Valuation and NAV disclosure: listed security receipts require independent valuations and timely NAV declaration, with credit rating compliance.

Listed issuers must obtain an independent valuation of security receipts at each quarter end and the asset reconstruction company must declare the NAV within fifteen days; issuers must also comply with prescribed credit rating requirements at half-yearly intervals and, when both valuation and rating apply in a quarter, disclose the lower of the two NAV calculations.

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