Securities and Exchange Board of India (SEBI)
SECONDARY MARKET DEPARTMENT-I
The Executive Directors/Managing Directors/Presidents of
all Stock Exchanges.
Right not accompanied by public issues- no vetting
You are aware that SEBI has recently issued a circular No.RMB(DIP Series) Circular No.1 (95-96) dated May 23, 1995, relating to guidelines for Disclosure and Investor Protection (copy enclosed). It has been decided that rights issues which are not accompanied by public issues three months prior or subsequent to the rights issues will not be required to be vetted by SEBI. This would be applicable for offer documents filed with SEBI after July 1, 1995.
Amendments to Regulations of your exchange would be required to give effect to these new guidelines. Therefore, you are requested to make necessary amendments in your regulations and confirm the compliance thereof by June 21, 1995. Please send a copy of the amended regulations for our record.
R C GUPTA