SEBI vide circular dated April 13, 2022, has specified procedural and operational aspects for the issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities, and Commercial Paper.
Vide notification dated August 09, 2021, SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, and notification of the SEBI ILDS Regulations, 2008 and the SEBI NCRPS Regulations, 2013, has issued multiple circulars covering procedural and operational aspects thereof.
The process of merging these regulations into the SEBI NCS Regulations, 2021 also entails the consolidation of related existing circulars (Annex-1) into a single operational circular, with consequent changes. The stipulations contained in such circulars have been detailed chapter-wise in this operational circular.
Accordingly, the circulars listed at Annex -1 stand superseded by this operational circular.
This operational circular provides a chapter-wise framework for the issuance, listing and trading of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities or Commercial Paper.
Recognized Stock Exchanges, Depositories, other SEBI registered intermediaries, Issuers and other stakeholders are directed to:
1. comply with the conditions laid down in this circular;
2. put in place necessary systems and infrastructure for implementation of this circular;
3. make consequential changes, if any, to their respective bye-laws and bidding portal;and
4. communicate and create awareness amongst stakeholders.
This Circular shall come into force with immediate effect.
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