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of <h1>SEBI Circular Sets Rules for Issuing and Trading Perpetual Preference Shares and Debt Instruments, Effective October 12, 2020.</h1> The circular issued by SEBI on October 6, 2020, outlines the framework for the issuance, listing, and trading of Perpetual Non-Cumulative Preference Shares (PNCPS) and Innovative Perpetual Debt Instruments (IPDIs), commonly referred to as Additional Tier 1 (AT1) instruments. These instruments are non-equity regulatory instruments forming part of a bank's capital and are governed by RBI guidelines. The circular mandates issuance on the Electronic Book Provider platform, restricts participation to Qualified Institutional Buyers, and sets a minimum allotment and trading lot size of Rs. 1 crore. It also requires specific disclosures regarding risk factors and conditions for exercising call options. The circular becomes effective on October 12, 2020.
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