{"id":2299,"date":"2025-01-22T12:45:33","date_gmt":"2025-01-22T12:45:33","guid":{"rendered":"https:\/\/www.rnm.in\/blog\/?p=2299"},"modified":"2025-01-30T10:55:38","modified_gmt":"2025-01-30T10:55:38","slug":"transaction-regulatory-advisory-alert-december-2024","status":"publish","type":"post","link":"https:\/\/www.rnm.in\/blog\/transaction-regulatory-advisory-alert-december-2024\/","title":{"rendered":"Transaction &#038; Regulatory Advisory Services Alert \u2013 December 2024"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In this edition we have tried to bring you notice the latest amendment that followed in the month of December, 2024 issued by SEBI.\u00a0<\/span><\/p>\n<h2>SEBI<\/h2>\n<h3>Allowing subscription to the issue of\u00a0 Non-Convertible Securities during trading window closure period<\/h3>\n<p><span style=\"font-weight: 400;\">1.In terms of Clause 4(3)(b) of Schedule B read with sub-regulation (1) of Regulation 9 of SEBI\u00a0 (Prohibition of\u00a0 Insider\u00a0 Trading)\u00a0 Regulations,\u00a0 2015\u00a0 (PIT\u00a0 Regulations)the trading\u00a0 window\u00a0 restrictions\u00a0 shall\u00a0 not\u00a0 apply\u00a0 in\u00a0 respect\u00a0 of\u00a0 transactions ,such\u00a0 as, acquisition\u00a0 by\u00a0 conversion\u00a0 of\u00a0 warrants\u00a0 or\u00a0 debentures,\u00a0 subscribing\u00a0 to\u00a0 rights\u00a0 issue, further public issue, preferential allotment or tendering of shares in a buy-back offer, open offer, delisting\u00a0 offer\u00a0 or such\u00a0 other transactions\u00a0 which\u00a0 are\u00a0 undertaken in accordance with the mechanisms as may be specified by the Board from time to time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2.In this regard, SEBI vide Circular No. SEBI\/HO\/ISD\/ISD\/CIR\/P\/2020\/133 dated July 23, 2020, provided that in addition to the transactions mentioned in Clause 4(3)(b) of Schedule B\u00a0 read\u00a0 with\u00a0 Regulation\u00a0 9\u00a0 of\u00a0 PIT\u00a0 Regulations,\u00a0 trading window\u00a0 restrictions shall\u00a0 not\u00a0 apply\u00a0 in\u00a0 respect\u00a0 of\u00a0 Offer\u00a0 for\u00a0 Sale\u00a0 and\u00a0 Rights\u00a0 Entitlements\u00a0 Transactions carried out in accordance with the framework specified by the Board from time to time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">3.It has been decided that in addition to the transactions mentioned in Clause 4(3)(b) of Schedule B read with sub-regulation (1) of Regulation 9 of PIT Regulations and SEBI Circular no.\u00a0 SEBI\/HO\/ISD\/ISD\/CIR\/P\/2020\/133 dated July 23, 2020, the trading window restrictions shall also not apply to subscription to the issue of non-convertible securities, carried out in accordance with the framework specified by the Board from time to time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">4.Stock Exchanges are advised to bring the provisions of this circular to the notice of all listed companies and also disseminate the same on their websites.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">5.This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulations4(3) and 11 of\u00a0 the\u00a0 PIT\u00a0 Regulations\u00a0 and\u00a0 to\u00a0 protect\u00a0 the\u00a0 interests\u00a0 of\u00a0 investors\u00a0 in\u00a0 securities\u00a0 and\u00a0 to promote the development of and to regulate the securities market and shall come into effect with immediate effect<\/span><\/p>\n<p><b>To read more:<\/b><\/p>\n<p><a href=\"https:\/\/www.sebi.gov.in\/legal\/circulars\/dec-2024\/allowing-subscription-to-the-issue-of-non-convertible-securities-during-trading-window-closure-period_90338.html\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">https:\/\/www.sebi.gov.in\/legal\/circulars\/dec-2024\/allowing-subscription-to-the-issue-of-non-convertible-securities-during-trading-window-closure-period_90338.html<\/span><\/a><\/p>\n<h2>Industry Standards on Reporting of BRSR Core<\/h2>\n<p><span style=\"font-weight: 400;\">1.In order to facilitate ease of doing business and to bring about standardization in \u00a0 implementation, the Industry Standards Forum (\u201cISF\u201d) comprising \u00a0 of representatives\u00a0 from three\u00a0 industry\u00a0 associations,\u00a0 viz.