Corporate Laws Updates with NSB & Co.

✓ The requirements specified in regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) relating to dispatching hard copy of the statement containing salient features of all the documents as prescribed in section 136 of the Companies Act, 2013 (financial statements, Board’s report, Auditor’s report etc.), to those shareholders who have not registered their email addresses has been relaxed till September 30, 2023 . ✓ The listed entities shall ensure compliance with the conditions specified below: A. In terms of regulation 36(1)(c) of the Listing Regulations, listed entities are required to send hard copy of full annual reports to those shareholders who request for the same. B. The notice of Annual General Meeting published by advertisement in terms of Regulation 47 of the Listing Regulations shall disclose the web-link to the annual report so as to enable shareholders to have access to the full annual report.

✓ SEBI board has approved certain key amendments to SEBI Delisting Regulations and SEBI Listing Regulations, as follows: 1. Review of delisting framework pursuant to open offer: The Board approved the proposal to amend the existing regulatory framework for delisting of equity shares pursuant to open offer as provided under the extant Regulation 5A of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (Takeover Regulations). 2. Review of certain provisions related to Superior Voting Rights Shares Framework: - Relaxation in the eligibility requirements related to Superior Voting Rights (SR) Shares framework as follows: 1. As per the existing provisions, an SR shareholder should not be part of promoter group having net worth more than INR 500 Cr. It has been changed to require that the SR shareholder, as an individual, should not have net-worth of more than INR 1000 Cr. 2. The minimum gap between issuance of SR shares and filing of Red Herring Prospectus ...

✓ SEBI, vide circular dated June 16, 2021, mandated to include the listed debt securities of equity listed companies under the purview of System Driven Disclosures for member(s) of promoter group and designated person(s) in  addition to the promoter(s) and director(s) of Company.  ✓ System Driven Disclosures has been implemented for member(s) of promoter group and designated person(s) in  addition to the promoter(s) and director(s) of company under Regulation 7(2) of PIT Regulations pertaining to trading in equity shares and equity derivative instruments i.e. Futures and Options of the listed company (wherever applicable) by the entities. The disclosures for  Equity and Equity Derivative segments are being displayed on the exchange Website under ‘System Driven Disclosures’. ✓Further, the procedure for mplementationn of System Driven Disclosures as provided in SEBI circular no. SEBI/HO/ISD/ISD/CIR/P/2020/168 dated September 09, 2020, shall also be applicable for th...

✓ SEBI, vide circular dated May 10, 2021, has released format for Business Responsibility and Sustainability Reporting (BRSR), applicable to the Top 1,000 Listed Cos. w.e.f. financial year 2022-2023. ✓ In terms of Amendment made in SEBI Listing Regulations pursuant to Circular dated May 5, 2021, the new reporting requirements on ESG has been introduced in the BRSR. ✓ Existing format of Business Responsibility Reporting shall be replaced by new format i.e. Business Responsibility and Sustainability Reporting. ✓ Format of Business Responsibility and Sustainability Reporting and Guidance Note, are provided as Annexure I and Annexure II in the SEBI Circular. ✓ To visit SEBI Circular, please click here .