SEBI vide Notification No. SEBI/LAD/NRO/GN/2017-18/06 on Wednesday, 31st May, 2017 notified Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Second Amendment) Regulations, 2017, which shall come into force on the date of publication in Official Gazette. This hereby undertakes following amendments:
- Regulation 2(1):
- Clause (zd) – inclusion of “systemically important non-banking financial companies” in the definition of qualified institutional buyer
- New Clause (zla) – defining “systemically important non-banking financial companies”
- Regulation 16(1): For assessing requirement of Monitoring Agency,
- Issue size shall be excluding the size of offer for sale by selling shareholders
- Issue size shall be exceeding Rs.100 crore (previously was Rs. 500 crore)
- Under proviso for non applicability of this sub-regulation, an offer for sale has been omitted
- Regulation 16(2): Submission of Report by Monitoring Agency,
- On quarterly basis (previously was half-yearly basis)
- till at least 95% of the proceeds of the issue, excluding the proceeds under offer for sale and amount raised for general corporate purposes, have been utilised. (previously was till fully utilized)
- New sub-regulation 16(3): Provide comments on the findings of the monitoring agency by the Board of Directors and the management of the company.
- New sub-regulation 16(4): The issuer shall within 45 days from the end of each quarter, publically disseminate the quarterly report of the monitoring agency
- on its website, and
- to the stock exchange(s) on which its equity shares are listed.
- Amendment in Schedule IX e. Format of Report to be submitted by Monitoring Agency
The said Notification of SEBI is available at the following link:SEBI(ICDR)2ndAmndReg_31.05.2017