CAIRR update July 31, 2019

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CAIRR update July 31, 2019

Summary of Notifications in SEBI (PIT) Regulations, 2015 and SEBI (LODR) Regulations, 2015 issued on 25/07/2019 and 29/07/2019 respectively are listed below:

  1. SEBI (Prohibition of Insider Trading) (Second Amendment) Regulations, 2019:
    SEBI has amended the Schedules B and C of Regulation 9 (“Code of Conduct”) to mandate restriction of trading for the designated persons and their relatives from the end of every quarter till 48 hours after the declaration of financial results. Earlier companies were permitted to fix their own restricted trading windows, which could be for a longer period.It also defines the excluded transactions during the trading window period by the designated persons and re-defines the definition of “material financial relationship”, whose details the designated person has to disclose as and when a change arises. Read more…
  2. SEBI (LODR) (Fourth Amendment) Regulations, 2019:
    Provisions pertaining to companies that have issued Superior Voting Rights equity shares introduced.  A listed entity having SR equity shares issued to its promoters/ founders, may issue SR equity shares to its SR shareholders only through a bonus, split or rights issue in accordance with the provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and the Companies Act, 2013.The Amendment requires majority of the Board of a company that has SR Equity shares outstanding to be Independent Directors. Further, the Audit committee needs to consist only of Independent Directors and other committees to have higher number of Independent Directors than that prescribed for companies without SR Shares outstanding. Read more…

By | 2019-07-31T15:50:18+00:00 July 31st, 2019||0 Comments

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