The Securities and Exchange Board of India (SEBI) on Thursday said that a time period of ninety days has been given for implementing the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations).
SEBI has notified the regulations on September 2, 2015.
However, two provisions of the regulations, which are facilitating in nature, are applicable with immediate effect.
“These pertain to passing of ordinary resolution instead of special resolution in case of all material related party transactions subject to related parties abstaining from voting on such resolutions, in line with the provisions of the companies Act, 2013; and re-classification of promoters as public shareholders under various circumstances,” SEBI stated in a press release.
SEBI also said that the listing regulations would consolidate and streamline the provisions of existing listing agreements for different segments of the capital market namely equity (including convertibles) issued by entities listed on the main board of the stock exchanges, small and medium enterprises listed on SME Exchange and Institutional Trading Platform, non-convertible debt securities, non-convertible redeemable preference shares, Indian depository receipts, securitised debt Instruments and units issued by mutual fund schemes.
The regulations have been structured to provide ease of reference by consolidating into one single document across various types of securities listed on the stock exchanges, the market regulator SEBI added.
