The National Stock Exchange of India (NSE) has issued a comprehensive Master Circular for Listed Companies, amalgamating various circulars and guidelines to streamline compliance procedures. This circular aims to provide easy access to regulatory requirements and ensure adherence to norms by listed entities.
Detailed Analysis:
1. Purpose of the Circular: NSE’s initiative to compile and disseminate a Master Circular stems from the need to simplify regulatory compliance for listed companies. By consolidating relevant circulars and guidelines, the exchange aims to provide clarity and ease of reference for companies.
2. Content of the Master Circular: The Master Circular is divided into two parts:
- Annexure A: Contains details of relevant circulars and guidelines pertaining to listing approvals, including IPOs, further issues, schemes of arrangement, debt listing, and social stock exchange.
- Annexure B: Encompasses circulars and guidelines related to listing compliance, covering listing regulations (equity and debt), Substantial Acquisition of Shares and Takeovers (SAST), and Prohibition of Insider Trading (PIT).
3. Scope and Applicability: Listed companies are mandated to adhere to the norms outlined in the Master Circular continuously. It serves as a consolidated reference point for understanding and implementing regulatory requirements, ensuring compliance in both letter and spirit.
4. Rescission of Previous Circulars: With the issuance of the Master Circular, previous circulars and guidelines listed in the annexures stand rescinded. However, any actions or obligations under the rescinded guidelines before the commencement of the Master Circular remain valid and enforceable.
5. Continuity and Legal Implications: The Master Circular emphasizes the continuity of obligations, rights, and liabilities accrued under the rescinded guidelines. It ensures that any previous actions or penalties incurred remain unaffected, maintaining legal continuity and clarity for listed companies.
Conclusion: NSE’s Master Circular for Listed Companies signifies a proactive approach towards enhancing regulatory compliance and transparency in the Indian stock market. By centralizing relevant circulars and guidelines, NSE aims to facilitate easier access and better understanding of regulatory requirements, ultimately fostering a culture of compliance and integrity among listed entities. It is imperative for listed companies to diligently follow the directives outlined in the Master Circular to uphold the principles of corporate governance and regulatory adherence.
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National Stock Exchange of India
Circular
Department: Listing
Download Ref No: NSE/CML/2024/10
Date: April 29, 2024
All Listed Companies,
Sub: Master Circular for Listed Companies
Exchange has been issuing various circulars/guidelines to Listed companies on various requirements. In order to enable the Listed Companies to have access to the applicable circulars at one place and to facilitate Listed Companies to comply with the regulatory requirements, the Exchange has prepared a Master circular for Listed Companies.
Listed Companies are hereby informed that the Master Circular consists of Two parts:
| Annexure A | Details of Relevant circulars/guidelines relating to Listing Approvals i.e. Initial Public Offer (IPO), Further Issues, Scheme of arrangement, Debt Listing, Social Stock Exchange etc. |
| Annexure B | Details of Relevant circulars/guidelines relating to Listing Compliance i.e. Listing Regulations (Equity and Debt), SAST and PIT |
Listed Companies are advised to take note of the same and comply with these norms, in letter and spirit, on a continuous basis.
This Master Circular is a compilation of relevant and updated circulars/guidelines issued by the Exchange as on April 29, 2024, and which are operational as on date of this circular. With the issuance of this Master Circular, the circulars/guidelines contained in the circulars listed out in the respective annexures to this Master Circular shall stand rescinded. Notwithstanding such rescission,
a. Anything done or any action taken or purported to have been done or contemplated under the rescinded guidelines before the commencement of this Master Circular shall be deemed to have been done or taken or commenced or contemplated under the corresponding provisions of the Master Circular or rescinded guidelines whichever is applicable.
b. The previous operation of the rescinded guidelines or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded guidelines, any penalty, incurred in respect of any violation committed against the rescinded guidelines, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded guidelines have never been rescinded.
Kindly note, this Master circular supersedes earlier Exchange master circular (ref no: NSE/CML/2023/22 dated July 05, 2023)
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