SEBI

SEBI (LODR) Regulations, 2015--Same Aspects

D. Ramachandra Rao

SEBI has notified Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation, 2015 on September 2, 2015. They came into force on the ninetieth day from the date of their publication in the Official Gazette i.e. from December 1, 2015. These regulations replaced the Listing Agreements. The Regulations had been prepared to provide ease of reference by consolidating into one single document across various types of securities listed on the stock exchanges.

The listing regulations strengthen the provisions of the listing requirements for different segments of the capital market. All pre-listing requirements have been excluded from the LODR Regulations, they only deal with post-listing requirements. The regulations are divided into twelve chapters and nine schedules. These are sub-divided into two parts i.e. substantive provisions and procedural requirements.

In this article, key aspects of regulations of chapter I to III of LODR, regulations are discussing in brief-

1. Applicability

Regulation 3 of chapter I applies to the listed entity that has listed any of the following designated securities on recognised stock exchange(s)--

(a) specified securities listed on main board of the stock exchange

(b) Small and medium enterprises listed on SME exchange or institutional trading platform

(b) non-convertible debt securities, non-convertible redeemable preference shares, perpetual debt instrument, perpetual non-cumulative preference shares