SEBI has issued a discussion paper on May 21, 2019 to seek public comments on the review of the rights issue process (last date for which has elapsed). SEBI has inter alia made the following proposals:
i. Reduction in the period of notice for intimation of the record date in terms of Regulation 42 of the SEBI Listing Regulations from 7 working days to 3 working days.
ii. Replacement of the requirement to publish a newspaper advertisement confirming completion of dispatch of the letter of offer with a requirement to give such intimation through the stock exchanges and email to shareholders (if available).
iii. In order to make the issue process more efficient, SEBI has recommended various changes to the process to reduce the post issue timeline to 11 days, instead of the current 13-15 days till allotment and 17 days till listing.