Non-convertible debentures (NCDs) – traditionally used by companies to meet their short-term funding requirements – need to have a validity of at least 90 days. This is part of new directions, put together by the Reserve Bank of India (RBI), for the issue of NCDs of original or initial maturity up to one year. These directions came into effect from 2 August.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
