On 12 October the Securities and Exchange Board of India (SEBI) amended the SEBI (Issue and Listing of Debt Securities) Regulations, 2008. Some of the key changes in the regulations are outlined briefly below.
Addition of regulation 19(3)
Regulation 19(3) requires an issuer that has disclosed the intention to list debt securities issued on a private placement basis to forward its listing application along with the disclosures specified in schedule I of the regulations to a recognized stock exchange.
The application and disclosures must be sent within 15 days from the date on which the debt securities were allotted.
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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.
