Sebi extends relaxations for compliance with rights issues.
In terms of Regulation 76 of the ICDR Regulations, an application for a rights issue shall be made only through ASBA facility. In view of the difficulties faced due to the COVID-19 pandemic and the lockdown measures, and in order to ensure that all eligible shareholders are able to apply to rights issue during such times, the issuer shall along with lead manager(s)to the issue, the registrar, and other recognized intermediaries institute an optional mechanism(non-cash mode only)to accept the applications of the shareholders subject to ensuring that no third party payments shall be allowed in respect of any application.
SEBI extends the Guidelines for Investment Advisers.
SEBI extended the deadline for investment advisers to conduct the annual compliance audit for the financial year ended 31st March 2021 by 31st December 2021 and they shall submit the adverse findings of the audit, if any,by January 31, 2022.
SEBI notifies swing pricing framework for mutual fund schemes.
Swing pricing is a mechanism used to ensure that long-term investors in debt schemes are not adversely impacted during big-ticket redemptions, typically by large investors.
Redemption Price for Premature redemption of Sovereign Gold Bond Scheme (SGB)
The redemption price for the premature redemption due on September 29 and 30, 2021 shall be ₹4652/- (Rupees Four thousand six hundred fifty-two only) per unit of SGB based on the simple average of closing gold price for the week September 20-24, 2021.
SEBI Board meeting proposes revised framework for AIFs and Portfolio Managers
The Board approved amendments to the SEBI (Portfolio Managers) Regulations,2020 and the SEBI (Alternative Investment Funds) Regulations, 2012, to facilitate Co-investment by investors of Alternative Investment Funds (AIF) through portfolio management route.
SEBI issues clarification to its earlier circular on Alignment of interest of Key Employees (‘Designated Employees’) of Asset Management Companies (AMCs) with the Unitholders of the Mutual Fund Schemes.
SEBI has clarified the term, ‘key employees’ in the circular associated with the compensation rules refers to ‘designated employees’, and the phrase ‘paid in the form of units’ shall be read as ‘mandatorily invested in units’ which means a portion of designated employees’ remuneration will have to be mandatorily in the form of units of scheme they manage.
FAQs on the Operating Guidelines of the Bullion Exchange, Clearing Corporation, Depositories & Vault Manager
The FAQs clarify that a customer transacting in BDR(Bullion Depository Receipt)can appoint a IFSCA recognized custodian. The custodian will act as a safe keeper of the customer’s BDR.
National Asset Reconstruction Company to acquire stressed assets of about Rs 2 lakh crore in phases.
The Ministry of Finance clarified that the NARCL will acquire assets by making an offer to the lead bank, and once NARCL’s offer is accepted, then, IDRCL (Indian Debt Resolution Company Ltd) will be engaged for management and value addition. It said that the government guarantee is needed because the resolution mechanisms of this nature which deal with a backlog of NPAs typically require a backstop from the government.
Code of Conduct and Code of Ethics for the Directors and KMP of recognized Market Infrastructure Institutions in GIFT-IFSC
The code provides that its objective is to enhance the level of market integrity and investor confidence. It is emphasized that a written code of ethics may not completely guarantee adherence to high ethical standards. This can be accomplished only if Directors and Key Management Personnel of the recognized MIIs commit themselves to the task of enhancing the fairness and integrity of the system in letter and spirit.
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2021
The amendment also provides that the annual audited standalone and consolidated financial results for the financial years shall be submitted to the stock exchange(s) within sixty days from the end of the financial year along with the audit report.
