{"id":38625,"date":"2022-08-22T11:15:12","date_gmt":"2022-08-22T05:45:12","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=38625"},"modified":"2024-06-01T15:31:24","modified_gmt":"2024-06-01T10:01:24","slug":"sebi-lodr-fourth-amendments-regulation-2022-2021","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/sebi-lodr-fourth-amendments-regulation-2022-2021\/","title":{"rendered":"Analysis of SEBI (LODR) (Fourth Amendments) Regulations, 2022 &#038; 2021"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-38628 size-full\" title=\"SEBI (LODR) (Fourth Amendments) Regulation 2022 &amp; 2021\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Analysis-of-SEBI-LODR-Fourth-Amendments-Regulations-2022-2021.png\" alt=\"SEBI (LODR) (Fourth Amendments) Regulations 2022 &amp; 2021\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Analysis-of-SEBI-LODR-Fourth-Amendments-Regulations-2022-2021.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Analysis-of-SEBI-LODR-Fourth-Amendments-Regulations-2022-2021-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Analysis-of-SEBI-LODR-Fourth-Amendments-Regulations-2022-2021-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Analysis-of-SEBI-LODR-Fourth-Amendments-Regulations-2022-2021-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Analysis-of-SEBI-LODR-Fourth-Amendments-Regulations-2022-2021-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/08\/Analysis-of-SEBI-LODR-Fourth-Amendments-Regulations-2022-2021-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><br \/>\nThe <\/span><span style=\"font-weight: 400;\">Securities and Exchange Board<\/span><span style=\"font-weight: 400;\"> of India, vide Notification No. SEBI\/LAD\/-NRO\/GN\/2022\/80 dated April 25, 2022, issued the SEBI (LODR) (Fourth Amendment) Regulations, 2022 to amend the <\/span><span style=\"font-weight: 400;\">SEBI (LODR) Regulations, 2015<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The erstwhile Securities and Exchange Board, vide notification dated August 13, 2021, amended the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (&#8220;SEBI LODR&#8221;) and the said amendment is called the Securities and Exchange Board and Stock Exchanges of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2021 (the &#8220;Amended Regulations&#8221;).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In this article we will discuss the major changes in Analysis of SEBI (LODR) (Fourth Amendments) Regulations, 2022 &amp; 2021.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of content<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Securities\"><span style=\"font-weight: 400;\">Securities and Exchange Board of India (SEBI)\u00a0\u00a0<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Purpose\"><span style=\"font-weight: 400;\">Purpose of SEBI<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Powers\"><span style=\"font-weight: 400;\">Powers and functions of SEBI<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#SEBI\"><span style=\"font-weight: 400;\">SEBI LODR regulations 2015<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Amendments\"><span style=\"font-weight: 400;\">Amendments through SEBI (LODR) (fourth amendment) regulations, 2021<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#through\"><span style=\"font-weight: 400;\">Amendments through SEBI (LODR) (fourth amendment) regulations, 2022<\/span><\/a><\/li>\n<li id=\"Securities\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Securities and Exchange Board of India (SEBI)<\/b><b>\u00a0<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Securities and Exchange Board of India (SEBI) is a statutory regulatory body established by the Government of India in 1992 to regulate the securities market in India and protect the interests of investors in securities.<\/span><\/p>\n<p id=\"Powers\" style=\"text-align: justify;\"><span style=\"font-weight: 400;\">SEBI has the power to regulate and perform functions such as inspecting the books of stock exchanges and requiring regular <\/span><span style=\"font-weight: 400;\">returns<\/span><span style=\"font-weight: 400;\">; approving bye-laws of stock exchanges; inspecting the books of financial intermediaries such as banks; and compelling certain companies to be listed on stock exchanges one or more exchanges and handles the registration of brokers.<\/span><\/p>\n<h2><b>Powers and functions of SEBI<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">To fulfil its objectives, SEBI performs the following tasks: protective functions, regulatory functions, and developmental functions.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Functions performed by SEBI as part of its protective functions are:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Price manipulation is restricted.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insider trading is prohibited.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unfair and fraudulent business practises are prohibited.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Encourages a fair code of conduct in the security industry.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It requires efforts to educate investors on ways to better evaluate investment opportunities.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>As part of its regulatory functions, SEBI performs the following roles:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Drafted a code of conduct, rules and regulations for the regulation of brokers, underwriters and other intermediaries.<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SEBI also regulates corporate takeovers.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Regulates and registers the activities of stock transfer agents, stockbrokers, merchant bankers, securities administrators, and others associated with the stock exchange.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It also regulates and registers mutual funds.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Performs audits and stock market investigations.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong>As part of its developmental functions, SEBI performs the following roles:<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Facilitates the training of intermediaries.<\/span><\/li>\n<li id=\"SEBI\">It focuses on supporting the activity of the exchange with an acceptable and flexible approach.<\/li>\n<\/ul>\n<h2><b>SEBI (LODR) Regulation 2015<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Listing Obligations and Disclosure Requirements Regulations (LODRs) form one of the most important mandates for SEBI. The regulation covers the extent of transparency and disclosure that listed <\/span><span style=\"font-weight: 400;\">companies<\/span><span style=\"font-weight: 400;\"> must comply with. In addition to mandatory disclosure standards, the regulation also regulates the listing agreement that must be concluded between the stock exchange and listed companies.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The contract consists of the conditions of administration and management, disclosure, and conditions for maintaining the company&#8217;s listing status. However, the new LODR Regulation 2015 intends to merge all the previous amendments into one document to make the document uniform across different segments of the capital market.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The SEBI (LODR) Regulations, 2015 contain the following:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Disclosures and obligations to be acknowledged by listed company compliance officers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Listing obligations are uniform for all listed companies.