\u00a0 ASSOCHAM,\u00a0 CII\u00a0 and FICCI, under\u00a0 the\u00a0 aegis\u00a0 of\u00a0 the\u00a0 Stock\u00a0 Exchanges, has\u00a0 formulated industry standards,\u00a0 in\u00a0 consultation\u00a0 with\u00a0 SEBI, for\u00a0 effective\u00a0 implementation\u00a0 of\u00a0 the requirement to disclose\u00a0 Business\u00a0 Responsibility\u00a0 and\u00a0 Sustainability\u00a0 Report (BRSR)\u00a0 Core\u00a0 under\u00a0 Regulation\u00a0 34(2)(f)\u00a0 of\u00a0 SEBI\u00a0 (Listing\u00a0 Obligations\u00a0 and Disclosure Requirements) Regulations, 2015 (\u201cLODR\u00a0 Regulations\u201d) read with Chapter IV-B of SEBI master circular for compliance with the provisions of the LODR\u00a0 \u00a0 regulations by\u00a0 \u00a0 listed\u00a0 \u00a0 entities,\u00a0 issued\u00a0 \u00a0 vide SEBI\/HO\/CFD\/PoD2\/CIR\/P\/0155and dated November 11, 2024.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">2.The industry associations which are part of ISF (ASSOCHAM, FICCI, and CII) and the stock exchanges shall publish the aforesaid industry standards on their websites.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">3.The \u00a0 listed \u00a0 entities \u00a0 shall follow the above industry \u00a0 standards \u00a0 to \u00a0 ensure compliance with SEBI requirements on disclosure of BRSR Core.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">4.Thiscircular shall be applicable for FY 2024-25 and onwards.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">5.The Stock Exchanges are advised\u00a0 to\u00a0 bring\u00a0 the\u00a0 contents\u00a0 of\u00a0 this\u00a0 circular\u00a0 to\u00a0 the notice of their listed entities and ensure its compliance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">6.This circular is issued in exercise of the powers conferred under Section 11(1) and 11Aof the Securities and\u00a0 Exchange\u00a0 Board\u00a0 of\u00a0 India\u00a0 Act,\u00a0 1992 read\u00a0 with regulation 101of LODR Regulations.<\/span><\/p>\n<p><b>To read more:<\/b><\/p>\n<p><a href=\"https:\/\/www.sebi.gov.in\/legal\/circulars\/dec-2024\/industry-standards-on-reporting-of-brsr-core_90091.html\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">https:\/\/www.sebi.gov.in\/legal\/circulars\/dec-2024\/industry-standards-on-reporting-of-brsr-core_90091.html<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p>Related Services:\u00a0<a href=\"https:\/\/www.rnm.in\/legal-company-law\" target=\"_blank\" rel=\"noopener\"><strong>Transaction and Regulatory Advisory Services<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this edition we have tried to bring you notice the latest amendment that followed in the month of December, 2024 issued by SEBI.\u00a0 SEBI Allowing subscription to the issue of\u00a0 Non-Convertible Securities during trading window closure period 1.In terms of Clause 4(3)(b) of Schedule B read with sub-regulation (1) of Regulation 9 of SEBI\u00a0 (Prohibition of\u00a0 Insider\u00a0 Trading)\u00a0 Regulations,\u00a0 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[442],"tags":[],"class_list":["post-2299","post","type-post","status-publish","format-standard","hentry","category-transaction-regulatory-advisory-services"],"yoast_head":"<!-- This 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Get key updates on regulations, compliance, and transactional insights. Read now!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rnm.in\/blog\/transaction-regulatory-advisory-alert-december-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transaction &amp; Regulatory Advisory Services Alert \u2013 December 2024\" \/>\n<meta property=\"og:description\" content=\"Stay informed with the December 2024 Transaction &amp; Regulatory Advisory Services Alert. Get key updates on regulations, compliance, and transactional insights. 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