Highlights of SEBI Board meeting held on 23.06.2015:-
1. ASBA (Application Supported Blocked by Amount) now mandatory.
EFFECT:-
i. Post-issue timeline will reduce to T+6 from T+12.
ii. No hassle of refunding excess money back to applicant.
2. Application forms can also be accepted by RTA & DPs now.
EFFECT:- Increased application centers.
3. Simplified framework for capital raising by technological start-ups and other companies through ITP (Institutional Trading Platform).
EFFECT:- Easier capital market access to technological startups.
4. Market capitalization of public shareholding of the issuer for Fast Track Issues (FTI) reduced to Rs. 1000 crore (in case of FPO) and Rs. 250 crore (in case of Right Issue).
5. Changes proposed to encourage greater retail participation in OFS (Offer for Sale).
6. Re-classification of promoter shall be permitted subject to approval of shareholders in the general meeting.
7. Outgoing promoter can hold KMP position subject to specific approval of Shareholders and cannot
i. hold more than 10% shares.
ii. continue as KMP for more than 3 years in any case.
8. Existing promoters may be re-classified as public in case the company becomes professionally managed and does not have any identifiable promoter.
9. Net Issue proceeds pending utilization (for the stated objects) shall be deposited only in the Scheduled Commercial Banks now.
Source: SEBI. Website
http://www.sebi.gov.in/sebiweb/home/detail/31307/yes/PR-SEBI-Board-Meeting
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