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Different obligations for certain types of securities<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Separation of initial issue standards and post-IPO standards<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Communication of fundraising activities of companies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establishing schedules for reporting exchanges of certain events<\/span><\/li>\n<li id=\"Amendments\">Bringing Small and Medium Enterprises into Compliance with SEBI Regulation (LODR).<\/li>\n<\/ul>\n<h2><b>Amendments through SEBI (LODR) (fourth amendment) Regulations, 2021<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Following are the amendments through <a href=\"https:\/\/www.cagmc.com\/sebi-relaxation-from-certain-compliance\/\">SEBI<\/a> (LODR) (Fourth Amendment) Regulations, 2021<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Regulations<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Existing regulation<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Amended regulation<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">52(4) &#8211; Disclosure in financial results.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">It was mandatory to disclose the financial results of the listed entity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">a) credit rating and credit rating change<\/span><\/p>\n<p><span style=\"font-weight: 400;\">b) in the case of non-convertible debt securities, available asset coverage;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">d) the previous due date for paying interest or dividends on non-convertible redeemable preference shares\/repayment of principal on non-convertible preference shares\/non-convertible debt securities, and whether or not they were paid; and<\/span><\/p>\n<p><span style=\"font-weight: 400;\">e) the next due date for payment of interest or dividend from non-convertible priority shares\/principal, as well as the amount of interest or dividend payable and the redemption amount;<\/span><\/td>\n<td><span style=\"font-weight: 400;\">As per amended regulation the sub clauses (a) (b) (d) (e) of clause (4) of regulation 52 shall be omitted.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">57-Other submissions to stock exchange<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Other submissions to stock exchange<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Intimations\/ Other submissions to the stock exchange<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">57(2)-Undertaking to the stock exchange.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">It was mandated to submit to the exchange an undertaking that the entity submits all required documents and information to the bond administrator annually.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">The sub-section shall be omitted<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">58-Documents and information to holders of non &#8211; convertible securities.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Documents and information for holders of non-convertible debt securities and non-convertible preferred stock.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Documents and information to holders of non &#8211; convertible securities.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">58(1)(a)- Soft copies of full Annual Reports<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Soft copies of the full annual report to all holders of non-convertible preference shares who have registered their email address (es) for this purpose.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Soft copies of the full annual reports to all holders of non-convertible securities who have registered their email address (es) with either a listed entity or any depositary.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">58(1) (b) &#8211; Hard copy of statement containing the salient features of annual report.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">A hard copy of the statement containing the main features of all the documents as referred to in Section 136 of the <\/span><a href=\"https:\/\/www.mca.gov.in\/Ministry\/pdf\/CompaniesAct2013.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Companies Act, 2013<\/span><\/a><span style=\"font-weight: 400;\"> and the rules therein for holders of non-convertible preference shares who have not so registered.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">A hard copy of the statement containing the main features of all documents as mentioned in Section 136 of the Companies Act, 2013 and the rules therein for holders of non-convertible securities who have not so registered.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">58(1) (c) &#8211; Hard copies of full annual reports.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Printed copies of the full annual report to those holders of non-convertible debt securities and non-convertible preferred stock who so request.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Printed copies of the full annual report to holders of non-convertible securities who so request.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">58(1) (d) &#8211; Half yearly communication.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Half-yearly communication as specified in sub-regulations (4) and (5) of regulation 52 to holders of non-convertible debt securities and non-convertible <\/span><a href=\"https:\/\/www.cagmc.com\/process-for-issue-of-preference-shares-as-per-companies-act-2013\/\"><span style=\"font-weight: 400;\">preference shares<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">The sub-section shall be omitted.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">61 (1) &#8211; Payment of interest or dividend<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">The listed entity shall ensure timely payment of interest or dividend on non-convertible redeemable preference shares or redemption payment:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Provided that the listed entity shall not declare or distribute any dividend where it has failed to pay interest on the debt securities or to repay them or to create security under the terms of the issue of the debt securities:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Provided further that this requirement shall not apply in the case of unsecured debt securities issued by regulated financial sector entities eligible to meet the capital requirements established by the relevant regulators.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">The listed entity will ensure timely payment of interest or dividends<\/span><\/p>\n<p><span style=\"font-weight: 400;\">non-convertible debt securities and\/or<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0non-convertible redeemable preference shares or redemption payment:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Provided that the listed entity shall not grant or distribute any dividend for which it has fallen into default in the payment of interest on the debt securities or in the repayment thereof or in the establishment of security under the terms of the issue of debt securities.