Introduction
On September 2, 2015, SEBI notified the Listing Obligations and
Disclosure Requirements Regulations, 2015 ("2015
Regulations") with two-fold objectives: firstly, to
align clauses of the listing agreement with Companies Act and
secondly, to consolidate the conditions under different
securities' listing agreements in one single regulation. The
2015 Regulations are applicable to any entity (whether a company or
not) accessing the stock exchange, for listing equity shares (on
main board, SME exchange, institutional trading platforms), debt
securities, preference shares, depository receipts, securitized
debt instruments, mutual fund units, and other securities as may be
specified by SEBI. The 2015 Regulations will be effective after 90
days from notification date i.e. from December 1, 2015, except the
provisions regarding approval of related party transactions and
disclosure of shareholders' class and conditions of
reclassification, which are effective from
