In order to facilitate the ease of doing business to the Issuer company, SEBI has dispensed off with the requirement to deposit 1% of the issue size available for subscription to the public exchange by the Issuer company.
The Stock Exchanges will frame a joint Standard Operating Practise [SOP] for release of the 1% security deposit that were deposited with stock exchanges by issuer prior to the abovementioned amendments in the ICDR Regulations, 2018.
The circular will be applicable immediately.