SEBI vide circular SEBI/IMD/DOF-1/BOND/Cir-1/2010 dated January 07, 2010 has amended the simplified listing agreement for debt securities. SEBI has stated that regulated financial sector entities need not maintain 100% asset cover (sufficient to discharge the principal amount at all times for the debt securities) in case of unsecured debt instruments issued by them. It should be noted that these unsecured debt instruments should be eligible for meeting the capital requirements of the financial sector entities (as specified by their respective regulators).
SEBI had in May, 2009 issued the simplified listing agreement for debt securities as a part of its efforts to rationalize the disclosure norms for listing of debt issuances. Later, it was amended in November, 2009.
A copy of the circular is available here.
Showing posts with label amendments. Show all posts
Showing posts with label amendments. Show all posts
Thursday, January 7, 2010
Wednesday, June 10, 2009
Copies of gazette notifications of SEBI (Mutual Funds) (Amendment) Regulations 2009
SEBI vide its circular SEBI / IMD / CIR No. 1/ 165935 / 2009 dated June 9, 2009 has issued copies of gazette notifications of SEBI (Mutual Funds) (Amendment) Regulations 2009 and SEBI (Mutual Funds) (Second Amendment) Regulations 2009. The key changes brought about by these amendments are as follows: -
SEBI (Mutual Funds) (Second Amendment) Regulations 2009
· Mutual fund scheme cannot invest more than thirty percent of its net assets in money market instruments of an issuer. The limits do not cover government bonds, treasury bills and collateralized borrowing and lending obligation. (Notified on June 5, 2009 and is effective from that date).
SEBI (Mutual Funds) (Amendment) Regulations 2009
· Notified on April 8, 2009 and is effective from that date.
· The AMC should obtain, wherever required under the regulations, prior in-principle approval from the recognised stock exchange(s) where units are proposed to be listed.
· Every close ended scheme, other than an equity linked savings scheme, should be listed on a recognised stock exchange within such time period and subject to such conditions as specified by the Board. But close ended scheme launched prior to the commencement of these amendment regulations need not be compulsorily listed if it qualifies certain conditions mentioned in the regulations.
· Units of a close ended scheme, other than those of an equity linked savings scheme, launched on or after the commencement of the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2009 should not be repurchased before the end of maturity period of such scheme.
· AMC should issue to the applicant whose application has been accepted, a statement of accounts specifying the number of units allotted to the applicant as soon as possible but not later than thirty days from the date of closure of the initial subscription list and/or from the date of receipt of the request from the unit holders in any open ended scheme.
SEBI (Mutual Funds) (Second Amendment) Regulations 2009
· Mutual fund scheme cannot invest more than thirty percent of its net assets in money market instruments of an issuer. The limits do not cover government bonds, treasury bills and collateralized borrowing and lending obligation. (Notified on June 5, 2009 and is effective from that date).
SEBI (Mutual Funds) (Amendment) Regulations 2009
· Notified on April 8, 2009 and is effective from that date.
· The AMC should obtain, wherever required under the regulations, prior in-principle approval from the recognised stock exchange(s) where units are proposed to be listed.
· Every close ended scheme, other than an equity linked savings scheme, should be listed on a recognised stock exchange within such time period and subject to such conditions as specified by the Board. But close ended scheme launched prior to the commencement of these amendment regulations need not be compulsorily listed if it qualifies certain conditions mentioned in the regulations.
· Units of a close ended scheme, other than those of an equity linked savings scheme, launched on or after the commencement of the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2009 should not be repurchased before the end of maturity period of such scheme.
· AMC should issue to the applicant whose application has been accepted, a statement of accounts specifying the number of units allotted to the applicant as soon as possible but not later than thirty days from the date of closure of the initial subscription list and/or from the date of receipt of the request from the unit holders in any open ended scheme.
Sunday, February 15, 2009
Sebi announces takeover norms for companies like Satyam
SEBI vide a notification dated 13th February, 2009 has amended the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 and has made the following changes:
· SEBI has stated that Chapter III of the Takeover Code will be relaxed by the Board in certain cases where the following conditions are satisfied, on an application made by the target company. (1) The Central Government or State Government or any other regulatory authority has removed the board of directors of the target company and has appointed other persons as directors. (2) Such directors have devised a plan which provides for transparent, open, and competitive process for continued operation of the target company in the interests of all stakeholders in the target company and the conditions and requirements of the competitive process are reasonable and fair.
· SEBI has also stated that no public announcement for a competitive bid should be made after an acquirer has already made the public announcement pursuant to relaxation granted by the Board in terms of regulation 29A.
· SEBI has stated that Chapter III of the Takeover Code will be relaxed by the Board in certain cases where the following conditions are satisfied, on an application made by the target company. (1) The Central Government or State Government or any other regulatory authority has removed the board of directors of the target company and has appointed other persons as directors. (2) Such directors have devised a plan which provides for transparent, open, and competitive process for continued operation of the target company in the interests of all stakeholders in the target company and the conditions and requirements of the competitive process are reasonable and fair.
· SEBI has also stated that no public announcement for a competitive bid should be made after an acquirer has already made the public announcement pursuant to relaxation granted by the Board in terms of regulation 29A.
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