{"id":305919,"date":"2023-10-30T13:00:39","date_gmt":"2023-10-30T07:30:39","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=305919"},"modified":"2023-10-30T12:46:31","modified_gmt":"2023-10-30T07:16:31","slug":"mca-issues-companies-prospectus-and-allotment-of-securities-rules-2014-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/30\/mca-issues-companies-prospectus-and-allotment-of-securities-rules-2014-legal-news\/","title":{"rendered":"Private companies excluding small companies to issue securities only in dematerialised form"},"content":{"rendered":"
\n

On 27-10-2023, the Ministry of Corporate Affairs notified the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023 to amend the Companies (Prospectus and Allotment of Securities) Rules, 2014<\/a>. The provisions came into force on 27-10-2023.<\/p>\n

Key Points:<\/p>\n

    \n
  1. \n

    Rule 9<\/span> relating to “Dematerialisation of securities<\/span>” has been revised and a provision has been inserted which focuses on public companies<\/span> that issued share warrants prior to commencement of the Companies Act, 2013 and not converted it shares.<\/p>\n

      \n
    • \n

      Such companies will have to inform the Registrar about the details of such share warrants in Form PAS-7, within 3 months of commencement of these amendment rules.<\/p>\n<\/li>\n

    • \n

      The bearers of the share warrants will have to surrender such warrants to the company and get the shares dematerialised in their account and for this purpose the company shall place a notice for the bearers of share warrants in Form PAS-8, within 6 months of commencement of these amendment rules.<\/p>\n<\/li>\n

    • \n

      In case the bearer of the share warrant does not surrender share warrants within 6 months then the company will convert such share warrants into dematerialised form and transfer the same to the Investor Education and Protection Fund.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

    • \n

      Rule 9-B<\/span> has been inserted relating to “Issue of securities in dematerialised form by private companies<\/span>”.<\/p>\n

        \n
      • \n

        Private companies will have to issue securities only in dematerialised form.<\/p>\n<\/li>\n

      • \n

        Small private companies are excluded from the purview of this Rule.<\/p>\n<\/li>\n

      • \n

        Any private company will have to comply with the provisions of this rule within 18 months starting from 31st<\/span> March 2023.<\/p>\n<\/li>\n

      • \n

        The provisions of this rule will not apply in the case of a Government company.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n

      • \n

        The following Forms has been inserted-<\/p>\n

          \n
        • \n

          Form PAS-7<\/span>– relating to “Details of pending share warrants”.<\/p>\n<\/li>\n

        • \n

          Form PAS-8<\/span>– relating to “Notice for bearers of pending share warrants”.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

