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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2023

23-Aug-2023 | SEBI/LAD-NRO/GN/2023/149

SEBI has introduced the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2023, effective from 23rd August 2023. This amendment aims to refine and enhance the existing provisions under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Amendment Overview: The newly introduced chapter, Chapter VIA - Framework for Voluntary Delisting of Non-Convertible Debt Securities or Non-Convertible Redeemable Preference Shares and Obligations of the Listed Entity on Such Delisting, outlines provisions governing the voluntary delisting of non-convertible debt securities or non-convertible redeemable preference shares from stock exchanges. Applicability: The provisions of this chapter are applicable to voluntary delisting of all listed non-convertible debt securities or non-convertible redeemable preference shares from all or any of the stock exchanges. However, certain exclusions apply. This chapter does not apply in cases where: 1. A listed entity has outstanding listed non-convertible debt securities or non-convertible redeemable preference shares issued by way of a public issue. 2. A listed entity has more than two hundred securities holders, excluding qualified institutional buyers, in any International Securities Identification Number relating to listed non-convertible debt securities or non-convertible redeemable preference shares. 3. no debt securities or non-convertible redeemable preference shares have been delisted by stock exchanges as a consequence of penalties or actions initiated against the listed entity. 4. non-convertible debt securities or non-convertible redeemable preference shares have been delisted pursuant to redemption of such securities or shares. 5. non-convertible debt securities or non-convertible redeemable preference shares delisted pursuant to a Resolution Plan.

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