MCA
MCA has notified National Company Law Tribunal Rules, 2016 (NCLT Rules) and National Company Law Appellate Tribunal Rules, 2016 (NCLAT Rules). These
rules shall come into force on the date of their publication in the
Official Gazette. The NCLT Rules have been divided into 16 parts which
includes procedure for proceedings, forms to be filed, appearances of
authorized representatives among other things whereas NCLAT Rules has
been divided into 20 parts which include powers and functions of
President, Registrar and Secretary, general procedure, procedure for
institution of proceedings, petition, appeals, among other things.
SEBI
SEBI has released FAQs on Electronic Book Mechanism (EBM) for issuance of debt securities on private placement basis for
which a Circular has been issued earlier. The said electronic book
mechanism is active since July 01, 2016. Further, National Stock
Exchange (NSE) and Bombay Stock Exchange (BSE) have also been granted
approval to act as Electronic Book Provider (EBP). It clarified that for
all the private placements of debt securities in primary market whose
issue size is Rs. 500 crore and above, inclusive of green shoe option,
if any, electronic book mechanism would be mandatory and voluntary for
issue size being below Rs.500 crore, inclusive of green shoe option, if
any. There is also the requirement of EBM, if the issue size is less
than Rs. 500 Crore but is a part of a shelf offer which is more than Rs
500 crore in a financial year and also if the aggregate issue size in
the same year crosses Rs.500 crore.
Thanks & Regards,
Meetesh Shiroya
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