SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015


SEBI has notified SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) on September 2, 2015. A time period of ninety days has been given for implementing the Regulations.  However, two provisions of the regulations, which are facilitating in nature, are applicable with immediate effect. These pertain to (i) passing of ordinary resolution instead of special resolution in case of all material related party transactions subject to related parties abstaining from voting on such resolutions, in line with the provisions of the companies Act, 2013, and (ii) re-classification of promoters as public shareholders under various circumstances.

The main features of these regulations are as follows:
  1. Guiding Principles (Chapter II): The regulations start by providing broad principles  for periodic disclosures by listed entities and also have incorporated the principles for corporate governance. These principles underlie specific requirements prescribed in different chapters of the Regulations. In the event of the absence of specific requirements or ambiguity, these principles would serve to guide the listed entities.
  1. Common obligations applicable to all listed entities (Chapter III): Obligations which are common to all listed entities have been enumerated.  These include general obligation of compliance of listed entity, appointment of common compliance officer, filings on electronic platform, mandatory registration on SCORES, etc. 
  1. Obligations which are applicable to specific types of securities (Chapter III to IX): Obligations which are applicable to specific types of securities have been incorporated in separate chapters.

  1. Obligations of stock exchanges and provisions in case of default (Chapter X & XI): Stock Exchanges have been given responsibility to monitor compliance or adequacy / accuracy of compliance with provisions of these regulations and to take action for non-compliance.

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1441284401427.pdf

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