The Securities and Exchange Board of India (SEBI) on December 21, 2023, issued the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2023 to further amend the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.
The following amendments have been stated:
• In regulation 292A which states Definitions
a) in clause (f), the word “Auditor” appearing in the words and expression “Social Auditor” shall be substituted with the words “Impact Assessor”;
b) in clause (g), -
1. the word “Audit” appearing in the words and expression “Social Audit Firm” shall be substituted with the words “Impact Assessment”;
2. the words “Auditors” shall be substituted with the words “Impact Assessor(s)”.
• In regulation 292G which states Fundraising by Social Enterprises, in clause (a), in sub-clause (i), the words and symbol “institutional investors and/or non-institutional investors” shall be substituted with the words “eligible investors”;
• The existing regulation 292K which states the Procedure for public issuance of Zero Coupon Zero Principal Instruments by a Not for Profit Organization, shall be substituted with the following regulation, namely-
“292K. The procedure and other conditions in respect of public issuance of Zero Coupon Zero Principal Instruments by a Not for Profit Organization shall be as specified by the Board.”;
• The existing regulation 292M which states the Contents of the fundraising document, shall be substituted with the following regulation, namely-
“292M. The contents of the fundraising document shall be as specified by the Board.”;
• The existing regulation 292N which states Other conditions relating to issuance of Zero Coupon Zero Principal Instruments shall be omitted.
They shall come into force on December 21, 2023.
[Notification No. SEBI/LAD-NRO/GN/2023/162]
