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CAPITAL MARKETS & SECURITIES LAW

CS EXECUTIVE OLD SYLLABUS
AMENDMENTS APPLICABLE TO JUNE 2021
AMENDMENTS FROM 01.07.2020 TO 31.12.2020
PLEASE NOTE:
1. THESE NOTES COVER REGULATION BASED AMENDMENTS ONLY, RELEVANT FOR EXECUTIVE EXAMS.
2. THESE NOTES DO NOT COVER CIRCULARS AS CIRCULARS ARE NOT IMPORTANT FOR EXAMS IN
EXECUTIVE OLD SYLLABUS.
3. STUDENTS CAN REFER THE CIRCULARS IF THEY WANT TO FROM ICSI SUPPLEMENT
https://www.icsi.edu/media/webmodules/Supplements_CMSL_Executive_July_to_December.pdf

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Sr.No Regulation Old Provision New Provision
SEBI (ICDR) REGULATION 2018
1 Regulation 3 Clause b: Clause b:
Applicability a rights issue by a listed issuer; a rights issue by a listed issuer;
where the aggregate value of the where the aggregate value of the issue
SEBI (ICDR) (4th issue is ten crore rupees or more; is fifty crore rupees or more;
Amendment) 2020
w.e.f. 28.09.2020 Proviso: Proviso:
Provided that in case of rights issue Provided that in case of rights issue of size
of size less than ten crores rupees, less than fifty crores rupees, the issuer
the issuer shall prepare the letter of shall prepare the letter of offer in
offer in accordance with accordance with requirements as
requirements as specified in these specified in these regulations and file
regulations and file the same with the same with the Board for information
the Board for information and and dissemination on the Board’s website.
dissemination on the Board’s
website.

2 Regulation 60 Unless otherwise provided in this
Reference Date Chapter, an issuer offering specified
securities of aggregate value of ten
th
SEBI (ICDR) (4 crores rupees or more, through a
Amendment) 2020 rights issue shall satisfy the
w.e.f. 28.09.2020 conditions of this Chapter at the
time of filing the draft letter of offer
with the Board and also at the time
of filing the final letter of offer with
the stock exchanges, as the case
may be
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Unless otherwise provided in this Chapter,
an issuer offering specified securities of
aggregate value of fifty crores rupees or
more, through a rights issue shall
satisfy the conditions of this Chapter at
the time of filing the draft letter of offer
with the Board and also at the time of
filing the final letter of offer with the stock
exchanges, as the case may be
 3 Regulation 61 An issuer shall not be eligible to
make a rights issue of specified
Entities not securities:
eligible to make a a)if the issuer, any of its promoters,
rights issue promoter group or directors of the
issuer are debarred from accessing
th
SEBI (ICDR) (4 the capital market by the Board;
Amendment) 2020 b)if any of the promoters or
w.e.f. 28.09.2020 directors of the issuer is a
promoter or director of any other
company which is debarred from
accessing the capital market by the
Board.
c)if any of its promoters or directors
is a fugitive economic offender.
Explanation: The restrictions
under (a) and (b) above will not
apply to the promoters or directors
of the issuer who were debarred in
the past by the Board and the
period of debarment is already over
as on the date of filing of the draft
letter of offer with the Board.
4 Regulation 62 it has made firm arrangements of
General finance through verifiable means
Conditions towards seventy five per cent. of the
stated means of finance for the
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An issuer shall not be eligible to make a
rights issue of specified securities:
a)if the issuer, any of its promoters,
promoter group or directors of the issuer
are debarred from accessing the capital
market by the Board;
b)if any of the promoters or directors
of the issuer is a promoter or director
of any other company which is debarred
from accessing the capital market by the
Board.
c)if any of its promoters or directors is a
fugitive economic offender.
Explanation: The restrictions under (a)
and (b) above will not apply to the
persons or entities mentioned therein
who were debarred in the past by the
Board and the period of debarment is
already over as on the date of filing of the
draft letter of offer with the Board.
Explanation-For the purpose of this
regulation ‘finance for the specific project’
shall mean finance of capital expenditures
only.
 Inserted by SEBI specific project proposed to be
ICDR 4th funded from issue proceeds,
Amendment 2020 excluding the amount to be
w.e.f 28.09.2020 raised through the proposed
rights issue or through existing
identifiable internal accruals.

