SEBI amends Equity Listing Agreement
Securities and Exchange Board of India (SEBI) has amended Equity Listing Agreement vide circular dated September 4, 2008. The highlights of the amendments are:
1. “Fairness Opinion” of independent merchant banker :
In order to safeguard the interest of shareholders, the listed company as well as the unlisted company which are getting merged shall each be required to appoint an independent merchant banker for giving a fairness opinion on the valuation done by valuers. Further, the “Fairness opinion” of the merchant bankers shall be made available to the shareholders at the time of approving the resolution under Clause 24.
2. Submission & Publication of Financial Results:
In order to bring more efficiency in the disclosures of financial results, certain amendments have been made with regard to timeline for submitting consolidated financial results to the stock exchange, publication thereof, submission and placing of limited review reports before Board/Committee, etc.
The other amendments, inter alia, include provisions relating to notice period for rights issues.
SEBI simplifies Issuance and Listing of Debt Securities
SEBI notifies SEBI (Intermediaries) Regulations, 2008
Public Offer and Listing of Securitised Debt Instruments Regulations, 2008
SEBI relaxes norms for Foreign Institutional Investors
SEBI allows mutual funds to sell government securities
Indian Mutual Funds can now invest $7 bn
Current challenges in the global financial markets
No immediate threat to financial stability in India
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