SECURITIES AND EXCHANGE BOARD OF INDIA

SEBI vide its circular CIR/MRD/ DSA / 31 /2013 dated September 30, 2013 has decided to streamline the processes and procedures with regard to actions for non compliances of certain listing conditions which have so far been considered as grounds for suspension of trading by the recognised stock exchanges. Accordingly, it has been decided that recognised stock exchanges shall use imposition of fines as action of first resort in case of such non compliances and invoke suspension of trading in case of subsequent and consecutive defaults. In order to maintain consistency and uniformity of approach in this regard, SEBI has decided to lay down, in the bye -laws of the recognised stock exchanges, the following: – (i). Uniform fine structure for non-compliance of certain clauses of the listing agreement; (ii). Standard Operating Procedure (SOP) for suspension and revocation of suspension of trading in the shares of such listed entities.

1. SEBI (Buy Back of Securities) Regulations, 1998 (hereinafter referred to as “Buy Back Regulations”) were amended vide notification dated August 08, 2013 with an objective of aligning the regulatory requirements with the changing market realities and enhancing the efficiency in the Buy Back process. The amended regulation 15(i) of Buy Back Regulations requires companies to upload information regarding shares or other specified securities bought back on its website as may be specified by SEBI and submit the same to the respective Stock Exchanges.

2. Regulation 20(j) of Buy Back Regulations mandates Merchant Bankers to file a post-offer report with SEBI as may be specified by the Board.

3. SEBI has vide its circular dated 17th September, 2013 released the necessary formats to enable the listed companies and the merchant bankers to make disclosures and ensure compliance with the extant regulatory requirements are specified in the circular.