Markets regulator Sebi on Tuesday streamlined framework for processing of draft schemes pertaining to mergers and demergers filed by listed companies with the stock exchanges.
The changes are aimed at ensuring that the recognised stock exchanges refer draft schemes to Sebi only upon being fully convinced that the listed entity is in compliance with the regulatory norms, it said in a circular.
The new framework will be applicable for all the schemes filed with the stock exchanges after November 17, 2020.
According to Sebi, stock exchanges will have to provide the 'no-objection' letter to Sebi on the draft scheme in co-ordination with each other.