[See regulation 114]
AMENDMENTS TO OTHER REGULATIONS
(1) Amendment of Securities and Exchange Board of India (Debenture Trustee)
(i) in regulation 15,
(a) in sub-regulation (1), after clause (c) the following clause shall be inserted,
“(ca) supervise the implementation of the conditions regarding creation of security
for the debentures and debenture redemption reserve, wherever applicable;”
(b) after sub-regulation (1), the following sub-regulation shall be inserted, namely:-
“(1A) The debenture trustee shall:
(a) obtain reports from the lead bank regarding progress of the project;
(b) monitor utilisation of funds raised in the issue;
(c) obtain a certificate from the issuer’s auditors:
(i) in respect of utilisation of funds during the implementation period
of the project; and
(ii) in the case of debentures issued for financing working capital, at
the end of each accounting year.”
(2) Amendment of Securities and Exchange Board of India (Merchant Bankers)
(i) in regulation 9, after sub-regulation (1A), the following sub-regulation shall be
“(1B) The application for renewal under sub-regulation (1) shall be accompanied by
details of the changes that have taken place in the information that was submitted to the
Board while seeking registration or earlier renewal, as the case may be, and a
declaration stating that no changes other than those as mentioned in such details have
(ii) regulation 18 shall be omitted.
(iii) in regulation 20, sub-regulation (2) shall be omitted.
(iv) after regulation 21, the following regulation shall be inserted, namely:-
“21A. Merchant banker not to act as such for an associate.
(1) A merchant banker shall not lead manage any issue or be associated with any
activity undertaken under any regulations made by the Board, if he is a promoter or a
director or an associate of the issuer of securities or of any person making an offer to
sell or purchase securities in terms of any regulations made by the Board:
Provided that a merchant banker who is an associate of such issuer or person may be
appointed, if he is involved only in the marketing of the issue or offer.
Explanation: For the purposes of this regulation, a merchant banker shall be deemed to
be an “associate of the issuer or person” if:
(i) either of them controls, directly or indirectly through its subsidiary or holding
company, not less than fifteen per cent. of the voting rights in the other; or
(ii) either of them, directly or indirectly, by itself or in combination with other
persons, exercises control over the other; or
(iii) there is a common director, excluding nominee director, amongst the issuer, its
subsidiary or holding company and the merchant banker.”
(v) regulations 23, 24, 24A and 25 shall be omitted;
(vi) regulation 28 shall be renumbered as ―28.(1)‖ and after the renumbered sub-regulation (1), the following sub-regulation shall be inserted, namely:-
“(2) The merchant banker shall submit a half yearly report for the period ending with
31st March and 30th September of every year, in the format specified in schedule IV,
within three months from the close of the period to which it corresponds.”
(vii) in Schedule I , Form C shall be omitted;
(viii) Schedule IV shall be substituted with the following, namely:-
(1) Name/Category of registration.
(2) SEBI Registration No.
(3) Name of the Compliance Officer.
(4) Addition / deletion / change in address etc. of branch offices from last submitted
(5) Change, if any, in constitution of the organisation (private limited, public limited,
partnership, merges, acquisition etc.)
(6) Change, if any, in directorship details since the last report.
|Brief Experience (in case of induction)||Share in the company|
(7) Change in the key management personnel since last report (since grant of
registration in case of first report)
|Name||Date of App./|
(8) Change including addition to/in associate concerns
|Name of Co./firm||Nature of change||Activities Handled||Nature of interest with
(9) New activities undertaken/discontinuation of any existing activities
Activity When commenced/ Object of the new activities/
discontinued reasons for discontinuation.
(10) Details of all pending litigations involving the merchant banker.
(11) Issue management activities (Attach separate sheet if required):
Name of issuer Type of issue Instrument
Offer Amount Issue Price/ Issue opening
(Rs. In Lakhs) Conversion Price date
Issue Closing No. of times Functional
date oversubscribed Responsibility
Stock Exchanges Reasons for delay First date of
where instruments in listing trading in
were to be listed respective SEs
Opening trading Current market Remarks
price at respective price
(12) Penalty/warnings given by SEBI, if any.
(13) Underwriting activities
(a) Total number of issues underwritten during the period.
(b) Total amount underwritten during the period (Rs. In lakhs).
(c) Outstanding underwriting commitment at the close of the period (Rs. in
(d) Details of disputed/devolved cases
|Sr. No.||Name of the issuer||Instrument||Amount underwritten (Rs. in lakhs)||Amount devolved|
(Rs. in lakhs)
|If not met, the reasons thereof &|
how dispute was settled
any issued by SEBI
(14) Redressal of Investor Grievances
(a) System of redressal of investor grievances (a brief write up).
(i) Number of investor grievances received during the period.
(ii) Nature of grievances.
(iii) Number of grievances resolved.
(iv) Number of grievances pending.
(v) The date of oldest grievance.
(15) Financial information
Capital Structure Year ended Previous
(Rs in lakhs) Year ended
(Rs. In lakhs)
(i) Paid-up capital
(ii) Free reserves
(iii) Secured loan
(iv) Unsecured loan
(i) Fixed Assets (net block)
(ii) Quoted investment at cost/
market price whichever is lower
(iii) Unquoted investment
(iv) Current assets
(v) Misc. exp. not written off
(Please enclose the copy of latest audited financial results along with schedules)
(16) Changes, if any in major share holding (more than 5%)
Name of the Investment/ Percentage of total
shareholder disinvestment paid-up capital
(17) Name of the major shareholders holding more than 5%.
(18) Any capital issue (rights or public) during the period. If yes, details thereof
inclusive of status of complaints from investors and their redressal.
(19) Indictment or involvement in any economic offence by the merchant banker or
their directors or principle officer, if any, during the period.
DATE: AUTHORISED SIGNATORY”
(3) Amendment of Securities and Exchange Board of India, (Registrars to an Issue and
Share Transfer Agents) Regulations, 1993.
(i) in regulation 13A, in the Explanation in clause (b), after the word “director” the words
“or promoter” shall be inserted.