Clarification in respect of the compliance by the first-time issuers of debt securities under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 with Regulation 23(6)
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AoA amendment requirement: first-time debt issuers must amend AoA within six months after listing, with an in-principle undertaking. Regulation 23(6) requires companies issuing debt securities to provision in their Articles of Association for appointment of the person nominated by the debenture trustee. Stock exchanges may accept, at in-principle approval, an undertaking from first-time issuers to amend their AoA within six months of listing; issuers must report compliance and exchanges will monitor such amendments.
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.
AoA amendment requirement: first-time debt issuers must amend AoA within six months after listing, with an in-principle undertaking.
Regulation 23(6) requires companies issuing debt securities to provision in their Articles of Association for appointment of the person nominated by the debenture trustee. Stock exchanges may accept, at in-principle approval, an undertaking from first-time issuers to amend their AoA within six months of listing; issuers must report compliance and exchanges will monitor such amendments.
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