Schedule IB - Applicable in case of Special Purpose Vehicle, which is set up for the purpose of raising funds for a person for performing one or more functions entrusted under Article 243W of the Constitution of India
Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 Schedules Sch SCHEDULE
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Municipal debt disclosure requirements require special purpose vehicles to disclose project, financial, legal, repayment and risk information. Special Purpose Vehicles issuing listed municipal debt securities must provide prescribed disclosures in the relevant offer document or placement ... Summary
Municipal debt disclosure requirements require special purpose vehicles to disclose project, financial, legal, repayment and risk information.
Special Purpose Vehicles issuing listed municipal debt securities must provide prescribed disclosures in the relevant offer document or placement memorandum. Disclosures cover issuer governance and intermediaries, project-specific use of proceeds, financing, ratings, listing and repayment arrangements, financial performance, municipal revenues, borrowings, debt-servicing resources, litigation, creditor dues, approvals and defaults. Issuers must give specified undertakings on document submission, investor complaints, listing formalities, accuracy of information, separate banking of proceeds and continuing disclosure of prior issue proceeds. Risk factors must be legible, materiality-based, classified by source, and address project, operational, credit and liquidity risks.
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