Applicability Timeline Chart of the recent amendments to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The Securities and Exchange Board of India (SEBI) amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) by way of its notification – SEBI (LODR) (Second Amendment) Regulations, 2023 dated 14th June 2023.The LODR Amendment comes riding on the back of consultation papers issued by SEBI in the past, recommendations of which were recently approved in the SEBI board meeting.
The Securities and Exchange Board of India (SEBI) amended the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) by way of its notification – SEBI (LODR) (Second Amendment) Regulations, 2023 dated 14th June 2023.The LODR Amendment comes riding on the back of consultation papers issued by SEBI in the past, recommendations of which were recently approved in the SEBI board meeting.
The effective date of the LODR Amendment is thirtieth day from date of publication (i.e., 14th July 2023), with an exception for some amendments coming into effect from date of publication (i.e., 14th June 2023).
Please note that the following regulations of SEBI (LODR) (Second Amendment) Regulations, 2023 have come into force from 14th June 2023 as per the aforesaid notification –
| SI.No. | Regulation No. | Amendment | Subject |
| Regulation 15 | Substitution in sub-regulation (1A) – “March 31, 2023” as “March 31, 2024” | Applicability of Chapter IV – to high value debt listed entities on comply or explain basis. | |
| Regulation 34(2)(f) | Substitution of clause | Business Responsibility and Sustainability Report on ESG in the format as may be specified by the board from time to time. | |
| Regulation 37A | Insertion of new regulation | Sale, lease, or disposal of an undertaking outside Scheme of Arrangement. | |
| Regulation 57 | Substitution of the regulation | Intimation to stock exchanges regarding the status of payment of interest or dividend or repayment or redemption of principal of non-convertible securities, within one working day. |
As per the aforesaid notification the following regulations of SEBI (LODR) (Second Amendment) Regulations,2023, have come into force from 14th July 2023 –
| SI. No | Regulation No. | Amendment | Subject |
| Regulation 2(1)(ra) | Insertion of definition | Mainstream media | |
| Regulation 6 | Insertion of sub- regulation (1A) | Vacancy in the office of the Compliance officer | |
| Regulation 17 | Insertion of new sub-regulation (1D) | Approval of shareholders for continuing directors | |
| Regulation 17 | Insertion of new sub-regulation (1E) | Vacancy in the office of director | |
| Regulation 26 | Insertion of new sub regulation 26A | Vacancy in respect of certain Key Managerial Personnel | |
| Regulation 27 | Insertion of new sub-clause (ba) | Cyber security | |
| Regulation 30 | Insertion and substitution of sub – regulation and clause | Disclosure of events or information | |
| Regulation 30 A | Insertion | Disclosure requirements for certain types of agreements binding listed entities. | |
| Regulation 33(3)(j) | Insertion | Submission of Financial Statements in case of Initial Public Offer | |
| Regulation 31B(1) | Insertion | Special rights to shareholders | |
| Regulation 46 | Insertion of words | Website disclosure regarding investors meet | |
| Schedule III- Part A | Insertion and Substitution | Disclosure of events or information: Specified Securities. | |
| Schedule V | Insertion | Annual Report disclosure |
Further, also note that any continuing event or information which becomes material pursuant to notification of these amendment regulations, shall be disclosed by the listed entity within 30 days from the date of coming into effect of this said notification i.e., 14th July 2023.
It’s clear that the amendments broadly seek to enforce higher disclosure and governance standards for listed entities.
