Periodical report- Grant of prior approval to underwriters
Summary
This circular amends the SEBI (Underwriters) Regulations, 1993 to dispense with prior approval for changes in status or constitution while retaining it for changes in control. Underwriters are mandated to submit half-yearly reports detailing specific corporate changes within 15 days of the half-year's expiry. The reporting process requires electronic submission via email using a standardized subject line format.
Text
With the said amendment, the requirement of taking prior approval by the underwriters from SEBI for change in status or constitution has been dispensed with. However, the underwriters are required to take prior approval from SEBI for change in control.
Pursuant to the aforesaid notification, all underwriters shall report the following change(s) to SEBI on a half-yearly basis within 15 days of expiry of the half-year, commencing from the half-year ended September 30, 2011.
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
In case of a partnership firm any change in partners not amounting to dissolution of the firm
Change in shareholding not resulting in change in control
The above report shall be submitted in electronic form only to e-mail id uw@sebi.gov.in, with the subject line ”Report on change of status or constitution submitted by aaa for the half-year ended xxx yyyy” where aaa represents the name of underwriter, xxx represents the month at the end of the half-year and yyyy represents the year.
Source: SecMarx — Periodical report- Grant of prior approval to underwriters. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.