{"id":4286,"date":"2021-04-22T07:14:32","date_gmt":"2021-04-22T07:14:32","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=4286"},"modified":"2021-04-22T07:14:35","modified_gmt":"2021-04-22T07:14:35","slug":"investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/","title":{"rendered":"Investor Growth Platform Framework and 10 other issues reviewed by SEBI"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The SEBI Board on 25.03.2021 inter alia reviewed the investor growth platform framework and 10 other issues and has proposed certain recommendations and proposals regarding the same by way of Press Release No 15\/2021. In this learning article, we will discuss in detail the proposals and recommendations made by SEBI in the Investor Growth Platform Framework and 10 other issues.<\/p>\n\n\n\n<p>It has been declared to allow an Issuer\nCompany to allot up to 60% of the total issue size on a discretionary basis,\nbefore the opening of the issue, to the eligible investors that, too, with a\nlock-in period of 30 days on such shares.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a778e8d9e3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a778e8d9e3\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Review_of_Investor_Growth_Platform_Framework\" title=\"Review of Investor Growth Platform Framework\">Review of Investor Growth Platform Framework<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Business_Responsibility_Sustainability_Reporting_by_the_Listed_Entities_%E2%80%93_Investor_Growth_Platform_Framework\" title=\"Business Responsibility &amp; Sustainability Reporting by the Listed Entities &#8211; Investor Growth Platform Framework\">Business Responsibility &amp; Sustainability Reporting by the Listed Entities &#8211; Investor Growth Platform Framework<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Amendment_made_in_the_SEBI_Alternative_Investment_Funds_Regulations_2012\" title=\"Amendment made in the SEBI (Alternative Investment Funds) Regulations 2012\">Amendment made in the SEBI (Alternative Investment Funds) Regulations 2012<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Amendment_made_in_the_SEBI_Portfolio_Managers_Regulations_2020\" title=\"Amendment made in the SEBI (Portfolio Managers) Regulations 2020\">Amendment made in the SEBI (Portfolio Managers) Regulations 2020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Online_Payment_of_Fees_-Investor_Growth_Platform_Framework\" title=\"Online Payment of Fees -Investor Growth Platform Framework\">Online Payment of Fees -Investor Growth Platform Framework<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Budget_Estimates_for_the_Financial_Year_2021_%E2%80%93_2022\" title=\"Budget Estimates for the Financial Year 2021 \u2013 2022\">Budget Estimates for the Financial Year 2021 \u2013 2022<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Review_of_the_SEBI_Delisting_of_Equity_Shares_Regulations_2009\" title=\"Review of the SEBI (Delisting of Equity Shares) Regulations 2009\">Review of the SEBI (Delisting of Equity Shares) Regulations 2009<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Review_of_Disclosures_concerning_Institutional_Investor\" title=\"Review of Disclosures concerning Institutional Investor\">Review of Disclosures concerning Institutional Investor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Constitution_Role_and_Applicability_of_Risk_Management_Committee\" title=\"Constitution, Role, and Applicability of Risk Management Committee\">Constitution, Role, and Applicability of Risk Management Committee<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Review_of_the_Regulatory_Framework_for_the_Reclassification_of_Promoter_and_Group_Entities_-Investor_Growth_Platform_Framework\" title=\"Review of the Regulatory Framework for the Reclassification of Promoter and Group Entities -Investor Growth Platform Framework\">Review of the Regulatory Framework for the Reclassification of Promoter and Group Entities -Investor Growth Platform Framework<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Review_of_SEBI_LODR_Regulations_2015\" title=\"Review of SEBI (LODR) Regulations 2015\">Review of SEBI (LODR) Regulations 2015<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Conclusion_%E2%80%93_Investor_Growth_Platform_Framework\" title=\"Conclusion &#8211; Investor Growth Platform Framework\">Conclusion &#8211; Investor Growth Platform Framework<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/swaritadvisors.com\/blog\/investor-growth-platform-framework-and-10-other-issues-reviewed-by-sebi\/#Official_SEBI_Press_Release\" title=\"Official SEBI Press Release\">Official SEBI Press Release<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Review_of_Investor_Growth_Platform_Framework\"><\/span>Review of Investor Growth Platform Framework<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The SEBI has approved\nthe following proposals with regard to Investor Growth Platform (IGP) framework\nunder the SEBI (Issue of Capital &amp; Disclosure Requirements) Regulations\n2018, with an aim to make the said platform more accessible and available to\ncompanies. The reason behind the same is to develop a start-up ecosystem.