Securities and Exchange Board of India (SEBI)
Our ref: SE/7041
July 24, 1992
To,
The Presidents / Executive Directors
of all the recognised Stock Exchanges
Dear Sir,
Fixation of record dates preceding an issue
It is reported that some companies recently approached the Stock Exchanges to change the record dates which were fixed earlier in consultation with the Stock Exchanges. It should be noted in this connection that in accordance with the Guidelines for Disclosures and Investor Protection issued by the Securities and Exchange Board of India (SEBI), it is a pre-requisite for all the listed companies to get approval of SEBI for their letter of offer in case of rights issue and prospectus in case of public issue prior to the issue. Accordingly the approval of SEBI for the letter of offer for rights issue by a company must have been duly obtained by it before its approaching the stock exchanges for fixation of record date. The stock exchanges are advised to ensure the implementation of the above condition so as to obviate the possibility of any change in the terms of rights issue after the fixation of record date for rights issue.
Please acknowledge the receipt of this letter.
Yours faithfully,
sd/-
U.C. DIKSHIT
Head (Secondary Market Depart. – I)
