REIT and InvIT unitholders with 10% aggregate holding get Board nomination rights

Avinash Shetty, Assistant Manager | corplaw@vinodkothari.com

SEBI proposes to ease Delisting process | Consultation Paper On Review Of Voluntary Delisting Norms

– Avinash Shetty, Assistant Manager | corplaw@vinodkothari.com

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Related Resources on the topic:

  1. Easing Delisting of Equity Shares

SEBI Consultation Paper (CP) to curb association of SEBI Registered Intermediaries (RIs) with unregistered Finfluencers

– Sanya Agrawal | corplaw@vinodkothari.com

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Our detailed article on the topic can be read here

Social stock exchange for enterprises: a road not taken, or a road not found?

Payal Agarwal, Senior Manager | payal@vinodkothari.com 

Social Stock Exchange (SSE) that emerged as a concept in India for the first time in the Budget Speech of FY 2019-20, has become a reality with the creation of a necessary regulatory ecosystem around the same during 2022. More about the regulatory ecosystem of SSEs can be read at Social stock exchanges: philanthropy on the bourses. Following the same, the two recognised stock exchanges of India having nation-wide trading terminals, viz., the NSE and BSE, have been granted recognition as SSEs in India. With this, an implementation mechanism has been provided for the “social enterprises” to get itself registered and listed on the SSEs. 

As per the NSE’s list of registered NGOs, a total of 18 not-for-profit organizations (NPOs) have been registered till date (data accessed on 4th September, 2023). The BSE’s website also contains a list of around 19 NPOs registered with its SSE segment. Fundraising through SSE is not a mandatory requirement for NPO; however, to facilitate fund raising by NPOs, a proposal has been rolled out to relax certain requirements applicable to NPOs registered with SSEs. A brief of the proposals may be accessed at Flexibility-centric recommendations proposed for SSE framework. While a traction is observed in NPOs getting registered with SSEs as a “social enterprise”, the other group of social enterprises, the for-profit entities (FPEs) have been seemingly neglected. 

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SEBI proposes to regulate ‘Finfluencers’

Proposed regime may have registration, advertising guidelines, etc

– Sharon Pinto & Avinash Shetty | (corplaw@vinodkothari.com)

Introduction

In the digital age that we live in, our decisions are influenced by the content we consume on social/digital media platforms. This may include financial decisions too. Recently, there has been a rising trend of persons or entities who post quick bite sized posts with content providing financial advice or even promoting financial products. While some of these persons may merely have the intent of educating the masses and making financial advice more accessible, some may be working at the instance of issuers of these products, SEBI registered intermediaries, etc., for gain or gratification. Thus, influencers, who put digital content on financial products, and are engaged by any “regulated entities” or securities intermediaries, are now intended to be brought under the regulatory ambit of SEBI.

SEBI vide Consultation Paper (‘CP’) dated August 25, 2023, has put forth its concerns w.r.t. the functioning of the said finfluencers and has also proposed to regulate these entities (Our snippet covering the proposals in the CP can be viewed here).

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SEBI approves changes in SSE framework – Eases registration & listing of NPOs

– Payal Agarwal, Senior Manager | corplaw@vinodkothari.com

(Updated as on November 28, 2023)

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Access our resource centre on Social Sector her:

Proposal to designate a Research Analyst Administration & Supervisory Body to administer and supervise the RAs: SEBI Consultation Paper dated 22.08.2023

– Neha Malu, Senior Executive | Corplaw@vinodkothari.com

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Framework for voluntary delisting of debt securities notified

– Sharon Pinto, Senior Manager & Palak Jaiswani, Asst. Manager | corplaw@vinodkothari.com

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Our resources related to the topic:-

  1. Mandatory listing for further bond issues
  2. Bond market needs a friend, not parent
  3. Recent amendments relating to Corporate Bonds
  4. SEBI proposes rationalising Large Corporate Borrower Framework
  5. SEBI amends NCS Regulations – DT nominated director | Green Debt Securities | Public issue offer period

Our YouTube Videos on the related topics:

  1. Large Corporate Borrowers

ODR Platform: extension of online grievance redressal mechanism

– Ankit Singh Mehar | Executive | corplaw@vinodkothari.com

Online Dispute Resolution (ODR) in Indian Securities Market has been introduced by SEBI vide its circular dated July 31, 2023 read with corrigendum-cum-amendment circular dated August 4, 2023. In addition to SCORES, Investors/clients and Market Participants (MPs) now have an additional mechanism available for dispute resolution. This snippet summarises ODR process and the actionable for listed entities and other MPs, arising out of the said circulars.

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Gender Diversity in the Boardroom

-Mahak Agarwal | corplaw@vinodkothari.com

Diversity in the Boardroom, specifically gender diversity is in the limelight owing to the general awareness for breaking gender stereotypes and adopting a gender neutral board structure. While the Companies Act, 2013 and SEBI LODR Regulations have already taken their first steps towards implementing the same, considering the progress in global perspective, India still has a long way to go in increasing women participation in corporate boards  . This article discusses the concept of Board diversity, specifically  gender diversity,  and the ways in which Indian corporate laws could take their next step in achieving a gender-diversified Board.

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