SEBI vide its Circular dated 29 th July, 2022 came out with an operational circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/or Commercial Paper. The released operational circular is a compilation of the relevant existing circulars, with consequent changes.
The stipulations contained in these circulars have detailed chapter-wise with footnotes corresponding to the respective erstwhile circulars. Therefore, accordingly, the circulars listed at Annex -1 of this circular stand superseded by this Operational Circular.
Additionally, format for submission of statement indicating the utilization of issue proceeds of listed Non-convertible Securities to the Stock Exchange(s), by the listed entities, as required under regulation 52(7) of the Listing Regulations, has been included in Chapter IV.
Further, Chapter XI has been included, containing format for review of rating obtained by the listed entity with respect to its non-convertible securities from Credit Rating Agency(ies) registered with SEBI, as required under regulation 55 and formats for submissions to be made by listed entity to the stock exchanges for interest/dividend/principal under regulations 57(1), 57(4) and 57(5) of the Listing Regulations.
Further, it is to be noted that this circular covers instruments under the NCS Regulations, Chapter X contains provisions applicable to issue of Securitized Debt Instruments under the SEBI (Issue and Listing of Securitized Debt Instruments and Security Receipts) Regulations, 2008. This has been accordingly indicated in the chapter.
The purpose of this operational circular is effective regulation of the corporate bond market and to enable the issuers and other market stakeholders to get access to all the applicable circulars at one place.
This Circular will come into force with effect from 1 st August, 2022.
This Circular is applicable to all issuers who have listed Non-convertible Securities, Securitized Debt Instruments and/or Commercial Paper; Recognised Stock Exchanges.
About the Author
