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Bar & Bench will bring to you the latest regulatory and policy updates from different ministries and regulatory authorities. In this edition of the Bar & Bench Regulatory Updates, we analyse the latest updates by the Securities and Exchange Board of India (SEBI) and the Ministry of Corporate Affairs (MCA).
SEBI eases listing norms for startups
In response to the feedback received from market participants, regarding the difficulties faced by them while listing themselves on the Institutional Trading Platform (ITP), SEBI has floated a discussion paper seeking to relax the norms. The ITP, which was introduced in 2013, facilitated capital raising for small and medium enterprises without necessarily doing an Initial Public Offer of equity.
Interestingly, the first change proposed is changing the name of Chapter XC of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 from ‘Listing of Institutional Trading Platform‘ to ‘High-tech Start-up & other new business Platform‘ .
Following are the key highlights of the changes introduced in the discussion paper:
MCA notifies amendments to Incorporation Rules
The MCA has notified the third set of amendments to the Companies (Incorporation) Rules, 2014. The amendments, inter alia, propose the following changes:
MCA appoints Special Court for speedy resolution
The MCA has designated Court of Additional Sessions in Dwarka as a Special Court for the purposes of providing speedy trial of offences punishable under the Companies Act, 2013 with imprisonment of two years or more under the said Act.
Lok Sabha clears bill to fast track debt-recovery
The Lok Sabha earlier this week passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016 which seeks to amend four laws for expeditious recovery of bad loans by the banks. The bill will now go to the Rajya Sabha for its approval.
The following acts will be amended:
Following are the key highlights of the proposed changes: