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of <h1>Issuers Barred by SEBI or Wilful Defaulters Cannot Issue Non-Convertible Redeemable Preference Shares Under New Rules</h1> Issuers are prohibited from making public issues of non-convertible redeemable preference shares if they or their affiliates are barred by the Securities and Exchange Board of India (SEBI) or are wilful defaulters. Issuers must apply for listing on recognized stock exchanges, obtain in-principle approval, secure a credit rating of at least 'AA-', and arrange for dematerialization of shares. The minimum tenure for these shares is three years. Issuers must create a capital redemption reserve and cannot use the proceeds for loans or share acquisitions within their management group, except for subsidiaries. A lead merchant banker must be appointed for the issue.
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