Introduction of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

SEBI in its board meeting on 19th November 2014 had discussed the conversion of existing listing agreements into a single comprehensive regulation for various types of listed securities. SEBI had, on 2nd September, 2015, notified the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) replacing the Listing agreement (For summary of the key highlights of the SEBI Listing Regulations, please click on http://nrsadvisors.com/sebi-listing-obligations-and-disclosure-requirements-regulations-2015/).

Introduction of the format of uniform Listing Agreement

Since the SEBI Listing Regulations consolidate and streamline the existing listing agreements for different segments of the capital market into one single document across various types of securities listed on the stock exchanges, the actual Listing Agreement to be signed by the listed entities need not be as detailed and intricate.

The SEBI Listing Regulations, provide for a shortened version of the Listing Agreement (2 page approximately) which would be required to be signed by a company getting its securities listed on Stock Exchanges. SEBI has, on 13^th October, 2015, notified the format of the uniform Listing Agreement by circular No. CIR/CFD/CMD/6/2015.

Applicability

1. The uniform Listing Agreement would be applicable to issuance of
   • Specified securities (equity and convertible securities on Main board, SME platform or Institutional Trading Platform)
   • Indian Depository Receipts
   • Non-convertible debt securities,
   • Non-convertible redeemable preference shares,
   • Securitised debt instruments, and
   • Mutual funds
2. The existing listed entities would be required to sign the shortened version within 6 months of the notification of the SEBI Listing Regulations i.e. 2nd September, 2015.

Format of the uniform Listing Agreement

Please click on the following link for the format of uniform Listing Agreement : http://www.sebi.gov.in/cms/sebi_data/attachdocs/1444737188833.pdf