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Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2019 - SEBI/LAD-NRO/GN/2019/29 - SEBI

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..... 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, 2018, - I. in regulation 2, in sub-regulation (1), after clause (eee) and before clause (fff), the following clause shall be inserted, namely, - “(eeea) “SR equity shares” means the equity shares of an issuer having superior voting rights compared to all other equity shares issued by that issuer.” II. in regulation 6, after sub-regulation (2), the following sub-regulation shall be inserted, namely, - “(3) If an issuer has issued SR equity shares to its promoters/ founders, the said issuer shall be allowed to do an initial public offer .....

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Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2019 - SEBI/LAD-NRO/GN/2019/29 - SEBI

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..... red herring prospectus; vi. The SR equity shares shall have voting rights in the ratio of a minimum of 2:1 upto a maximum of 10:1 compared to ordinary shares and such ratio shall be in whole numbers only; vii. The SR equity shares shall have the same face value as the ordinary shares; viii. The issuer shall only have one class of SR equity shares; ix. The SR equity shares shall be equivalent to ordinary equity shares in all respects, except for having superior voting rights.” III. in regulation 14, in sub-regulation (2), in clause (a), after the words “equity shares” and before the words “or by”, the words and symbols “, including SR equity shares held, if any,” shall be inserted. .....

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Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2019 - SEBI/LAD-NRO/GN/2019/29 - SEBI

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..... ers, if any, shall be eligible towards computation of minimum promoters’ contribution.” IX. in regulation 115, after clause (b) and before the proviso, the following clause shall be inserted, namely, - “(c) The SR equity shares shall be under lock-in until their conversion to equity shares having voting rights same as that of ordinary shares, provided they are in compliance with the other provisions of these regulations.” X. in regulation 119, after the words “Specified securities” and before the words “held by the promoters”, the symbols and words “, except SR equity shares,” shall be inserted. XI. in regulation 120, after the words “specified securities” a .....

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Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2019 - SEBI/LAD-NRO/GN/2019/29 - SEBI

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..... holders.”, the words and symbols “In case of an issuer having SR equity shares, the special rights of such SR shareholders shall be disclosed alongwith the circumstances in which the SR equity shares shall be treated as ordinary equity shares.”, shall be inserted. AJAY TYAGI, Chairman [ADVT.-III/4/Exty./166/19] Footnotes: 1. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 was published in the Gazette of India on September 11, 2018, vide notification No. SEBI/LAD-NRO/GN/2018/31. 2. The Principal Regulations was subsequently amended on - (a) December 31, 2018 by the Securities and Exchange Board of India (Issue of Capital and Disclosure Requiremen .....

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Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2019 - SEBI/LAD-NRO/GN/2019/29 - SEBI

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