5 Part IV of Appointment of lead managers, Appointment Of Lead Managers And Other

CHAPTER III other intermediaries and compliance Intermediaries
RIGHT ISSUE officer

Renamed

6 Regulation 69 Sub Regulation (8) Omitted

Appointment Of The issuer shall appoint a
Lead Managers compliance officer who shall be
And Other responsible for monitoring the
Intermediaries compliance of the securities laws and
for redressal of investors’ grievances.
Clause 8 omitted
w.e.f. 28.09.2020
7 Regulation 74 Sub Regulation 2: Proviso added to sub regulation 2:
Reservations The equity shares so reserved for the Provided that for the purposes of offering
holders of fully or partly such rights entitlements, the issuer
Part VII: Issuance compulsorily convertible debt company shall not be required to credit
conditions and instruments shall be issued to rights entitlements.
procedure (Right the holder of such convertible
Issue) debt instruments or warrants at
the time of conversion of such

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 w.e.f 28.09.2020 convertible debt instruments, on
the same terms at which the
equity shares offered in the rights
issue were issued.

8 Regulation 78 Sub Regulation (1) Proviso Added to Sub Regulation 1:

Conditions for Shareholders who have not Provided that SCSBs shall accept such
making received the application form may application forms only if all details
applications on make an application in writing on required for making the application as per
plain paper a plain paper, along with the these regulations are specified in the plain
requisite application money. paper application.
w.e.f 28.09.2020

9 Regulation 84 Clause (c) of Sub Regulation 1: Substituted Clause (c):

Issue related a statement that if the a statement that if the shareholders
Advertisements shareholders entitled to receive entitled to receive the rights
the rights entitlements have entitlements have neither received the
w.e.f 28.09.2020 neither received the original original application forms nor are in a
application forms nor they are in a position to obtain the form; they may
position to obtain the duplicate form, make an application through the form
they may make application in writing available on the website of Registrar,
on a plain paper to subscribe to the stock exchanges or lead managers or in
rights issue along with a format writing on a plain paper to subscribe to
specifying therein necessary the Rights Issue along with a format
particulars such as name, address, specifying therein the necessary
ratio of rights issue, issue price, particulars such as name, address,
number of equity shares held, ledger ratio of rights issue, issue price,
folio numbers, depository number of equity shares held, ledger
participant ID, client ID, number folio numbers, depository participant ID,

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 of equity shares entitled and client ID, number of equity shares entitled
applied for, additional shares if any, and applied for, additional shares if
amount to be paid along with any, and the amount to be blocked
application, and particulars of with SCSB along with the application.
cheque, etc. to be drawn in favour of
the issuer‘s account. Clause (d):
omitted
Clause (d):
(d) a statement that the applications
can be directly sent by the
shareholders through registered post
together with the application monies
to the issuer's designated official at
the address given in the
advertisement

10 Regulation 86 (1) The minimum subscription to be Proviso Added to Sub Regulation 1:

Minimum received in the issue shall be at least Provided that minimum subscription
Subscription ninety per cent. of the offer through criteria shall not be applicable to an issuer
(Right issue) the offer document. if:
(a) the object of the issue involves
financing other than financing of
capital expenditure for a project; and

(b)the promoters and the promoter

group of the issuer undertake to
subscribe fully to their portion of rights
entitlement and do not renounce their
rights except to the extent of renunciation

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 within the promoter group.

11 Regulation 87 The rights issue shall be kept open The rights issue shall be kept open for
Period of for subscription for a minimum subscription for a minimum period of
Subscription period of fifteen days and for a fifteen days and for a maximum period of
maximum period of thirty days. thirty days and no withdrawal of
Words added application shall be permitted after the
w.e.f. 28.09.2020 issue closing date.

12 Regulation 90 Sub Regulation 1: Words Inserted:

Allotment The issuer shall not make any The issuer shall not make any allotment in
Procedure and allotment in excess of the specified excess of the specified securities offered
basis of allotment securities offered through the letter through the letter of offer, except as
of offer. provided in regulation 74(1) and (2)].

(Regulation 74 deals with the reservation of

right issue for outstanding compulsorily
convertible debt instruments.)

