SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2021

SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 8thJanuary, 2021

SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (AMENDMENT) REGULATIONS, 2021

No. SEBI/LAD-NRO/GN/2021/02.- In exercise of the powers conferred bysection 11, sub-section (2) of section 11A and section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 31 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Board hereby makes the following regulations to further amend the Securities and Exchange  Board  of  India  (Listing  Obligations  and  Disclosure  Requirements)  Regulations, 2015, namely:-

1.These  regulations  may  be  called  the  Securities  and  Exchange  Board  of  India (Listing Obligations and Disclosure Requirements)(Amendment)Regulations, 2021.

2.They  shall  come  into  force  on  the  date  of  their  publication  in  the  Official  Gazette. 

3.In  the  Securities  and  Exchange  Board  of  India  (Listing  Obligations  and  Disclosure Requirements) Regulations, 2015,-

I.In Schedule III,in Part A,-

a. under  point  A,  in  clause  16,the  existing sub-clause(l)shall  be  substituted with the following, namely,-
“l)Specific features anddetails of the resolution planas approved by the Adjudicating  Authority  under  the Insolvency  Code,not  involving commercial secrets, including details such as: 

(i) Pre and Post net-worth of the company; 

(ii) Details of assets of the company post CIRP;

(iii) Details   of   securities   continuing   to   be   imposed   on   the companies’ assets;

(iv) Other material liabilities imposedon the company;

(v) Detailed  pre  and  post  shareholding  pattern  assuming  100% conversionof convertible securities;

(vi) Details of funds infusedin the company, creditors paid-off;

(vii) Additional  liability  on  the  incoming  investors  due  to  the transaction,source of such funding etc.;

(viii) Impact on the investor –revised P/E, RONW ratios etc.;

(ix) Names of the new promoters, key managerial persons(s),if anyand  their  past  experience  in  the  business  or  employment. In case where promotersare companies, history of such company and names of natural persons in control;

(x) Brief description of business strategy.”

b. under point A,in clause 16, afterthe existing sub-clause (m), thefollowingnew sub-clausesshall be inserted, namely, -

“n) Proposed  steps  to  be  taken  by  the  incoming  investor/acquirer  for achieving the MPS;

o) Quarterly disclosure of the status of achieving the MPS;

p) The details as to the delisting plans, if any approved in the resolution plan.”

Sd/-
AJAY TYAGI
CHAIRMAN
SECURITIES AND EXCHANGE BOARD OF INDIA

Footnotes: 

1. TheSecurities andExchange  Board  of  India  (Listing ObligationsandDisclosure Requirements)Regulations,  2015were published  in  the  Gazette  of  India  on  2nd September 2015 vide No. SEBI/LAD-NRO/GN/2015-16/013. 

2. The Securities  and  Exchange  Board  of India  (Listing  Obligations  andDisclosure Requirements) Regulations, 2015, were subsequently amended on:

a) December  22,  2015  by  the  Securities  and  Exchange  Board  of India  (Listing Obligations  and  Disclosure  Requirements)  (Amendment)  Regulations,  2015  vide notification no. SEBI/LAD-NRO/GN/2015-16/27.

b) May 25, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure  Requirements)  (Amendment)  Regulations,  2016  vide  notification  no. SEBI/LAD-NRO/GN/ 2016-17/001.

c) July 8, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure  Requirements)(Second        Amendment)Regulations,2016        vide notification no. SEBI/ LAD-NRO/GN/2016-17/008.

d) January4, 2017  by  Securities  and  Exchange  Board  of  India  (Listing  Obligations and   Disclosure   Requirements)   (Third   Amendment)   Regulations,   2016   vide notification no. SEBI/ LAD-NRO/GN/2016-17/025.

e) February 15, 2017 by Securities and Exchange Board of India (Listing Obligations and  Disclosure  Requirements)  (Amendment)  Regulations,  2017  vide  notification no. SEBI/LAD/NRO/GN/2016-17/029. 

f) March 6, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode  of  Payment)  (Amendment)  Regulations,  2017  vide  Notification  No.  LAD-NRO/GN/2016-17/037  read  with  March  29,  2017  by  Securities  and  Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017 vide notification no.SEBI/LAD/NRO/GN/2016-17/38.

g) May 9, 2018 by the Securities and Exchange  Board of  India (Listing Obligations and  Disclosure  Requirements)  (Amendment)  Regulations,  2018  vide  notification no. SEBI/LAD-NRO/GN/2018/10.

h) May 30, 2018 by the Securities and Exchange Board of India (Listing Obligations and  Disclosure  Requirements) (Second  Amendment)  Regulations,  2018  vide notification no. SEBI/LAD-NRO/GN/2018/13.

i) June 1, 2018 by the Securities and Exchange  Board of  India (Listing Obligations and   Disclosure   Requirements)   (Third   Amendment)   Regulations,   2018   vide notification no. SEBI/LAD-NRO/GN/2018/21.

j) June 8, 2018 by the Securities and Exchange  Board of  India (Listing Obligations and   Disclosure   Requirements)   (Fourth   Amendment)   Regulations,   2018   vide notification no. SEBI/LAD-NRO/GN/2018/24.

k) September  6,  2018  by  the  Securities  and  Exchange  Board  of  India  (Listing Obligations and  Disclosure Requirements) (Fifth Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/30.

l) November  16,  2018 by  the  Securities  and  Exchange  Board  of  India  (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/47.

m) March 29, 2019 by the Securities and Exchange Board of India (Listing Obligations and  Disclosure  Requirements)  (Amendment)  Regulations,  2019  vide  notification no. SEBI/LAD-NRO/GN/2019/07. 

n) May 7, 2019 by the Securities and Exchange  Board of  India (Listing Obligations and  Disclosure  Requirements)  (Second  Amendment)  Regulations,  2019,  vide notification no.SEBI/ LAD-NRO/GN/2019/12. 

o) June 27, 2019 by the Securities and Exchange Board of India (Listing Obligations and   Disclosure   Requirements)   (Third   Amendment)   Regulations,   2019,   vide notification no.SEBI/ LAD-NRO/GN/2019/22. 

p) July 29, 2019 by the Securities and Exchange Board of India (Listing Obligations and  Disclosure  Requirements)  (Fourth  Amendment)  Regulations,  2019,  vide notification no.SEBI/ LAD-NRO/GN/2019/28. 

q) December  26, 2019  by  the Securities  and  Exchange  Board  of  India  (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2019, vide notification no.SEBI/ LAD-NRO/GN/2019/45.

r) January  10,  2020  by  the Securities  and  Exchange  Board  of   India  (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2020, vide notification no.SEBI/ LAD-NRO/GN/2020/02.

s) April  17,  2020  by  SEBI  (Regulatory  Sandbox)  (Amendment)Regulations,  2020   vide   no.  SEBI/LAD-NRO/GN/2020/10.

t) August 05, 2020 by the Securities and Exchange Board of India (Listing Obligations and  Disclosure  Requirements)  (Second  Amendment)  Regulations,  2020,  vide notification no.SEBI/ LAD-NRO/GN/2020/25.

u) October  08,  2020  by  the Securities  and  Exchange  Board  of  India  (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2020, vide notification no.SEBI/ LAD-NRO/GN/2020/33.