SEBI revises the Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper

The Securities & Exchange Board of India has revised the Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper vide circular dated December 17, 2021. In order to bring about uniformity in requirements on the basis of market feedback, certain amendments are being made to the previous Circular no.  SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, pertaining to listing of Commercial Paper, as given below:

  • The details of current tranche including ISIN, amount, date of issue, maturity, all credit ratings including unaccepted ratings, date of rating, name of credit rating agency, its validity period, declaration that the rating is valid as at the date of issuance and listing, details of issuing and paying agent and other conditions, if any.
  • Where an issue is made by an issuer who has been in existence for less than 3 years, a disclosure that the issue is open for subscription only to Qualified Institutional Buyers.
  • Audited/ limited review half yearly consolidated and standalone financial information (Profit & Loss statement, Balance Sheet and Cash Flow statement) along with auditor qualifications, if any, for last 3 years along with latest available financial results, if the issuer has been in existence for a period of 3 years and above; or,
  • Audited/ limited review half yearly consolidated (wherever available) and standalone financial information (Profit & Loss statement, Balance Sheet and Cash Flow statement) along with auditor qualifications, if any, pertaining to the years of existence, if the issuer has been in existence for less than 3 years.

The provisions of this circular shall come into effect immediately.


*Tanvi Singh, Editorial Assistant has reported this brief.

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