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<h1>SEBI Regulation 94A: Stock Exchanges Must Forward Draft Schemes for Listed Debt to SEBI and Issue No-Objection Letter</h1> Regulation 94A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 outlines the duties of recognized stock exchanges regarding draft schemes of arrangement for entities with listed non-convertible debt securities or redeemable preference shares. Upon receiving draft schemes, the designated stock exchange must forward them to SEBI and issue a No-Objection Letter after confirming compliance with securities laws. This letter is valid for six months. The stock exchange must also notify the National Company Law Tribunal of any objections during approval and provide recommendations to SEBI post-sanctioning of the scheme.