A recognised stock exchange may relax certain debt-security listing requirements on an issuer's application, in accordance with its internal policy or guidelines. Exempt categories include supranational, multilateral and statutory institutions or agencies, entities with securities irrevocably guaranteed by a Sovereign, and other entities specified by the Authority.

73. In respect of a public issue of debt securities on a recognised stock exchange, the issuer shall comply with requirements such as appointment of trustee, creation of debenture redemption reserve and such other requirements as may be specified by the Authority or the recognised stock exchange(s). =============... ... ...

Debt securities proposed for listing require the issuer to obtain a credit rating from an agency registered with the Authority or a regulator in a Foreign Jurisdiction. From 1 April 2025, or another specified date, at least one rating must be obtained from an Authority-registered agency. Details of ratings assigned to the debt securities must be disclosed in the applicable prospectus, shelf prospectus or information memorandum.

71. The minimum subscription amount for an investor in case of private placement shall be disclosed in the offer document. =============... ... ...

Initial disclosures for listed debt securities must be true, correct, material and adequate for informed investment decisions. Issuers must provide issuer-related and issue-related information, including risk factors, financial statements, management, material litigation and defaults, debt security details, proposed listing exchanges and use of proceeds. Additional exchange-specified information may be required. Pricing supplements must be submitted before admission to listing, and security or collateral details must be adequately disclosed. Exchanges may grant disclosure exemptions under internal policies or guidelines.

69. (1) The issuer desirous of listing its debt securities on a recognised stock exchange shall file the listing application along with a copy of the offer document or information memorandum, as applicable, with the recognised stock exchange in accordance with the requirements specified by the recognised stock exchange. (2) The issuer shall file the listing application with a recognised stock exchange along with applicable regulatory fee and the same shall be remitted to the Authority in ... ... ...

Debt securities may be listed by an issuer on a recognised stock exchange. Securities proposed for issuance and listing may be offered as a standalone issuance or through a series of issuances. A series may include a medium term note programme, allowing issuers to structure listed debt offerings either individually or under a programme-based issuance arrangement within the recognised exchange framework.

PART C: SECONDARY LISTING WITHOUT PUBLIC OFFER 67. An issuer, having its depository receipts listed in a jurisdiction outside IFSC, may list its depository receipts on a recognised stock exchange by filing the listing application in such form and manner as may be specified by the recognised stock exchange(s). =============... ... ...

Listing of publicly offered depository receipts requires the issuer to list them on the recognised stock exchange or exchanges within the period specified by the relevant recognised stock exchange.

65. The issuer and lead manager(s) shall ensure that the depository receipts are allotted, and the payments and refunds are completed within five working days from the date of closure of the issue. =============... ... ...

Listing of depository receipts offered publicly is permitted only where the offer receives minimum subscription of USD seven hundred thousand or another amount specified by the Authority.

63. The initial public offer of depository receipts shall be kept open for at least one working day and not more than ten working days. =============... ... ...

Pricing of depository receipts in a public offer may be determined by the issuer in consultation with the lead manager or lead managers. The issuer may select either a fixed price method or a book building process to establish the offer price, with both mechanisms available as permissible pricing routes.

61. (1) The offer document shall contain all material disclosures which are true, correct and adequate to enable the investors to take an informed investment decision. (2) For the purpose of 'materiality' of disclosure under this regulation, the issuer shall provide the details of its 'materiality policy', wherever applicable, in the offer document and ensure the disclosure of all material information post filing of offer document and prior to listing. (3) The lead manager(s) shall exe... ... ...

Regulation 60 requires a draft offer document for a public offer of depository receipts to be filed in the same prescribed manner as an offer document for an initial public offer under Part A of Chapter III. The initial-public-offer filing framework consequently applies to draft offer documents for such public offers.

This is a neutral professional article. The judgment is analysed in the context of its factual background, issues framed, and conclusions reached by the Court. 2026 (7) TMI 1565 - CESTAT KOLKATA 1. At a Glance The central question is the rate of interest payable where an amount deposited during a customs investigation is refunded after the demand for which it was retained does not survive. In 2026 (7) TMI 1565 - CESTAT KOLKATA, the Tribunal held that the assessee was entitled to interes... ... ...

Regulation 59 requires a public issue of depository receipts under Part B to meet a minimum offer size of USD 700,000. Another amount may apply where specified by the Authority. The provision imposes a mandatory issue-size condition for each public offer of depository receipts, while permitting regulatory revision of the applicable minimum threshold.

Depository receipt issuance by an issuer incorporated outside an IFSC is permitted only where the issuer is authorised under applicable laws of its home jurisdiction to issue such receipts. The underlying securities represented by the depository receipts must be held in dematerialised form, be fully paid, and remain free from all encumbrances.

Listed entities may undertake rights issues, preferential issues or qualified institutions placements of specified securities, subject to compliance with requirements specified by the Authority.

Post-business-combination listing requires the resultant entity to immediately disclose completed transaction details and meet listing eligibility criteria within one hundred and eighty days to continue listing. It must also comply with applicable listing obligations and continuous disclosure requirements. Shareholdings of SPAC sponsors, controlling shareholders, directors and key managerial personnel are subject to a one-year lock-up from the closing of the business combination.