SEBI notifies master circular on issuance of No objection Certificate (NOC) for release of 1% of issue amount.
The application for NOC shall be filed by the Post Issue Lead Merchant Banker (PILMB), provided that all issue related complaints have been resolved by the PILMB/ issuer, with the concerned designated office of SEBI under which the registered office of the issuer falls. On the date of application for NOC, the bank guarantees, if any, which form part of the 1% deposit by issuer shall have a residual validity of minimum of 2 months.
IFSCA empowered to regulate issue and transfer of securities in an International Financial Services Centre
The IFSCA shall administer these powers notwithstanding anything contained in the Companies Act, 2013.
SEBI Consultation Paper on Cloud Framework
The proposed cloud framework will guide RE to adopt cloud computing for augmenting the business prospects by scalability, reduced operational cost, digital transformation and reducing IT infrastructure complexity.
Ministry of Finance notifies IIPDF Scheme’ (India Infrastructure Project Development Fund Scheme).
The project proposal may be from any of the sectors covered under the harmonized Master List of Infrastructure sub sectors and sectors covered under VGF Scheme, notified by DEA from time to time and the proposal may be submitted at any stage of engagement of TAs.
SEBI restricts activities of clearing corporations
Clearing Corporation shall not undertake any activity except that of clearing and settling transactions in repo and reverse repo in the debt securities that are dealt with or traded on a recognized stock exchange.
SEBI issues circular on Standardisation of Rating Scales Used by Credit Rating Agencies (CRAs).
Issuer rating / Corporate Credit Rating indicates the degree of safety of the issuer or the rated entity with regard to timely servicing of all its debt obligations. Pursuant to the consultation with the CRAs, standardised symbols and their definitions have been devised for Issuer Rating / Corporate Credit Rating. The new symbols and definitions as notified in these guidelines shall henceforth be used for the new ratings/ reviews by the CRAs for Issuer Rating / Corporate Credit Rating.
SEBI revises provisions pertaining to specifications related to International Securities Identification Number (ISIN) for debt securities issued on private placement basis.
The provisions of this circular shall be applicable to ISINs utilised to issue debt securities from April 1, 2023. The newly capped limits shall not be applicable to ISINs utilised for issuance of debt securities upto March 31, 2023 and maturing in later years.
SEBI issues circular on Reduction in denomination for debt securities and non-convertible redeemable preference shares.
SEBI in its earlier notification dated 10th August 2021, prescribed provisions pertaining to denomination of issuance and trading of Non-convertible Securities. It mandates that the face value of each debt security or nonconvertible redeemable preference share issued on private placement basis shall be Rs. Ten lakh and the trading lot shall be equal to the face value.
SEBI decides to implement the direct transaction in ETFs through AMCs from 1st May 2023.
In order to enhance liquidity in units of ETFs on stock exchange platform, it has been decided that direct transaction with AMCs shall be facilitated for investors only for transactions above a specified threshold. In this regard, to begin with any order placed for redemption or subscription directly with the AMC must be of greater than INR 25 Cr. The aforesaid threshold shall not be applicable for MMs and shall be periodically reviewed.
SEBI issues clarification on applicability of block mechanism in demat account.
SEBI made the facility of block mechanism mandatory for all Early Pay-In transactions, however, it has now clarified that the block mechanism shall not be applicable to clients having arrangements with custodians registered with SEBI for clearing and settlement of trades.