13 Regulation 99 Clause (h) Clause (h) Substituted w.e.f.

Fast Track Right that no show-cause notices have 28.09.2020:
Issue been issued or prosecution that no show-cause notices, excluding
proceedings have been initiated by proceedings for imposition of penalty,
the Board and pending against the have been issued by the Board and
issuer or its promoters or whole-time pending against the issuer or its
directors as on the reference date. promoters or whole-time directors as on
the reference date.;
Clause (m):
there are no audit qualifications on In cases where against the issuer or its
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 the audited accounts of the issuer in
respect of those financial years for
which such accounts are disclosed in
the letter of offer.
promoters or whole-time directors,
i) show-cause notice(s) has been issued
by the Board in a proceeding for
imposition of penalty; or
ii) prosecution proceedings have been
initiated by the Board; necessary
disclosures in respect of such action(s)
along-with its potential adverse impact
on the issuer shall be made in the letter of
offer.

Clause (m) Substituted w.e.f.

28.09.2020:
for audit qualifications, if any, in
respect of any of the financial years
for which accounts are disclosed in the
letter of offer, the issuer shall provide
the restated financial statements
adjusting for the impact of the audit
qualifications.

Further, that for the qualifications

wherein impact on the financials cannot
be ascertained the same shall be disclosed
appropriately in the letter of offer.

14 OPTIONAL - (1) In case of frequently traded shares, the

PRICING IN price of the equity shares to be allotted
PREFERENTIAL pursuant to the preferential issue shall be

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 ISSUE determined by regulation 164 or
regulation 164B, as opted for.
(REGULATION
164B) (2) The price of the equity shares to be
allotted pursuant to the preferential issue
Inserted w.e.f shall not be less than the higher of the
01.07.2020 following:

(a) the average of the weekly high and low

of the volume weighted average price of
the related equity shares quoted on
the recognised stock exchange during
the twelve weeks preceding the relevant
date; or
(b) the average of the weekly high
and low of the volume weighted
average prices of the related equity
shares quoted on a recognised stock
exchange during the two weeks preceding
the relevant date.

(3) Specified securities allotted on a

preferential basis using the pricing
method determined under sub-regulation
(2) shall be locked-in for a period of three
years.

(4) The pricing method determined at

sub-regulation (2) shall be availed in case

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 of allotment by preferential issue
made between July 01, 2020 or
from the date of notification of this
regulation, whichever is later and
December 31, 2020.

(5) All allotments arising out of the

same shareholders’ approval shall
follow the same pricing method.

SEBI (LODR) REGULATIONS 2015

15 Regulation 42 (1) The listed entity shall intimate (1)The listed entity shall intimate the
Record date or the record date to all the stock record date for the following events to all
date of closure of exchange(s) where it is listed for the the stock exchange(s) where it is listed or
transfer books following purposes where stock derivatives are available on
(a)declaration of dividend; the stock of the listed entity or where
w.e.f 05.08.2020 (b)issue of right or bonus shares; listed entity’s stock form part of an
(c)issue of shares for conversion of index on which derivatives are available:
debentures or any other convertible
security; (a)declaration of dividend;
(d)shares arising out of rights (b)issue of right or bonus shares;
attached to debentures or any other (c)issue of shares for conversion of
convertible security debentures or any other convertible
(e) corporate actions like mergers, de- security;
mergers, splits and bonus shares, (d)shares arising out of rights attached to
where stock derivatives are available debentures or any other convertible
on the stock of listed entity or where security
listed entity's stocks form part of an (e) corporate actions like mergers, de-
index on which derivatives are mergers, splits, etc;

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 available; (f)such other purposes as may be specified
(f)such other purposes as may be by the stock exchange(s).
specified by the stock exchange(s).

16 Regulation 54 (1) In respect of its listed non- Sub Regulation 1 substituted:

Asset Cover convertible debt securities, the (1) In respect of its listed non-
listed entity shall maintain convertible debt securities, the listed
w.e.f. 08.10.2020 hundred percent. Asset cover entity shall maintain hundred percent.
sufficient to discharge the asset cover or asset cover as per the
principal amount at all times for terms of offer document/Information
the non-convertible debt securities Memorandum and/or Debenture Trust
issued. Deed, sufficient to discharge the
principal amount at all times for the non-
(3) The requirement specified in sub- convertible debt securities issued.
regulation (1), shall not be applicable
in case of unsecured debt securities Sub Regulation 3 omitted
issued by regulated financial sector
entities eligible for meeting capital
requirements as specified by
respective regulators.

