Electronic book mechanism now governs private placements of specified debt securities, imposing platform, disclosure and bidding obligations. The circular mandates use of an Electronic Book Mechanism for private placements of debt securities and NCRPS meeting specified thresholds and permits voluntary use for other debt instruments. Recognised stock exchanges acting as Electronic Book Providers (EBPs) must offer an anonymous, on-line bidding platform, maintain audit trails and IT resilience, publish standardized issue data, and coordinate KYC, enrollment, bidding, allotment (ascending-yield priority with pro-rata at cut-off) and pay-in through clearing corporations. Issuers, arrangers and participants have specified disclosure, enrolment, KYC and withdrawal obligations, with debarment and cooling-off provisions for defaults and withdrawals.
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Provisions expressly mentioned in the judgment/order text.
Electronic book mechanism now governs private placements of specified debt securities, imposing platform, disclosure and bidding obligations.
The circular mandates use of an Electronic Book Mechanism for private placements of debt securities and NCRPS meeting specified thresholds and permits voluntary use for other debt instruments. Recognised stock exchanges acting as Electronic Book Providers (EBPs) must offer an anonymous, on-line bidding platform, maintain audit trails and IT resilience, publish standardized issue data, and coordinate KYC, enrollment, bidding, allotment (ascending-yield priority with pro-rata at cut-off) and pay-in through clearing corporations. Issuers, arrangers and participants have specified disclosure, enrolment, KYC and withdrawal obligations, with debarment and cooling-off provisions for defaults and withdrawals.
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