<\/p>\n\n\n\n<p>Further, the key proposals approved by\nSEBI are as follows:<\/p>\n\n\n\n<ul><li>Based on the present eligibility criteria under Investor Growth Platform, the lock in period for the eligible investors regarding 25% pre issue capital has been reduced from two to one year; <\/li><li>The term \u201cAccredited Investor\u201d for the purpose of IGP has been renamed as the \u201cInnovators Growth Platform Investors\u201d. Further, the pre-issue shareholding of such investors has been increased from 10% to 25%; <\/li><li>It has been declared to allow an Issuer Company to allot up to 60% of the total issue size on a discretionary basis, before the opening of the issue, to the eligible investors that, too, with a lock-in period of 30 days on such shares;<\/li><li>In accordance with the provisions of the Main Board IPO, all the Issuer companies which have issued SVR (Superior Voting Rights) equity shares to their promoters or founders will be permitted to do listing under the IGP framework;<\/li><li>For all the listed companies under the IGP framework, the stipulation for triggering open offer under the Takeover Regulations 2011 has been relaxed from the prevailing 25% to 49%. However, it shall be noted that regardless of holding or acquisition of shares or voting rights in the target company, any type of change in control, whether directly or indirectly, will trigger an open offer;<\/li><li>Delisting of shares under the IGP framework will be considered successful if, in the post-offer,the acquirer or promoter shareholding, together with the shares accepted, reaches 75 percent of the total issued shares of that class. Also, at least 50% of shares of the public shareholders are accepted. <\/li><\/ul>\n\n\n\n<p>Further, for the delisting of shares under\nthe IGP framework, the RBB (Reverse Book Building) mechanism will not be\napplicable, and for the computation of the offer price, the floor price shall\nbe determined based on the terms of the Takeover Regulations 2011, together\nwith the delisting premium as justified by the acquirer or promoter;<\/p>\n\n\n\n<ul><li>If\nin case a company is not able to satisfy the conditions of net worth, profitability,\nnet assets, etc., then, in that case, migration from IGP to the Main Board\nneeds a company to have at least 75% of its total capital held by QIBs (Qualified\nInstitutional Buyers) as on the date of application for migration. However, it\nshall be noted that the said requirement has now been reduced to 50%;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Business_Responsibility_Sustainability_Reporting_by_the_Listed_Entities_%E2%80%93_Investor_Growth_Platform_Framework\"><\/span>Business Responsibility &amp; Sustainability Reporting by the Listed Entities &#8211; Investor Growth Platform Framework<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the recent SEBI Meeting, the board\nhas decided to implement various new requirements for the listed company\nconcerning sustainability reporting. This new report will be known as the BRSR\n(Business Responsibility and Sustainability Report) and will replace the\nprevailing BRR (Business Responsibility Report). Also, the same will be applicable\nto the top 1000 listed entities for reporting on a voluntary basis in FY 2021 \u2013\n2022 and mandatory basis in 2022 \u2013 2023.<\/p>\n\n\n\n<p>Further, the BRSR lays down considerable\nemphasis on the quantifiable metrics, which permits for easy measurement &amp;\ncomparability across companies, sectors &amp; time periods. <\/p>\n\n\n\n<p>It shall be noted that the disclosures made\nunder the BRSR are bifurcated into essential (mandatory) &amp; leadership\n(voluntary) indicators. <\/p>\n\n\n\n<p>Also, the Business Responsibility and Sustainability\nReporting provides for an inter-operability of reporting, i.e., the entities or\ncompanies which prepare the sustainability report, based on the internationally\naccepted reporting frameworks, such as GRI, TCFD, SASB, Integrated Reporting,\ncan cite the disclosures sought under the \u201cBRSR\u201d to the disclosures made under\nabove mentioned frameworks. <\/p>\n\n\n\n<p>The main aim of the new reporting\nrequirements is to bring in greater transparency vide disclosure of material\nESG-related details to allow market participants to determine and assess the sustainability-related\nrisks &amp; opportunities. