends the considerable legitimate requirements around there with the key administrative organizations, for example, the Ministry of Commerce, Ministry of Finance and Ministry of External Affairs.    Visit @ https://elplaw.in/practicearea/international-trade-customs-practice/
Read more