SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 replaces SEBI (DIP) Guidelines, 2000

SEBI vide Circular SEBI/CFD/DIL/ICDRR/1/2009/03/09 dated September 3, 2009 has informed about the notification of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. SEBI has rescinded the SEBI (DIP) Guidelines, 2000 and the new ICDR Regulations replaces it. ICDR Regulations have been made primarily by conversion of the DIP guidelines. While most of the provisions of rescinded DIP Guidelines have been incorporated into the new ICDR Regulations, certain changes have been made by removing the redundant provisions, modifying certain provisions on account of changes necessitated due to market design and bringing more clarity to the provisions of the rescinded Guidelines.

Consequential amendments have also been made to the Equity Listing Agreement and SEBI (ESOS and ESPS) Guidelines, 1999 through Circulars issued by SEBI. The old DIP Guidelines contained a provision relating to compliance of listing conditions by a listed issuer. The same has now been included in the equity listing agreement by inserting a sub-clause in Clause 19 - “(d) that in case of a further public offer to be made through the fixed price route, the company shall notify the stock exchange, at least 48 hours in advance, of the proposed meeting of its Board of Directors convened for determination of issue price.” Further, the ESOPS Guidelines contained certain provisions which were required to be complied with by an unlisted issuer at the time of making an initial public offer. These provisions have now been incorporated in the ICDR Regulations and removed from ESOPS guidelines.

SEBI also has informed that any offer document, filed under the old Guidelines and pending will be deemed to have been filed or made under the corresponding provisions of the new ICDR Regulations

A copy of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 is available here.

A comparative analysis between the old DIP guideline v/s new ICDR Regulations is available here.