          On 27-10-2023, the Ministry of Corporate Affairs notified the Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023 to amend the <\/p>\n","protected":false},"author":67515,"featured_media":293777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[27634,62348,62347,62344,62346,30308,62345],"class_list":["post-305919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-companies-act","tag-dematerialised-of-securities","tag-private-companies","tag-prospectus-and-allotment","tag-public-companies","tag-rules","tag-share-warrants"],"yoast_head":"\nCompanies Prospectus and Allotment Amendment Rules | SCC Blog<\/title>\n<meta name=\"description\" content=\"Ministry of Corporate Affairs notified the Companies (Prospectus 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under private placement made compulsory for corporate bodies vide Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022","author":"Prachi Bhardwaj","date":"May 6, 2022","format":false,"excerpt":"On 5th May, 2022, Ministry of Corporate Affairs, notified Companies (Prospectus and Allotment of Securities) Amendment Rules, 2022. With immediate effect it will amend Companies (Prospectus and Allotment of Securities) Rules, 2014 (Rules). \u00a0 Key amendment: \u00a0 All private placement offer letters are to be accompanied with the details of\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-156.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":6735,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/08\/06\/listing-and-issue-of-prospectus-mandatory-before-public-placement-offer-sebi-found-alchemist-capital-ltd-and-its-directors-guilty-of-illegally-raising-capital-from-the-public\/","url_meta":{"origin":305919,"position":1},"title":"Listing, and issue of prospectus mandatory before public placement offer \u2014SEBI found Alchemist Capital Ltd and its directors guilty of illegally raising capital from the public","author":"Sucheta","date":"August 6, 2015","format":false,"excerpt":"Security and Exchange Board of India: Alchemist Capital Ltd (\u201cACL\u201d), an NBFC, has been found guilty for making offer and allotment of securities (RPS) in the garb of private placement to general public without complying with law. \u00a0The Company failed to comply with the norms stipulated for public issue of\u2026","rel":"","context":"In "Tribunals\/Commissions\/Regulatory Bodies"","block_context":{"text":"Tribunals\/Commissions\/Regulatory Bodies","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/tribunals_commissions_regulatorybodies\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/10\/scc-blog_Page_9.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":306011,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/10\/31\/legislation-roundup-october-2023-legal-update\/","url_meta":{"origin":305919,"position":2},"title":"Legislation Roundup October 2023: Amnesty Scheme for taxpayers; Approval of 4% hike in DA and DR; Green Credit Rules; and more","author":"Kriti","date":"October 31, 2023","format":false,"excerpt":"UNION CABINET Cabinet approves 4% hike in DA and DR w.e.f. from 1-7-2023 On 18-10-2023, the Union Cabinet has approved a 4% hike in Dearness Allowance (\u2018DA\u2019) for Central Government employees and Dearness Relief (\u2018DR\u2019) for pensioners. READ MORE GOODS AND SERVICES TAX COUNCIL (GST COUNCIL) [52nd GST Council Meeting]\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Legislation Roundup October 2023","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/10\/Legislation-Roundup-October-2023.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":267806,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/02\/legislations-monthly-roundup-may-2022\/","url_meta":{"origin":305919,"position":3},"title":"Legislations | Monthly RoundUp [May, 2022]","author":"Bhumika Indulia","date":"June 2, 2022","format":false,"excerpt":"Legal Round Up for the month of May is mentioned below: \u00a0 MINISTRY OF CORPORATE AFFAIRS Companies (Share Capital and Debentures) Amendment Rules 2022 The Central Government has notified Companies (Share Capital and Debentures) Amendment Rules 2022 to amend the Companies (Share Capital and Debenture) Rules, 2014. The amendment has\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/MicrosoftTeams-image-134.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/MicrosoftTeams-image-134.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/MicrosoftTeams-image-134.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/MicrosoftTeams-image-134.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/06\/MicrosoftTeams-image-134.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":252332,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/06\/foreign-companies-and-companies-incorporated-outside-india-exempted-from-purview-of-sections-387-to-392-to-the-extent-they-relate-to-offering-for-subscription-in-the-securities-and-requirements-relate\/","url_meta":{"origin":305919,"position":4},"title":"Foreign companies and companies incorporated outside India exempted from purview of sections 387 to 392 to the extent they relate to offering for subscription in the securities and requirements related to prospectus","author":"Bhumika Indulia","date":"August 6, 2021","format":false,"excerpt":"On August 05, 2021, the Ministry of Corporate Affairs has issued a notification to exempt foreign companies and companies incorporated or to be incorporated outside India, whether the company has or has not established, or when formed may or may not establish, a place of business in India, from the\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/MCA.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/MCA.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/MCA.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/MCA.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/02\/MCA.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":237377,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/10\/13\/sebi-liability-under-s-732-of-companies-act-1956-lies-on-the-company-along-with-the-director-who-is-officer-in-default-as-per-s-5-of-companies-act-1956\/","url_meta":{"origin":305919,"position":5},"title":"SEBI | Liability under S. 73(2) of Companies Act, 1956, lies on the company along with the director who is \u2018officer in default\u2019 as per S. 5 of Companies Act, 1956","author":"Editor","date":"October 13, 2020","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): Anant Barua (Whole-time member) passed the order in exercise of his powers under Sections 11 and 11B read with Section 19 of the Securities and Exchange Board of India Act, 1992. The facts in the instant case are such that the company PDS\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/305919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67515"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=305919"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/305919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/293777"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=305919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=305919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=305919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}