MANU/SSMD/0046/2021

Ministry : Securities and Exchange Board of India

Department/Board : Corporation Finance Department

Circular No. : SEBI/HO/CFD/DIL2/CIR/P/2021/0000000657

Date : 16.11.2021

Notification/ Circulars Referred : Circular No. SEBI/HO/CFD/DIL1/CIR/P/2020/249 dated December 22, 2020 MANU/SSMD/0074/2020

Citing Reference:
Circular No. SEBI/HO/CFD/DIL1/CIR/P/2020/249 dated December 22, 2020 MANU/SSMD/0074/2020  Referred

To

All Recognized Stock Exchanges (except Commodity Exchanges)
All Recognized Depositories
Issuer Companies
Merchant Bankers and Brokers registered with SEBI
Registrars to an Issue

Dear Sir / Madam,

Schemes of arrangement by listed entities

1. SEBI Master Circular No. SEBI/HO/CFD/DIL1/CIR/P/2020/249 dated December 22, 2020 has laid down the framework for Schemes of Arrangement by listed entities.

2. Empowering the stock exchanges: It has been decided to provide further clarifications on the processing of draft schemes filed with the stock exchanges, and make certain amendments to the aforesaid Circular dated December 22, 2020, as provided in the Annexure to this Circular. These amendments are aimed at ensuring that the recognized stock exchanges refer draft schemes to SEBI only upon being fully convinced that the listed entity is in compliance with SEBI Act, Rules, Regulations and circulars issued thereunder.

3. Applicability of this Circular: This Circular shall be applicable for all the schemes filed with the stock exchanges from the date of the Circular.

4. The recognized stock exchanges are directed to bring the provisions of this circular to the notice of the listed companies and also to disseminate the same on their website

5. This circular is issued in exercise of powers confe........