Relaxations relating to procedural matters –Issues and Listing
Summary
This circular extends the validity of procedural relaxations for Rights Issues to open up to March 31, 2022. It mandates that issuers and lead managers continue to comply with specific conditions outlined in previous circulars dated May 6, 2020. Additionally, it requires issuers to conduct a Vulnerability Test for optional non-cash application mechanisms and submit the report to stock exchanges.
Text
the relaxation mentioned in point (iv) of the said SEBI Circular dated May 6, 2020, is further extended and shall be applicable for Rights Issues opening up to March 31, 2022, provided that the issuer along with the Lead Manager(s) shall continue to comply with point (v) of the said SEBI Circular dated May 06, 2020.
Issuer Company shall conduct a Vulnerability Test for optional mechanism (non-cash mode only) provided to accept the applications in Rights Issue (facility provided by RTA), from an independent IT Auditor, and submit the report to Stock Exchange(s).
Source: SecMarx — Relaxations relating to procedural matters –Issues and Listing. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.