SEBI through a circular dated 23rd November, 2021 has issued Master Circular on Scheme of Arrangement by Listed Entities and Relaxation under Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957. Circular deals with various issues including Requirements to be fulfilled by Listed Entity, valuation report, report from Audit Committee with its comments, Auditor’s certificate, conditions for scheme of arrangement between listed and unlisted companies, Redressal of complaints, Unpaid dues report, approval of shareholders, obligations of stock exchanges and Eligibility conditions for companies seeking relaxation under sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957.