25 November, 2018
The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR 2018”) have been notified on September 11, 2018 and have been effective since November 10, 2018. Accordingly, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (“ICDR 2009”) would stand rescinded and repealed by the ICDR 2018.
This Memorandum sets out a snap-shot of the key changes brought by the ICDR 2018 as well as a detailed comparison of the ICDR 2009 vis-à-vis the ICDR 2018. Accordingly, this Memorandum has been segregated into the following segments:
(a) Section I – A snap-shot of the key structural and global changes;
(b) Section II – Key regulatory changes – key points to be noted, if applicable (only in context of public issuances on the main board);
(c) Annex A – A tabular comparison of the provisions of the ICDR 2018 with the provisions of the ICDR 2009; and
(d) Annex B – Comparison of the index/ format of ICDR 2018 with the provisions of the ICDR 2009.
While the ICDR 2018 governs, the process of issuance and listing of securities, inter-alia, through public issuances (on the Main Board as well SME exchange), rights issues, preferential issuances, QIP and issuance of IDR, this Memorandum primarily focusses on the changes in the ICDR 2018 vis-à-vis public offerings on the Main Board.
Please click here for the full report (119 pages).
For further information, please contact:
Zia Mody, Partner, AZB & Partners
zia.mody@azbpartners.com
