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SEBI (Issue & Listing of Non-Conv. Redeemable Pref. Shares) (Amd.) Reg. 2018

Securities and Exchange Board of India Notification dated the 09th October, 2018 and published in the Official Gazette on 9th October, 2018:

No. SEBI/LAD-NRO/GN/2018/44 .— In exercise of the powers conferred by sub-section (1) of section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013, namely:-

1. These Regulations may be called the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable Preference Shares) (Amendment) Regulations, 2018.

2. They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013, the regulation 16B shall be omitted.

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Extra Notes

Regulation 16B was inserted by the SEBI (Listing Obligations and Disclosure Requirements) regulations, 2015, w.e.f. 1-12-2015.

Regulation 16B: Security Deposit is reproduced hereunder:

(1) The issuer shall deposit, before the opening of subscription list, and keep deposited with the stock exchange(s) an amount calculated at the rate of one per cent. of the amount of securities offered for subscription to the public.

(2) The amount stipulated in sub-regulation (1) shall be deposited in the manner specified by Board and/or stock exchange(s).

(3) The amount stipulated in sub-regulation (1) shall be refundable or forfeitable in the manner specified by the Board.

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