Private placement definition revised to align with Companies Act, 2013 and tighten trustee, security, and disclosure obligations. Regulations amend the Issue and Listing of Debt Securities rules to align with the Companies Act, 2013, revise the private placement definition to reflect section 42, update statutory cross-references, shorten a specified notice period, and strengthen debenture trustee and trust deed requirements. Issuers must undertake in the Information Memorandum that charged assets are free of encumbrances or that prior creditor consent for second or pari-passu charges is obtained. Trust deeds must follow section 71 and Form SH.12 and be split into Part A (statutory) and Part B (issue-specific). Issuers must create a recovery expense fund and expanded disclosure columns in schedules detail security, covenants, events of default and risk factors.
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Private placement definition revised to align with Companies Act, 2013 and tighten trustee, security, and disclosure obligations.
Regulations amend the Issue and Listing of Debt Securities rules to align with the Companies Act, 2013, revise the private placement definition to reflect section 42, update statutory cross-references, shorten a specified notice period, and strengthen debenture trustee and trust deed requirements. Issuers must undertake in the Information Memorandum that charged assets are free of encumbrances or that prior creditor consent for second or pari-passu charges is obtained. Trust deeds must follow section 71 and Form SH.12 and be split into Part A (statutory) and Part B (issue-specific). Issuers must create a recovery expense fund and expanded disclosure columns in schedules detail security, covenants, events of default and risk factors.
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