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        SEBI

        Regulation 23 - Issue of convertible debt instruments for financing

        Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
        Chapter II
        COMMON CONDITIONS FOR PUBLIC ISSUES AND RIGHTS ISSUES

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        Convertible debt issuance restrictions bar related party financing unless conversion occurs within a short specified period. Regulation 23 prohibits issuers from issuing convertible debt instruments to finance replenishment of funds, to provide loans to, or to acquire shares of persons who are part of the same group or under the same management, but allows fully convertible instruments for these purposes where the conversion period is limited to a short specified duration; definitions of 'part of the same group' and 'under the same management' are tied to established statutory concepts.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Convertible debt issuance restrictions bar related party financing unless conversion occurs within a short specified period.

                              Regulation 23 prohibits issuers from issuing convertible debt instruments to finance replenishment of funds, to provide loans to, or to acquire shares of persons who are part of the same group or under the same management, but allows fully convertible instruments for these purposes where the conversion period is limited to a short specified duration; definitions of "part of the same group" and "under the same management" are tied to established statutory concepts.


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