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Amendment_made_in_the_SEBI_Alternative_Investment_Funds_Regulations_2012\"><\/span>Amendment made in the SEBI (Alternative Investment Funds) Regulations 2012<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The amendments approved and proposed by\nthe board for the SEBI (Alternative Investment Funds) Regulations 2012 are as\nfollows:<\/p>\n\n\n\n<ol><li>It\nprovides a definition of the term \u201cstartup\u201d as prescribed by the Government of\nIndia (GOI) for the purpose of investment in Angel Funds;<\/li><li>The\nlist of all the restricted activities or sectors will now be removed from the\ndefinition of \u201cVenture Capital Undertaking\u201d to provide more flexibility to the\nregistered Venture Capital Funds under Category I AIFs (Alternative Investment\nFunds) in making investments;<\/li><li>All\nthe AIFs, inclusive of Fund of AIFs, are allowed to instantaneously invest in\nunits of other AIFs and directly in the securities of investee companies, but\nsubject to certain conditions;<\/li><li>Clarity\nwill be provided regarding the scope of responsibilities and duties of Managers\nand members of the Investment Committees; and<\/li><li>To\nprescribe a Code of Conduct for the Alternative Investment Fund, Trustee &amp;\ndirectors of the Trustee\/ Designated Partners\/directors of the AIF, Manager and\nmembers of the Investment Committee, and for the key management personnel of\nAIF;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Amendment_made_in_the_SEBI_Portfolio_Managers_Regulations_2020\"><\/span>Amendment made in the SEBI (Portfolio Managers) Regulations 2020<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Board has approved the amendment to\nthe SEBI (Portfolio Managers) Regulations 2020 and has mandated that Portfolio\nManagers need to obtain prior approval of the SEBI for change in control.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Online_Payment_of_Fees_-Investor_Growth_Platform_Framework\"><\/span>Online Payment of Fees -Investor Growth Platform Framework<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Securities and Exchange Board of\nIndia has approved the proposal concerning payment of fees by intermediaries\nonly through an online payment gateway. That means the same will first remove\nthe physical mode of payment and will encourage digital payment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Budget_Estimates_for_the_Financial_Year_2021_%E2%80%93_2022\"><\/span>Budget Estimates for the Financial Year 2021 \u2013 2022<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The SEBI Budget for the fiscal year 2021\n&#8211; 2022 was considered and duly approved by the Board.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Review_of_the_SEBI_Delisting_of_Equity_Shares_Regulations_2009\"><\/span>Review of the SEBI (Delisting of Equity Shares) Regulations 2009<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Board has duly approved several amendments concerning the <strong>SEBI (Delisting of Equity Shares) Regulations 2009<\/strong><sup><a href=\"https:\/\/www.sebi.gov.in\/legal\/regulations\/jun-2009\/sebi-delisting-of-equity-shares-regulations-2009-last-amended-on-march-6-2017-_34625.html\"><strong>[1]<\/strong><\/a><\/sup>. The same was primarily done with an objective to make the process of delisting more transparent and efficient.<\/p>\n\n\n\n<p>Further, some of the key amendments made\nare as follows:<\/p>\n\n\n\n<ol><li>Promoter\nor acquirer will need to disclose his\/ her intention to delist the shares of\nthe company by making an \u201cinitial\npublic announcement\u201d;<\/li><li>The\nCommittee of the Independent Directors will need to provide their \u201creasoned\nrecommendations\u201d on the proposal for delisting of shares;<\/li><li>Timelines\nfor the completion of various activities which forms a part of the delisting\nprocedure have been introduced and revised to make the said procedure more\nefficient;<\/li><li>Promoter\nor acquirer will now be permitted to mention an indicative price for the\nprocess of delisting, which must not be less than the actual floor price;<\/li><li>Promoter\nwill now be bound to accept the price determined through the RBB (reverse book\nbuilding) mechanism if the same is at par with the actual floor price or\nindicative price;<\/li><li>Lastly,\nthe role of the merchant banker involved in the process of delisting needs to\nbe elaborated;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Review_of_Disclosures_concerning_Institutional_Investor\"><\/span>Review of Disclosures concerning Institutional Investor<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>At