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Securities and Exchange Board of India (SEBI)

April 2, 2012
  1. Exemptions from 100% promoter(s) holding in demat form: SEBI vide its earlier circulars SEBI/Cir/ISD/3/2011 dated June 17, 2011 and SEBI/Cir/ISD/05/2011 dated September 30, 2011 had stipulated 100% promoter(s)holding in demat form. In view of the representations from various companies, SEBI has now vide its circular Cir/ISD/ 1 /2012 dated 30th March, 2012 listed out the exemptions that shall be taken into consideration while arriving at compliance with 100% promoter(s) holding in demat form.

  2. Review of Regulatory Compliance and Periodic Reporting: SEBI vide circular CIR/MIRSD/ 4/2012 dated 29th March, 2012 has revised the format and norms of periodic reports required to be furnished by Bankers to an Issue (BTIs) on quarterly and annual basis in electronic form to SEBI. As per the circular, the Compliance Officer of the BTI is required to send the report in the revised excel format to SEBI on half yearly basis within three months of the expiry of the half year with effect from half year ending March 2012.

  3. Clearing and Settlement of OTC trades in Commercial Paper (CPs) & Certificates of Deposit (CDs): SEBI vide circular Cir./IMD/DF/8/2012 dated 5th March, 2012 has directed that all SEBI regulated entities shall settle their OTC trades in CDs and CPs on the lines of already existing process for settlement of OTC trades in corporate bonds, through National Securities Clearing Corporation Limited (NSCCL) and Indian Clearing Corporation Limited (ICCL) with effect from April 01, 2012.

  4. Guidelines for Credit Rating Agencies: SEBI vide circular CIR/MIRSD/3/2012 dated 1st March, 2012 has prescribed that Credit Rating Agency's (CRAs) that are registered with SEBI and which carry out rating of other securities/instruments and loans/facilities provided by banks which are not regulated by SEBI shall follow the same requirements  as applicable to rating of securities issued by way of public and rights issues in addition to the review/accreditation process that are prescribed by the other regulators. The half-yearly internal audit for the CRAs as prescribed by SEBI shall also cover the above mentioned ratings.

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