SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (THIRD AMENDMENT) regulation

SEBI (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) (THIRD AMENDMENT) regulations, 2012 - amendment in REGULATIONS 14, 41 and 91G

NOTIFICATION No. LAD-NRO/GN/2012-13/12/18951, dated 24-8-2012

In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, namely:-

1. These Regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2012.

2. They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 -

(i) in regulation 14, -

(1) in sub-regulation (1), for the full stop, the symbol ":" shall be substituted;

(2) after sub-regulation (1), the following proviso shall be inserted, namely,-

"Provided that in the case of an initial public offer, the minimum subscription to be received shall be subject to allotment of minimum number of specified securities, as prescribed in sub-clause (b) of clause (2) of rule 19 of Securities Contracts (Regulation) Rules, 1957." ;

(3) sub-regulation (4) shall be substituted with the following, namely-

"Nothing contained in this regulation, except the requirement relating to allotment of minimum number of specified securities, shall apply to offer for sale of specified securities."

(ii) in regulation 41, -

(1) in sub-regulation (1), the symbol and number "(1)" shall be omitted;

(2) sub-regulation (2) shall be omitted;

(3) explanation shall be omitted.

(iii) in regulation 91G, sub-regulation (1) shall be substituted with the following, namely,-

"(1) The promoter or promoter group shall not make institutional placement programme if the promoter or any person who is part of the promoter group has purchased or sold the eligible securities during the twelve weeks period prior to the date of the programme and they shall not purchase or sell the eligible securities during the twelve weeks period after the date of the programme:

Provided that such promoter or promoter group may, within the period provided in sub-regulation (1), offer eligible securities held by them through institutional placement programme or offer for sale through stock exchange mechanism specified by the Board, subject to the condition that there shall be a gap of minimum two weeks between the two successive offer(s) and/or programme(s)."