{"id":283814,"date":"2023-02-13T17:30:35","date_gmt":"2023-02-13T12:00:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=283814"},"modified":"2023-02-13T15:10:06","modified_gmt":"2023-02-13T09:40:06","slug":"sebi-clarified-compliance-by-first-time-issuers-of-debt-securities-under-sebi-issue-and-listing-of-non-convertible-securities-regulations-2021-ncs-with-regulation-236-legal-research-legal-update-le","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/13\/sebi-clarified-compliance-by-first-time-issuers-of-debt-securities-under-sebi-issue-and-listing-of-non-convertible-securities-regulations-2021-ncs-with-regulation-236-legal-research-legal-update-le\/","title":{"rendered":"First time issuers to amend their AoA within 6 months from the date of debt securities; SEBI clarifies"},"content":{"rendered":"
\n

On 9-2-2023, the Securities and Exchange Board of India (‘SEBI’) clarified on the compliance by the first- time issuers of debt securities under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021<\/a> (‘NCS’) with Regulation 23(6). The circular came into effect on 9-2-2023.<\/p>\n

Key Points:<\/b><\/p>\n

    \n
  1. \n

    Stock Exchanges must take an undertaking from the first- time issuers stating that they ensure that their Articles of Association (‘AOA’) will be amended within a period of six months from the date of the debt securities.<\/p>\n<\/li>\n

  2. \n

    The undertaking will be taken at the time of granting the in-principle approval.<\/p>\n<\/li>\n

  3. \n

    The issuer has to comply within 6 months and report the compliance to Stock Exchanges.<\/p>\n<\/li>\n

  4. \n

    Regulation 23(6) read along with Regulation 2(1)(r) of NCS Regulations requires the AoA of an issuer that is a company to include provisions with respect to the requirement for the board of directors, to appoint such person nominated by the debenture trustee in terms of clause(e) of sub-regulation (1) of regulation 15 of the SEBI (Debenture Trustees) Regulations, 1993<\/a>. The regulation also provides a time period upto September 30, 2023, for existing debt listed issuers to amend their AoA.<\/p>\n<\/li>\n<\/ol>\n\n

    *Kriti Kumar, Editorial Assistant has reported this brief.<\/span><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    On 9-2-2023, the Securities and Exchange Board of India (‘SEBI’) clarified on the compliance by the first- time issuers of debt securities <\/p>\n","protected":false},"author":67011,"featured_media":278871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[55171,2563,16791],"class_list":["post-283814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-ncs-regulation","tag-SEBI","tag-securities-and-exchange-board-of-india"],"yoast_head":"\nFirst time issuers to amend their AoA within 6 months from the date of debt securities; SEBI clarifies | SCC Times<\/title>\n<meta name=\"description\" content=\"On 9-2-2023, the Securities and Exchange Board of India (\u2018SEBI\u2019) clarified on the compliance by the first- time issuers of debt securities\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/13\/sebi-clarified-compliance-by-first-time-issuers-of-debt-securities-under-sebi-issue-and-listing-of-non-convertible-securities-regulations-2021-ncs-with-regulation-236-legal-research-legal-update-le\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First time issuers to amend their AoA within 6 months from the date of debt securities; 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On 1-02-2023, the Union Finance Minister, Nirmala Sitharaman announced the Union Budget 2023. The budget is particularly focused upon inclusive development, especially covering the youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes. READ MORE MINISTRY OF FINANCE CBDT\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-601.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-601.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-601.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-601.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":271457,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/10\/sebi-issues-circular-on-enhanced-guidelines-for-debenture-trustees-and-listed-issuer-companies-on-security-creation-and-initial-due-diligence\/","url_meta":{"origin":283814,"position":3},"title":"SEBI issues Circular on enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence","author":"Prachi Bhardwaj","date":"August 10, 2022","format":false,"excerpt":"On 04-08-2022, the Securities and Exchange Board of India (\u2018SEBI') issued enhanced guidelines for debenture trustees and listed issuer companies on security creation and initial due diligence to protect the interest of investors in securities and to promote the development of and to regulate the securities market. This circular is\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/03\/MicrosoftTeams-image-111-4.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":331678,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/09\/24\/sebi-notifies-issue-and-listing-of-non-convertible-securities-second-amendment\/","url_meta":{"origin":283814,"position":4},"title":"SEBI (Issue and Listing of Non-Convertible Securities) (Second Amendment) Regulations, 2024","author":"Kriti","date":"September 24, 2024","format":false,"excerpt":"SEBI revises the period for which the draft offer document was to be made public.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Securities and Exchange Board of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":222091,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/14\/sebi-continuous-disclosures-and-compliances-by-listed-entities-under-sebi-issue-and-listing-of-municipal-debt-securities-regulations-2015\/","url_meta":{"origin":283814,"position":5},"title":"[SEBI] Continuous disclosures and compliances by listed entities under SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015","author":"Bhumika Indulia","date":"November 14, 2019","format":false,"excerpt":"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 (\u201chereinafter to\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/283814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=283814"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/283814\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/278871"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=283814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=283814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=283814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}