December 2022
This newsletter is a weekly compilation of accounting, auditing and related regulatory news from different accounting and regulatory bodies in India and overseas.
Regulatory News
SEBI (Listing Obligations and Disclosure Requirements) (Seventh Amendment) Regulations, 2022 – 5 December 2022
The Securities and Exchange Board of India (SEBI) has issued the SEBI (Listing Obligations and Disclosure Requirements) (Seventh Amendment) Regulations, 2022, wherein a new sub-regulation (1A) has been added under Regulation 102 ‘Power to relax strict enforcement of the regulations’ which states that “The Board may after due consideration of the interest of the investors and the securities market and for the development of the securities market, relax the strict enforcement of any of the requirements of these regulations, if an application is made by the Central Government in relation to its strategic disinvestment in a listed entity.”
These Regulations shall come into force w.e.f.6 December 2022.
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Clarification - Scheme(s) of Arrangement by entities who have listed their Non-convertible Debt securities (NCDs)/ Non-convertible Redeemable Preference shares (NCRPS) (‘debt listed entities’) – 9 December 2022
The SEBI vide its Circular dated 17 November 2022 had issued the operational guidelines w.r.t. ‘Scheme of Arrangement’ for those entities whose non-convertible debt securities or non-convertible redeemable preference shares are listed.
Now, in reference to the aforesaid Circular, the SEBI has issued a clarification, thereby clarifying that the provisions of the above-mentioned Circular would not be applicable to a Scheme of Arrangement which solely provides for an arrangement between a debt listed entity and its unlisted wholly owned subsidiary. However, such debt listed entity shall file the draft Scheme of Arrangement with Stock Exchange(s) for the purpose of disclosure and the Stock Exchange(s) shall disseminate the scheme documents on their websites.
Further, it has also been clarified that Chapter XII of the LODR Operational Circular dated 29 July 2022 will accordingly stand modified.
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