Periodical report- Grant of prior approval to underwriters

Periodical report- Grant of prior approval to underwriters

 

CIRCULAR NO. MIRSD/6/2011

 

DATED 17-6-2011

 

 

1. SEBI (Underwriters) Regulations, 1993 (hereinafter referred to as "the said Regulations"), have been amended vide Notification No. LAD-NRO/GN/2011-12/03/12650, dated April 19, 2011 (hereinafter referred to as "the said amendment"), a copy of which is available on SEBI website www.sebi.gov.in

 

2. With the said amendment, the requirement of taking prior approval by the underwriters from SEBI for change in status or constitution has been dispensed with. However, the underwriters are required to take prior approval from SEBI for change in control.

 

3. Pursuant to the aforesaid notification, all underwriters shall report the following change(s) to SEBI on a half-yearly basis within 15 days of expiry of the half-year, commencing from the half-year ended September 30, 2011.

   a.  Amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 391 of the Companies Act, 1956 (1 of 1956) or the corresponding provision of any other law for the time being in force

   b.  Change in Director, including managing director/ whole-time director

   c.  In case of a partnership firm any change in partners not amounting to dissolution of the firm

   d.  Change in shareholding not resulting in change in control

 

If there is no change during the relevant half-year, it shall be indicated in the report.

 

4. The above report shall be submitted in electronic form only to e-mail id uw@sebi.gov.in, with the subject line "Report on change of status or constitution submitted by aaa for the half-year ended xxx yyyy" where aaa represents the name of underwriter, xxx represents the month at the end of the half-year and yyyy represents the year. For example, if an underwriter ABC Limited submits the aforesaid report for the half-year ended September 2011, the e-mail sent to uw@sebi.gov.in shall bear the subject line "Report on change of status or constitution submitted by ABC Limited for the half-year ended September 2011".

 

5. This circular is issued in exercise of powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

 

6. This circular is available on SEBI website (www.sebi.gov.in) under the categories "Legal Framework" and "Circulars".