present, a listed entity needs to\ndisclose the schedule of all the analysts or institutional investors meet,\ntogether with the presentations made in such meetings, to the recognised stock\nexchanges and on its official website. <\/p>\n\n\n\n<p>Further, the Board has declared to amend\nthe provisions to introduce the prerequisite of disclosing as follows: <\/p>\n\n\n\n<ol><li>Audio\nor video recordings of these meetings must be uploaded on the website of the\nsaid listed entity and exchanges promptly that, too, before the next trading\nday or within a period of 24 hours, whichever is earlier;<\/li><li>Further,\nthe written transcripts of these meetings must be uploaded on the website as\nwell within five working days;<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Constitution_Role_and_Applicability_of_Risk_Management_Committee\"><\/span>Constitution, Role, and Applicability of Risk Management Committee<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Board duly considered and approved\nthe amendments to the Securities &amp; Exchange Board of India (Listing\nObligations &amp; Disclosure Requirements) Regulations 2015 in regard to the\napplicability, role, and constitution of the RMC (Risk Management Committee) of\nthe listed entities.<\/p>\n\n\n\n<p>The amendments approved inter-alia\ninclude the listed as follows:<\/p>\n\n\n\n<ol><li>The\nprerequisites for establishing a Risk Management Committee has been made\napplicable to the top 1000 listed companies by market capitalisation from the\nprevailing top 500 listed companies;<\/li><li>The\nRisk Management Committee will have a minimum of three members, out of which\nmajority of them must be the members of the BOD (board of directors),\ncomprising of at least one independent director;<\/li><li>The\nquorum for the meeting of the Risk Management Committee will be either one\nthird of the total members of the committee or two members, whichever is\nhigher, comprising of at least one member of the BOD (board of directors) in\nattendance;<\/li><li>The\nrole and duty of the Risk Management Committee has been specified which,\ninter-alia, comprises of the formulation of a detailed and comprehensive risk\nmanagement policy and observing its implementation;<\/li><li>Lastly,\nthe periodic review of such risk management policy; periodic review of the\nappointments made, removal and terms of the remuneration of the CRO (Chief Risk\nOfficer);<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Review_of_the_Regulatory_Framework_for_the_Reclassification_of_Promoter_and_Group_Entities_-Investor_Growth_Platform_Framework\"><\/span>Review of the Regulatory Framework for the Reclassification of Promoter and Group Entities -Investor Growth Platform Framework<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Board has approved the proposal to explain\nthe existing framework concerning the reclassification of promoter or promoters\u2019\ngroup entities which comprises of exemption from:<\/p>\n\n\n\n<ol><li>The\nprevailing requirements, in the cases of re-classification pursuant to the\ndirection of the regulator under any law in force, in accordance with the existing\nexemption already available to the cases of resolution planned and approved\nunder the provisions of section 31 of the Insolvency code;<\/li><li>The\nrequirement of looking forprior approval of the members orshareholders in the cases\nwhere the promoter seeking re-classification holds a shareholding of less than\n1%, but the same is subject to the promoter not being in control;<\/li><li>Few\nprocedural requirements concerning re-classification, such as obtaining request\nfrom the promoter, approval from the BOD (board of directors) and shareholders\nin case of an open offer under the SEBI Takeover Regulations &amp; scheme of\narrangement. Further, it shall be noted that the said exemption will be subject\nto the disclosure of the intent of re-classification of the outgoing promoter in\nthe letter of offer (LOF) or scheme of the arrangement, togetherwith fulfilling\nother requirements, such as not having any control, or not represented on the\nBoard, etc.;<\/li><\/ol>\n\n\n\n<p>It has also been declared to reduce the\ntime gap between the date of the board meeting and shareholders meeting for\nconsideration of reclassification request, to a minimum of one month and a\nmaximum of three months from the existing requirement of minimum period of\nthree months and maximum six months.