The Securities and Exchange Board of India (“SEBI”) has recently on September 11, 2018 published the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“2018 Regulations”)
These Regulations will become effective after 60 days of the publication i.e. November 11, 2018
The Regulation shall be applicable to the following:
(a) an initial public offer by an unlisted issuer;
(b) a rights issue by a listed issuer; where the aggregate value of the issue is ten crore rupees or more;
(c) a further public offer by a listed issuer;
(d) a preferential issue by a listed issuer;
(e) a qualified institutions placement by a listed issuer;
(f) an initial public offer of Indian depository receipts;
(g) a rights issue of Indian depository receipts;
(h) an initial public offer by a small and medium enterprise;
(i) a listing on the institutional trading platform through an issue or without an issue; and
(j) a bonus issue by a listed issuer
Provided that in case of rights issue of size less than ten crore rupees, the issuer shall prepare the letter of offer in accordance with requirements as specified in these regulations and file the same with the Board for information and dissemination on the Board’s website.
Provided further that these regulations shall not apply to issue of securities under clause (b), (d) and (e) of sub-regulation (1) of regulation 9 of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
