Corporation Finance Department (CFD)

Division of Issues and Listing

• The Division handles work relating to:
•     a. Policy formation pertaining to
•             (i) primary market
•             (ii) disclosures in offer documents
•             (iii) listing  
•             (iv) Employee Stock Option
•             (v) Preferential issues
•             (vi) Qualified Institutional Placement (QIP)
•             (vi) Scheme of arrangement, etc.
•    b. Issuance of observations on the draft offer documents of public issues and rights issues & on documents pertaining to scheme of arrangement.
•    c. Investor complaints relating to public issues, rights issues and schemes of arrangement.

Social Stock Exchange and Policy Division

This division handles work relating to

a.      Social Stock Exchange – Policy Formulation, Regulatory Supervision, Creation of eco-system etc.

b.      Policy formulation pertaining to

                                i.             Issuance and listing of securities

                              ii.            primary market

                            iii.            disclosures in offer documents

                             iv.            Rights issues

                               v.            Preferential issues

                             vi.            Qualified Institutional Placement (QIP)

                           vii.            Scheme of arrangement, etc.

Other work assigned from time to time

Division of Corporate Restructuring

• The Division handles work relating to:
  
•     a. Issuance of observations on the draft offer documents pertaining to open offers and buy-backs
•     b. All matters including policy formation pertaining to
•           (i) Substantial Acquisition and Takeovers
•           (ii) Buy back of securities
•           (iii) Delisting of Securities
•     c. Processing of exemption applications under Takeover Regulations and coordinating with the Takeover Panel
  
•     d. Investor complaints relating to corporate restructuring.

Compliance and Monitoring Division

• The Division handles work relating to:
•    a. Investor complaints relating to non-compliance with Listing Regulations
•    b. Inspection of stock exchanges.
•    c. Guidance to Stock Exchanges on listing matters, vanishing companies in consultation with respective Registrar of Companies.

Supervision, Enforcement and Complaints (SEC) vertical

• The SEC vertical mainly deals with:
•    a. Supervision of Merchant Banker(s) and Banker(s) to Issue.
•    b. Conducting examination and initiating enforcement actions for violations of the following regulations administered by CFD:
•      - Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
•      - Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018
•      - Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021
•      - Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021
•      - Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
•      - Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018
•      - Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992
•      - Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994
•    c. Supervision of stock exchange(s) w.r.t. monitoring of LODR compliances of listed companies.
•    d. Handling of complaints related to aforesaid regulations.
•    e. Other related works.