17 Regulation 56 Sub Regulation 1: Sub Regulation 1:

Documents and (c)intimations regarding :
Intimation to (i)any revision in the rating;
Debenture (ii)any default in timely payment of
Trustees interest or redemption or both in
respect of the non-convertible debt
w.e.f 08.10.2020 securities;
(iii)failure to create charge on the
(c)intimations regarding:
(i)any revision in the rating;
(ii)any default in timely payment of
interest or redemption or both in respect
of the non-convertible debt securities;
(iii)failure to create charge on the assets;
(iv) all covenants of the issue (including

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 assets; side letters, accelerated payment clause,
etc.
(d) a half-yearly certificate regarding
maintenance of hundred percent. Clause (d) Substituted:
asset cover in respect of listed non-
(d) a half-yearly certificate regarding
convertible debt securities, by either
maintenance of hundred percent asset
a practicing company secretary or a cover or asset cover as per the terms of
practicing chartered accountant, offer document/ Information
along with the half yearly financialMemorandum and/or Debenture Trust
results: Deed, including compliance with all the
covenants, in respect of listed non-
Provided that submission of such convertible debt securities, by the
half yearly certificates is not statutory auditor, along with the half-
applicable in cases where a listed yearly financial results:
entity is a bank or non-banking
financial companies registered with Provided that the submission of half
Reserve Bank of India or where yearly certificate is not applicable
bonds are secured by a where bonds are secured by a Government
Government guarantee. guarantee.

SEBI (ILDS) REGULATION 2008

18 Regulation 2 (h)“private placement” means an “Private placement” means an offer or
Definition offer or invitation to less than fifty invitation to subscribe or issue of
persons to subscribe to the debt securities to a select group of persons
Private Placement securities in terms of sub-section (3) by a company (other than by way of
of section 67 of the Companies Act, public offer) through private placement
Substituted w.e.f. 1956 (1 of 1956) offer-cum-application, which satisfies
8.10.2020 the conditions specified in section 42 of
the Companies Act, 2013.

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 19 Regulation 15 (2) The trust deed shall contain such (2) Every debenture trustee shall
Trust Deed clauses as may be prescribed under amongst other matters, accept the
section 117A of the Companies Act, trust deeds which shall contain the
Sub Regulation 2 1956 and those mentioned in matters as prescribed under section 71 of
substituted w.e.f Schedule IV of the Securities and Companies Act, 2013 and Form No. SH.12
08.10.2020 Exchange Board of India of the Companies (Share Capital and
(Debenture Trustees) Regulations, Debentures) Rules, 2014. Such trust deed
1993. shall consist of two parts:
a.Part A containing statutory/standard
information pertaining to the debt issue.
b.Part B containing details specific to the
particular debt issue.

20 Regulation 18 (2) Where the issuer desires to roll-
Redemption & Roll over the debt securities issued by it,
Over it shall do so only upon passing of a
special resolution of holders of such
securities and give Twenty one days’
notice of the proposed roll over to
them.
(2) Where the issuer desires to roll-over
the debt securities issued by it, it shall do
so only upon passing of a special
resolution of holders of such securities
and give fifteen days’ notice of the
proposed roll over to them.

21 Regulation 21B - The issuer shall give an undertaking

Creation of in the Information Memorandum that
Security the assets on which charge is created
are free from any encumbrances and
Inserted w.e.f in cases where the assets are already
8.10.2020 charged to secure a debt, the
permission or consent to create a
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 second or pari-passu charge on the
assets of the issuer has been obtained
from the earlier creditor.

22 Regulation 26 - (7) The issuer shall create a recovery

Obligations of the expense fund in the manner as maybe
Issuer , Lead specified by the Board from time to time
Merchant Banker, and inform the Debenture Trustee about
etc. the same.

