Introduction

In December 2022, SEBI’s Board approved certain amendments to the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the “Existing Regulations”). These amendments were published on February 7, 2023, pursuant to the Securities and Exchange Board of India (Buy-Back of Securities) (Amendment) Regulations, 2023 (“Amendment Regulations and with the Existing Regulations the “Buyback Regulations”). The Amendment Regulations come into force from the 30th day of their publication in the official gazette, i.e. on March 9, 2023. The emphasis of several of the amendments was on simplifying the buyback process, by eliminating certain methods of buyback and reducing overall timelines.Continue Reading Simplifications and Eliminations: A Synopsis of the Amended Buyback Regulations

Introduction

The Securities and Exchange Board of India (“SEBI”) released five consultation papers on proposed changes in regulatory norms for alternative investment funds (“AIFs”), inviting comments from the public, on February 03, 2023. These consultation papers indicate the next generation of regulatory reforms that SEBI has planned for AIFs.Continue Reading SEBI Unveils Next Generation Reforms for AIFs

Context

The regulatory architecture under the Companies Act, 2013 (“Act”), and the SEBI (LODR) Regulations, 2015 (“LODR”), places independent directors (“IDs”) at the forefront of India’s quest for better corporate governance. Given that approximately 75% of listed companies in India are promoter-controlled, the MCA and SEBI have envisaged that the IDs will play a key role in safeguarding minority shareholders’ interest.Continue Reading Gatekeepers of Governance – Independent Directors

Major Impetus to IPO Rush

Despite the challenging times, the Indian capital markets are hitting all-time highs on a daily basis and have been flooded with capital. This has seen a rush of equity offerings over the last 12 months including record filings for draft documents over the last few months. In their continuous efforts to make India exchanges more competitive, the Securities and Exchange Board of India (“SEBI”) has notified the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2021 (“ICDR Amendment”). Pursuant to the ICDR Amendment, SEBI has revisited some of the requirements relating to lock in of equity shares post-IPO (one of the oldest requirements of SEBI), as well as the concept of  promoter group and group companies under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (“ICDR Regulations”).Continue Reading Major Impetus to IPO Rush