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Review_of_SEBI_LODR_Regulations_2015\"><\/span>Review of SEBI (LODR) Regulations 2015<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Board, i.e., SEBI, has approved\nseveral amendments concerning the Securities &amp; Exchange Board of India\n(Listing Obligations &amp; Disclosure Requirements) Regulations 2015. Further,\nsome of the key amendments made are as follows:<\/p>\n\n\n\n<ol><li>Requirement for the formulation of DDP (Dividend Distribution Policy)\u00a0 by the existing top 500 listed companies has been stretched to the top 1000 listed companies based on the market capitalisation;<\/li><li>In case the board meetings are held for one or more day, then, in that case, the financial results will be disclosed by the listed companies within a period of 30 minutes, starting fromthe of end of the board meeting (BM) for the day on which the said financial results are considered;<\/li><li>The provisions of the Listing Obligations and Disclosure Requirements Regulations which is applicable to listed companies based on the following listed:<ol><li>The market capitalization criteria, which shall continue to apply even if such companies subsequently fall below the prescribed thresholds;<\/li><li>The paid-up capital and net-worth criteria, which shall continue to be applicable to such companies unless the required paid-up capital or the net-worth falls and continues to remain less than the threshold for a tenure of three consecutive financial years;<\/li><\/ol><\/li><li>The requirement to obtain stock exchange approval for the change of name of a listed company is dispensed with;<\/li><li>The prescribed timelines for the submission of periodic reports, such as the statement of investor complaints, CG (corporate governance) report, and shareholding pattern will now be harmonized to 21 days, starting from the end of each quarter;<\/li><li>Further, the frequency of the submission of the compliance certificates concerning the share transfer facility (STF) and issuance of share certificates, within a period of 30 days of the lodgement for transfer, sub-division, etc., has now been revised from half-year to annual basis;<\/li><li>Lastly, the requirement to publish advertisements in newspaper for the notice to BM (board meetings) where the financial results are to be discussed and for the quarterly statement on deviation or variation in use of funds, has now been dispensed with;<\/li><\/ol>\n\n\n\n<p>Further, the amendments are purposed at\nconfirming gender neutrality and keeping consistency within the Listing Obligations\nand Disclosure Requirements Regulations. <\/p>\n\n\n\n<p>Also, it aims to harmonize certain\nprovisions of these Regulations with the provisions of the Companies Act 2013.\nThe reason behind the same is to strengthen the practises of corporate\ngovernance and disclosure requirements, and to ease out the compliance burden\non listed companies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion_%E2%80%93_Investor_Growth_Platform_Framework\"><\/span>Conclusion &#8211; Investor Growth Platform Framework<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, SEBI Board on 25.03.2021 has reviewed the investor growth platform framework and 10 other issues and has proposed certain recommendations and proposals regarding the same by way of Press Release No 15\/2021.<\/p>\n\n\n\n<p><strong>Also, Read:<\/strong> <mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/blog\/sebi-notifies-scra-stock-exchanges-clearing-corporations-regulations-2021\/\">SEBI Notifies SCRA (Stock Exchanges &#038; Clearing Corporations) Regulations 2021<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Official_SEBI_Press_Release\"><\/span><strong>Official SEBI Press Release<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/04\/1616669937445.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">1616669937445<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The SEBI Board on 25.03.2021 inter alia reviewed the investor growth platform framework and 10 other issues and has proposed certain recommendations and proposals regarding the same by way of Press Release No 15\/2021. In this learning article, we will discuss in detail the proposals and recommendations made by SEBI in the Investor Growth Platform [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4287,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[64],"tags":[593],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/4286"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=4286"}],"version-history":[{"count":7,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/4286\/revisions"}],"predecessor-version":[{"id":4296,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/4286\/revisions\/4296"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/4287"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=4286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=4286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=4286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}