Monitoring agency requirement ensures appointment of a registered credit rating agency to supervise and report on issue proceeds utilisation. Appointment of a monitoring agency is required when the net issue size exceeds the specified threshold, excluding certain financial institutions; the agency must be a credit rating agency registered with the Board and must submit quarterly Schedule XI reports until the proceeds are substantially utilised. The issuer's board and management must comment on those findings, and the issuer must disseminate the quarterly report within forty-five days to its website and stock exchanges. If no monitoring agency is required, a statutory auditor's certificate on utilisation must be submitted to SME exchanges with quarterly financial filings, and where working capital is funded above a threshold, similar auditor certification is required.
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Provisions expressly mentioned in the judgment/order text.
Monitoring agency requirement ensures appointment of a registered credit rating agency to supervise and report on issue proceeds utilisation.
Appointment of a monitoring agency is required when the net issue size exceeds the specified threshold, excluding certain financial institutions; the agency must be a credit rating agency registered with the Board and must submit quarterly Schedule XI reports until the proceeds are substantially utilised. The issuer's board and management must comment on those findings, and the issuer must disseminate the quarterly report within forty-five days to its website and stock exchanges. If no monitoring agency is required, a statutory auditor's certificate on utilisation must be submitted to SME exchanges with quarterly financial filings, and where working capital is funded above a threshold, similar auditor certification is required.
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