Sub Regulation 7
inserted w.e.f
8.10.2020
SEBI MUTUAL FUNDS REGULATIONS 1996
23 Code of Conduct has been split into PART A: For the Asset Management Company and Trustees
(Same)
& PART B: For the Fund Managers and Dealers (Inserted New)

Link:https://www.sebi.gov.in/web/?file=https://www.sebi.gov.in/sebi_data/attachdocs/nov-
2020/1604643957576.pdf#page=1&zoom=page-width,-16,792

There are minor amendments in SEBI Mutual Funds regulations but they are not important hence,
not covered in these notes.

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 SEBI PROHITIBITION OF INSIDER TRADING REGULATIONS 2015
24 Regulation 3 (5) The board of directors shall Sub regulation 5 substituted w.e.f
Communication or ensure that a structured digital 17.07.2020:
procurement of database is maintained containing (5) The board of directors or head(s) of
unpublished price the names of such persons or the organisation of every person
sensitive entities as the case may be with required to handle unpublished price
information whom information is shared under sensitive information shall ensure that
this regulation along with the a structured digital database is
Permanent Account Number or any maintained containing the nature of
other identifier authorized by law unpublished price sensitive information
where Permanent Account Number and the names of such persons who
is not available. Such databases have shared the information and also
shall be maintained with adequate the names of such persons with whom
internal controls and checks such information is shared under this
as time stamping and audit trails to regulation along with the Permanent
ensure non-tampering of the Account Number or any other identifier
database. authorized by law where Permanent
Account Number is not available. Such
database shall not be outsourced and
shall be maintained internally with
adequate internal controls and checks
such as time stamping and audit trails
to ensure non-tampering of the
database.

Sub Regulation 6 inserted w.e.f

17.07.2020:
(6) The board of directors or head(s) of
the organisation of every person

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 required to handle unpublished price
sensitive information shall ensure that
the structured digital database is
preserved for a period of not less than
eight years after completion of the
relevant transactions and in the event
of receipt of any information from the
Board regarding any investigation or
enforcement proceedings, the relevant
information in the structured digital
database shall be preserved till the
completion of such proceedings.

25 Clause (H) - Explanation. –Information shall be

Original considered timely, only if as on the
Information date of receipt of the duly completed
Voluntary Information Disclosure Form by
Of Regulation 7A the Board, a period of not more than
of Chapter IIIA three years has elapsed since the date
on which the first alleged trade
INFORMAT constituting violation of insider trading
REGULATION laws was executed.

SEBI AIF REGULATION 2012

26 Regulation 4 (g) the key investment team of the Clause (g) Substituted w.e.f 19.10.2020:
Eligibility Criteria Manager of Alternative Investment The key investment team of the Manager
Fund has adequate experience, with of Alternative Investment Fund has –
at least one key personnel having not (i)adequate experience, with at least one
less than five years’ experience in key personnel having not less than five
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 advising or managing pools of capital
or in fund or asset or wealth or
portfolio management or in the
business of buying, selling and
dealing of securities or other
financial assets and has relevant
professional qualification
27 Regulation 20 - Sub
General
Obligations
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years of experience in advising or
managing pools of capital or in fund or
asset or wealth or portfolio
management or in the business of
buying, selling and dealing of securities or
other financial assets; and
(ii)at least one key personnel with
professional qualification in finance,
accountancy, business management,
commerce, economics, capital market or
banking from a university or an
institution recognized by the Central
Government or any State Government
or a foreign university, or a CFA
charter from the CFA institute or any
other qualification as may be specified by
the Board:
Provided that the requirements of
experience and professional
qualification as specified in regulation
4(g)(i) and 4(g)(ii) may also be fulfilled by
the same key personnel.
Regulation 6 Inserted w.e.f
19.10.2020:
(6) The Manager shall be responsible for
investment decisions of the Alternative
 Investment Fund:

Provided that the Manager may constitute

an Investment Committee (by whatever
name it may be called), to approve
investment decisions of the Alternative
Investment Fund, subject to the following:
(i)The members of Investment Committee
shall be equally responsible as the
Manager for investment decisions of the
Alternative Investment Fund.

(ii)The Manager and members of the

Investment Committee shall jointly and
severally ensure that the investments of
the Alternative Investment Fund are in
compliance with the provisions of these
regulations, the terms of the placement
memorandum, agreement made with the
investor, any other fund documents and
any other applicable law.

