Securities and Exchange Board of India (SEBI), vide Circular No. SEBI/ LAD-NRO/GN/2016-17/003 dated 25/05/2016, the following regulations amended:
After Sub regulation 2 (Zm) the following shall be inserted namely:
- “(zn) “wilful defaulter” means an issuer who is categorized as a wilful defaulter by any bank or financial institution or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India and includes an issuer whose director or promoter is categorized as such.”
- The following Regulations are amended:
- Regulation: 4 – General conditions
- Regulation: 73 – Disclosures
- Regulation: 84 – Placement Document
- Schedule VIII – Disclosures in offer document, abridged prospectus and abridged letter of offer.
- Schedule XXI – Disclosures in the addendum to the offer document for rights issue of indian depository receipts
The said Notification available at the following link:SEBI_ICDR 3rd Amendment Reg. 2016-25.05.16