On 18-9-2024, the Securities and Exchange Board of India issued Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021. The provisions came into force on 18-9-2024.
Key Points:
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Regulation 27(2) relating to “Filing of draft offer documents” has been revised:
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Earlier, the draft offer document filed with the stock exchange was supposed to be made public by posting the same on the website of the stock exchange for seeking public comments for a period of 7 working days from the date of filing the draft offer document with stock exchange.
Now, the time period for the same has been reduced to 5 days.
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A new proviso has been inserted which says that the issuers whose specified securities are listed on the recognized stock exchange and have nationwide trading terminals, will post the draft offer document for 1 day immediately after the date of filing the draft offer document with the stock exchange.
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Regulation 30 deals with “Advertisements for public issuers” and in connection to the same a provision has been inserted which focuses on the issuers that opt to advertise the public issue through electronic modes.
Such issuers should publish a notice in English national daily and regional daily newspaper with wide circulation at the place where the registered office of the issuer is situated, exhibiting a QR Code and link to the complete advertisement.
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Regulation 33-A relating to “Period of Subscription” has been revised:
Earlier, the period for which the public issue of debt of securities or non-convertible redeemable preference shares were kept open for a minimum of 3 working days and a maximum of 10 working days.
Now, the number of minimum working days has been revised to 2 and the maximum remains the same.
