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of <h1>Listed Entities Must File Draft Scheme Under Regulation 59A Before NCLT Submission for Debt Securities</h1> Regulation 59A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandates that a listed entity with non-convertible debt securities or non-convertible redeemable preference shares must file a draft scheme of arrangement with stock exchanges and pay a non-refundable fee to obtain a No-objection letter before submitting the scheme to the National Company Law Tribunal (NCLT). This letter must be presented to the NCLT for approval and is valid for six months. The regulation exempts restructuring proposals approved under the Insolvency Code, provided they are disclosed to stock exchanges within one day of approval.
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