The Reserve Bank of India (RBI) has recognized the importance of corporate deposits for meeting the capital requirements of companies in need of finance.
In a circular dated 23 June, the RBI has prescribed directions for the issue of non-convertible debentures (NCDs) that have original or initial maturity up to one year. NCDs are debt instruments issued by corporates, including non-banking finance companies (NBFCs), by way of private placement.
These directions, effective from 2 August, have been issued in order to regulate the existing financial system of the country.
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Shardul Thacker is a partner with Mulla & Mulla & Craigie Blunt & Caroe in Mumbai.
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