Amendments to existing lawsLegislation Updates

1. SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 (ILDM Regulations) prescribe disclosures to be made by issuers making public issues of debt securities or seeking a listing of municipal debt securities issued on private placement basis to the Stock Exchange(s). SEBI vide Circular No. CIR/IMD/DF1/60/2017 (“hereinafter to be referred as ILDM Circular”) dated June 19, 2017, had specified continuous disclosures and compliance by issuers of debt securities under ILDM Regulations.

2. Subsequently, ILDM regulations have been amended to, inter alia, widen the definition of issuers, revise timelines for submission of annual and half-yearly financial results, structure payment mechanism through escrow accounts, etc.

3. Regulation 29 of ILDM regulations provides that the Board shall have the power to issue directions through guidance notes or circulars. Accordingly, it has been decided to specify as under:

(a) Clause 2.1 of the ILDM circular regarding disclosure of financial information is substituted to read as under:

“2.1 Disclosure of Financial Information

2.1.1. Half Yearly Unaudited Financial results

2.1.2. Annual Audited Financial Results

2.1.3. Preparation and Submission of Financial Results

2.1.3. Preparation and Submission of Financial Results

2.1.4. Annual Report

(e) Clause 2.3.3. (e) of ILDM Circular regarding periodic disclosure shall be deleted.

*Please read the detailed modifications by following the link here: CIRCULAR

Securities Exchange Board of India

[Circular dt. 13-11-2019]