<\/span><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"through\"><b>Amendments through SEBI (LODR) (fourth amendment) regulations, 2022<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Following are the amendments through SEBI (LODR) (Fourth Amendment) Regulations, 2021<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><b>Regulation<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Existing Regulation<\/b><\/td>\n<td style=\"border: 1px solid #555;\"><b>Amended Regulation<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Regulation 40(7)\u00a0<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">(7) The listed entity must comply with all procedural requirements listed in schedule VII regarding the transfer of securities.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">(7) The said entity must comply with all the procedural requirements set out in schedule VII relating to the transfer and transfer of securities.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Regulation 61(4)\u00a0<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">(4) The said person must meet the requirements set out in Regulation 40 for the transfer of securities, including the procedural requirements set out in schedule VII.<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">(4) The said person must meet the requirements set out in Regulation 40 for the transfer of securities, including the procedural requirements set out in Annex VII.<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Schedule VII<\/span><\/td>\n<td style=\"border: 1px solid #555;\"><span style=\"font-weight: 400;\">Transfer of securities [See regulations 40(7) and 61(4)].<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Transfer and Transfer of Securities [See Regulations 40(7) and 61(4)].<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">C. Additional documentation requirements in case of transfer of securities (deleted).<\/span><\/td>\n<td><span style=\"font-weight: 400;\">C. Documentation requirements in case of transfer of securities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(1) In the case of the transfer of securities, when the securities are held in one name with a nomination, the following documents shall be submitted:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">a) Duly signed transfer request form by the appointed person;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">b) The original of the death certificate or a copy of the death certificate certified by a named person subject to verification with the original or a copy of the death certificate duly certified by a notary public or an official;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(c) Self-attested copy of Permanent Account Number Card of the candidate issued by the Income Tax Department<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(2) In the case of the transfer of securities, when the securities are held in one name without nomination, the following documents shall be submitted:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">a) Notarized affidavit of all legal heirs made on non-judicial stamp paper of reasonable value, for the purpose of identification and claim to legal ownership of securities:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Provided that where the legal heirs\/claimants are named in the Succession Certificate or Will or Will or Letters of Administration as may be applicable in terms of the Indian Succession Act, 1925 (39 of 1925) or the law Certificate of inheritance or its equivalent certificate issued by a competent state authority, only an affidavit of such legal heir\/claims\/claims is sufficient;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">b) Duly signed transfer application form by the legal heir\/claimants;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">c) The original death certificate or a copy of the death certificate certified by the legal heir\/claimant(s), subject to verification with the original or a copy of the death certificate duly certified by a notary public or official;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(d) Self-attested copy of permanent account number card of legal heir\/claimant, issued by Income Tax Department;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(e) A copy of the succession certificate or will or testament or letter of administration or court order as may be applicable within the meaning of the Indian Succession Act, 1925 (39 of 1925) or the certificate of intestate succession or its equivalent issued by a competent Government authority, attested by the legal heir\/claimant(s) subject to verification with an original or duly authenticated by a notary or public official:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Provided that, upon presentation of a copy of the Will or Certificate of Intestate Succession or its equivalent certificate issued by the appropriate governmental authority, such declaration shall be accompanied by a notarized bond of indemnification from the legal heir(s) to whom the securities are transferred, in the format prescribed by the Board of Directors:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Provided further, that in the event a copy of the statutory probate certificate or its equivalent certificate issued by the appropriate governmental authority is submitted, there shall also be attached an objection from all non-claimants stating that they have waived their rights to claim the transfer of securities;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(f) in cases where the value of the securities is up to five lakh rupees per listed entity in case of securities held in physical mode and up to fifteen thousand rupees per beneficial owner in case of securities held in dematerialized mode, as on the date of application and if the documents mentioned in paragraph e) are not available, the legal heirs \/ applicants can submit the following documents:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(I) No objection certificate from all the legal heirs stating that they have no objection to such transfer or a copy of the deed of family settlement executed by all the legal heirs duly attested by a notary or gazette officer; and<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(ii) A notarized indemnity bond executed on non-judicial stamp paper of reasonable value indemnifying the Share Transfer Agent \/ Listed Person, in the format specified by the Board of Directors:<\/span><\/p>\n<p><span id=\"Conclusion\">Provided that the listed entity may, at its discretion, increase the value of the securities from the threshold limit of five lakh rupees, in case of securities held in physical mode.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">SEBI LODR, 2021 and 2022 brings various changes in the existing listing agreement and now it is the duty and responsibility of us the Corporates &amp; Professionals to work with the capital market regulator to implement the regulations as intended by the regulator. As the saying goes, &#8220;Government makes the laws, but professionals implement them<\/span><span style=\"font-weight: 400;\">&#8220;.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Board of India, vide Notification No. SEBI\/LAD\/-NRO\/GN\/2022\/80 dated April 25, 2022, issued the SEBI (LODR) (Fourth [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":38628,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[89],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI (LODR) (Fourth Amendments) Regulation 2022 &amp; 2021<\/title>\n<meta name=\"description\" content=\"Guide on Analysis of SEBI (LODR) (Fourth Amendments) Regulation 2022 &amp; 2021. 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