(iii)External members whose names are

not disclosed in the placement
memorandum or agreement made with
the investor or any other fund
documents at the time of on-boarding
investors, shall be appointed to the
Investment Committee only with the

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 consent of at least seventy five percent of
the investors by value of their investment
in the Alternative Investment Fund or
scheme.

(iv)Any other conditions as specified by the

Board from time to time.

SEBI DEBENTURE TRUSTEE REGULATIONS 1993

28 Regulation 14 Every debenture trustee shall Substituted w.e.f. 8.10.2020:
Obligations of amongst other matters, accept the Every debenture trustee shall amongst
Debenture trust deeds which shall contain the other matters, accept the trust deeds
Trustee matters as specified in section 71 of which shall contain the matters as
Companies Act, 2013 and Form specified in section 71 of Companies Act,
No. SH.12 specified under the 2013 and Form No.SH.12 specified under
Companies (Share Capital and the Companies (Share Capital and
Debentures) Rules, 2014 Debentures) Rules, 2014.

Such trust deed shall consist of two parts:

a. Part A containing statutory/standard
information pertaining to the debt issue;
b.Part B containing details specific to the
particular debt issue.

29 Regulation 15 (h) ensure the implementation of Sub Regulation 1 Clause h substituted

Duties of the conditions regarding creation w.e.f 8.10.2020:
Debenture of security for the debentures, if ensure the implementation of the
Trustee any, debenture redemption reserve conditions regarding creation of security
for the debentures, if any, debenture
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 w.e.f. 8.10.2020 (t) In case where listed debt redemption reserve and recovery expense
securities are secured by way of fund
receivables/ book debts it shall
obtain the following,- Sub Regulation 1 Clause t substituted
(i) On Quarterly basis- w.e.f 8.10.2020:
(a) Certificate from the Director / In case where listed debt securities are
Managing Director of the issuer secured by way of receivables/ book debts
company certifying the value of the it shall,-
book debts / receivables; (i)on a Quarterly basis-
(b) Certificate from an independent (a)carry out the necessary due diligence
chartered accountant giving the and monitor the asset cover in the manner
value of book debts / receivables. as may be specified by the Board from
time to time.
(ii) On Yearly basis-
(a) Certificate from the statutory (ii)on a Half-Yearly basis-
auditor giving the value of book (a)obtain a certificate from the statutory
debts / receivables auditor of the issuer giving the value of
receivables/book debts including
compliance with the covenants of the
(2) A debenture trustee shall call or Offer Document/ Information
cause to be called by the body Memorandum in the manner as may be
corporate a meeting of all the specified by the Board from time to
debenture holders on— time.

(a)a requisition in writing signed Sub Regulation 2:

by at least one-tenth of the (2) A debenture trustee shall call or cause
debenture holders in value for the to be called by the body corporate a
time being outstanding; meeting of all the debenture holders on—
(a)a requisition in writing signed by at

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 (b)the happening of any event, which
constitutes a default or which in the
opinion of the debenture trustees
affects the interest of the debenture
holders
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least one-tenth of the debenture
holders in value for the time being
outstanding;
(b)the happening of any event, which
constitutes a default or breach of
covenants (as specified in the Offer
Document/Information Memorandum
and/or debenture trust deed) or which in
the opinion of the debenture trustees
affects the interest of the debenture
holders.
Sub Regulation 6 & 7 Inserted w.e.f.
8.10.2020:
(6) Before creating a charge on the
security for the debentures, the
debenture trustee shall exercise
independent due diligence to ensure that
such security is free from any
encumbrance or that it has obtained
the necessary consent from other
charge-holders if the security has an
existing charge, in the manner as may
be specified by the Board from time to
time.
(7) Subject to the approval of the
debenture holders and the conditions
 as may be specified by the Board from
time to time, the debenture trustee, on
behalf of the debenture holders, may
enter into inter-creditor agreements
provided under the framework specified
by the Reserve Bank of India

SEBI SAST REGULATION 2011

30 There are minor amendments in SAST Regulations which are not important for exams hence, not
covered in these notes.

Link: https://www.sebi.gov.in/legal/regulations/jul-2020/securities-and-exchange-board-of-india-
substantial-acquisition-of-shares-and-takeovers-third-amendment-regulations-2020_46990.html

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