SEBI vide its circular dated 03rd October, 2022 decided to provide an extension of one month and modified para 8.d of the SEBI Circular dated 29th March, 2022, for existing outstanding non-convertible securities, issuers shall ensure that they enter the details into the DLT system on or before 31st October, 2022; DTs shall verify the same by 31st December, 2022.
It is to be noted that SEBI vide Circular dated 13th August, 2021, specified the manner of recording of charges by Issuers and manner of monitoring and other responsibilities of Debenture Trustees (DTs), Credit Rating Agencies, etc. for ‘Security and Covenant Monitoring’ using Distributed Ledger Technology (DLT) and vide Circular dated 29th March, 2022, specified the Operating Guidelines of the said system using DLT, including roles and responsibilities of the various stakeholders involved.
It is to be noted that extension has been provided in consideration of receipt of representations from depositories that issuers have requested for extension in the timeline of entering the legacy data, viz. details of the existing outstanding non-convertible securities.
This circular is applicable to all Issuers who have listed and/ or propose to list Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities or Commercial Paper; Recognized Stock Exchanges; All Debenture Trustees registered with SEBI; All Credit Rating Agencies registered with SEBI; All Depositories registered with SEBI.
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