Amendments to the Equity Listing Agreement
Summary
This circular mandates amendments to the Equity Listing Agreement to enhance disclosure quality, specifically regarding shareholding patterns and public shareholding requirements. It introduces new clauses for media agreements and website maintenance while updating procedures for unclaimed physical shares and dividend payments. The provisions apply with immediate effect or specific future dates depending on the clause, exercised under Section 11 of the SEBI Act. This section amends the Equity Listing Agreement by inserting provisos for dividend and bonus share intimations to stock exchanges. It updates disclosure timelines and formats under Clause 35, including specific tables for shareholding patterns and Depository Receipts. Additionally, it substitutes Clause 40A regarding public shareholding requirements and inserts new clauses 53 and 54 concerning media agreements and website maintenance.
Text
Entities seeking listing post-IPO shall mandatorily submit their shareholding pattern one day prior to listing; stock exchanges shall upload it before trading commences.
If capital restructuring changes paid-up share capital by +/- 2%, listed entities must file a revised shareholding pattern within 10 days of allotment; stock exchanges must upload immediately.
Details of shares held by custodians against issued Depository Receipts must be segregated into 'promoter/promoter group' and 'public' categories.
Companies must comply with Rule 19(2) and 19A of SCRR, raising public shareholding via prospectus, offer for sale, or secondary market sales with prior exchange approval.
Amends Clause 5A to address difficulties faced by companies with past physical share issuances that remain unclaimed.
Mandates companies to have a pre-announced fixed pay date for dividend payments and credit of bonus shares.
Amends Clause 21 by removing references to dividend payments consequent to amendments in Clauses 20 and 22.
Listed entities must disclose details of agreements with media companies on their websites and notify the stock exchange.
Mandates listed entities to maintain a functional website containing basic information, duly updated for statutory filings including media agreements.
Issuer must send reminders, transfer unclaimed shares to an Unclaimed Suspense Account, dematerialize them, freeze voting rights, and disclose details in Annual Reports.
Provided that an intimation made to stock exchanges under sub-clause (a) shall also contain the date on which dividend shall be paid/dispatched
The words 'the dividend on shares', 'dividend warrants', and 'payment of dividend' occurring in specified contexts shall be deleted
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Source: SecMarx — Amendments to the Equity Listing Agreement. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.