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of <h1>Regulation 49: Non-convertible Securities Default Defined; 'Interest' as 'Dividend' for Redeemable Preference Shares</h1> Regulation 49 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, applies to entities with non-convertible securities listed on recognized stock exchanges, per the 2021 regulations. For entities with non-convertible redeemable preference shares or similar instruments, 'interest' is interpreted as 'dividend.' A 'default' is defined as the failure to pay interest, dividends, or principal on the agreed date, recognized upon the first delay. Previous provisions related to perpetual debt instruments and specific definitions of banks were omitted or substituted in the 2021 notification.
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