Newsletter - MMJC - Page 15

In a move to simplify compliance, SEBI has withdrawn the requirement to deposit 1% issue size available to public for subscription as deposit with designated stock exchange by the issuer company. What Was the Provision? Under Regulation 38(1) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR), issuer companies were required to deposit

Introduction SEBI has proposed 26 reforms to improve the framework governing SMEs under the SEBI (ICDR) Regulations, 2018, and the SEBI (LODR) Regulations, 2015. These reforms aim to enhance transparency, governance, and investor protection while encouraging growth in the SME sector. Detailed Key Proposals PART I: SME provisions under ICDR A.SME IPO Process: I. Increase

Ministry of Micro, Small and Medium Enterprises Notification dated 7 November, 2024 Now all companies registered under the Companies Act, 2013 with a turnover of more than ₹ 250 crore and all Central Public Sector Enterprises shall be required to get themselves onboarded on the Trade Receivables Discounting System platforms (TReDS) by 31 March 2025.

Applicability of SDD compliance certificate: 1. Whether listed entities to whom reg. 24A of SEBI (LODR) [viz. submitting Annual Secretarial Compliance Report [‘ASCR’]] are applicable are required to submit separate certificate on maintenance of Structural Digital Database [‘SDD’] every quarter? No. Listed entities to whom corporate governance provisions are applicable have to confirm SDD maintenance

Introduction: With an intention to provide Clarity on Pending Proceedings before Adjudicating Officer (AO) or Regional Director (RD) as of 16 September2024, the Ministry of Corporate Affairs (MCA) has through an amendment to Companies (Adjudication of Penalties) Rules, 2014 (AOP rules) inserted a proviso to rule 3A of the principle rules. Background: The MCA amended

Q.1. From when is PAN freezing required to be done? Even if the company closes the trading window from any date prior to end of quarter  automated freezing at the Designated depository will start from  first day of every quarter only. Company will continue to have to track trading of days starting from window closure

While the law sets specific guidelines for compliance, the industry’s maturity, experience, and wisdom shape how these regulations are understood and implemented in practice. Compliance, therefore, becomes a balanced mix of legal mandates and practical insights. The MMJC team prepared a data report on the parameters triggering rumor verification in the industry based on our

SEBI’s Extended Relaxation on Compliance with LODR Regulations The Securities and Exchange Board of India (‘SEBI’) has issued a new circular dtd October 3,2024 extending certain compliance relaxations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’) for listed entities. SEBI had previously issued relaxations on October 7, 2023, for: Regulation 36(1)(b):

1. Introduction: On September 26, 2024, the Securities and Exchange Board of India (‘SEBI’) issued a circular aimed at reducing the timeline for listing debt securities and non-convertible redeemable preference shares (‘NCRPS’). The  present circular vide SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/129, outlines the introduction of a shortened listing timeline of T+3 working days, replacing the existing T+6 working days

1. Introduction The National Stock Exchange of India (‘NSE’) has issued a circular dated September 25, 2024, introducing a new enforcement mechanism aimed at ensuring compliance by Merchant Bankers with their obligations in the Small and Medium Enterprise (SME) segment. This circular addresses non-participation by Market Makers and outlines graded disciplinary actions against Merchant Bankers