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Call for Inputs: SEBI Consultation Paper - Harmonisation of provisions of ICDR and LODR Regulations
Call for Inputs: SEBI Consultation Paper - Harmonisation of provisions of ICDR and LODR Regulations

January 15, 2024

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Dear All,

As you may be aware, Securities and Exchange Board of India (SEBI) has released a consultation paper on Interim Recommendations of the Expert Committee for facilitating ease of doing business and harmonization of the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) and SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

 (ICDR) Regulations.

The consultation paper provides the following recommendations:

LODR Regulations

  1. Applicability of the regulations on the basis of market capitalization

  2. Limit of membership and chairmanship of committees for a director

  3. Filling up of vacancies of key managerial personnel

  4. Timeline for prior intimation of board meetings

  5. Gap between meetings of the Risk Management Committee.

ICDR Regulations

  1. Inclusion of equity shares received on conversion or exchange of fully paid-up Compulsory Convertible Securities and depository receipts for the purpose of Minimum Promoters’ Contribution

  2. Non-individual shareholders to be permitted to contribute towards Minimum Promoters’ Contribution without being identified as a promoter

  3. Thresholds for increase or decrease in issue size triggering re-filing  of draft offer documents

  4. Flexibility to extend the bid/offer closing date on account of force majeure events minimum by one day instead of present requirement to extend by minimum three days

In case you have any feedback/ inputs on the consultation paper, please write to tejasvi@nasscom.in before January 24, 2024.


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Tejasvi

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