Eligible issuers

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... issue municipal debt securities is eligible to raise funds under its constitution document; (b) the accounts of issuer shall be prepared in accordance with any of the following: i. National Municipal Accounts Manual or; ii. Municipal Accounts Manual as adopted by the respective State Governments; or iii. Accounting standards, applicable to issuers, as prescribe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....issuer is a body corporate to which the Companies Act, 2013 applies or is a Special Purpose Vehicle, which is set up for the purpose of raising funds for an person for performing one or more functions entrusted under Article 243W of the Constitution of India, the requirements at clauses (b) and (c) above shall be complied by the person being financed;]     ************* NOTES....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d overdue for a period of more than ninety days;" 3. Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/40 dated 27-09-2019 4. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/40 dated 27-09-2019 before it was read as, "Eligible municipalities. 4. No issuer shall be eligible to issue debt securities to public under these regulations, unless the following criteria are compl....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....al years;] ^2[(d) municipality shall not have defaulted in repayment of debt securities or loans obtained from banks or financial institutions, during the last three hundred and sixty five days: Provided that where the issuer is a corporate municipal entity, the requirements at clauses (b) and (d) shall be complied by the municipality which is being financed;] (e) no order or direction of re....