Periodical Report- Grant of prior approval to Bankers to an Issue
Summary
This circular amends the SEBI (Bankers to an Issue) Regulations, 1994, by dispensing with the requirement for prior SEBI approval regarding changes in status or constitution. However, Bankers to an Issue must still obtain prior approval from SEBI specifically for any change in control. Additionally, these entities are mandated to report specific corporate changes, such as amalgamations and director changes, in their quarterly reports starting from the quarter ended June 30, 2011.
Text
With the said amendment, the requirement of taking prior approval by the Bankers to an Issue from SEBI for change in status or constitution has been dispensed with.
However, the Bankers to an Issue would be required to take prior approval from SEBI for change in control.
Pursuant to the aforesaid notification, commencing from the quarter ended June 30, 2011, all Bankers to an Issue shall report the following change(s) to SEBI in the quarterly reports submitted in accordance with the SEBI Circular No. MIRSD/DPS-2/BTI/Cir-15/2008 dated May 06, 2008.
Amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 391 of the Companies Act, 1956 (1 of 1956) or the corresponding provision of any other law for the time being in force
Change in Director, including managing director/ whole-time director
Change in shareholding not resulting in change in control
If there is no change during the relevant quarter, it shall be indicated in the report.
Source: SecMarx — Periodical Report- Grant of prior approval to Bankers to an Issue. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.