Issue conditions for non-convertible redeemable preference shares require listing, dematerialization, credit rating and minimum tenure. Regulation 4 conditions public issues of non-convertible redeemable preference shares on absence of market access restraints or wilful default by the issuer or its promoters/directors; and requires, at filing of draft and final offer documents, application to recognized stock exchanges with a designated exchange and in-principle listing approval, disclosed credit rating(s) from a registered agency, a depository arrangement for dematerialization, a minimum three-year tenure, an issue rating not less than 'AA-', creation of a capital redemption reserve, restrictions on issuing for intra-group loans or share acquisitions (except subsidiaries), and appointment of registered merchant bankers including a lead merchant banker.