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of <h1>SEBI Amends Rules for Non-Convertible Redeemable Preference Shares; Defines 'Wilful Defaulter' and Sets Disclosure Requirements.</h1> The Securities and Exchange Board of India (SEBI) issued amendments to the regulations on the issue and listing of non-convertible redeemable preference shares, effective May 10, 2016. The amendments define a 'wilful defaulter' as an issuer or its affiliates categorized as such by banks per Reserve Bank of India guidelines. It prohibits public issuance of these shares by entities barred from the securities market or identified as wilful defaulters. Additionally, for private placements, issuers must disclose relevant details about any wilful default status prominently, including the bank's name, year of declaration, and outstanding amounts.
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