The Securities Exchange Board of India (SEBI), on November 20, 2024, issued the Securities and Exchange Board of India (Bankers to an Issue) (Amendment) Regulations, 2024 to further amend the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994.
The following has been stated-
•In regulation 2, in clause (aa), after the existing sub-clause (iv), the following new sub-clauses shall be inserted, namely,- “(v) providing escrow services for the purposes of issue management, buyback, delisting, or open offer, as required under the relevant regulations made by the Board; (vi) opening of a separate bank account for depositing the proceeds in the initial public offer/ further public offer; and (vii) such other activities as may be specified by the Board.”
•In regulation 3, - (i) the following shall be inserted as sub-regulation (1), namely,- “(1) No person shall act as a banker to an issue, unless a certificate of registration has been obtained from the Board under these regulations.” (ii) in the existing sub-regulations (1A) and (2), the symbols and numeral “(1)”, wherever it appears, shall be substituted with the symbols and numeral “(2)”; (iii) thereafter the existing sub-regulations (1), (1A) and (2) shall be renumbered as sub-regulations (2), (3), and (4) respectively.
[Notification No-SEBI/LAD-NRO/GN/2024/211]
