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Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000
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....der to facilitate development of a vibrant primary market for corporate bonds in India, it has been decided to amend certain provisions of the SEBI (Disclosure and Investor Protection) Guidelines, 2000. Accordingly, in exercise of the powers conferred under sub-section (1) of Section 11 of the Securities and Exchange Board of India Act, 1992, the SEBI (Disclosure and Investor Protection) Guideline....
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....tor to decide whether or not to invest in a non-investment grade debt instrument. Given this, and in order to develop market for debt instruments, it has been decided to allow issuance of bonds which are below investment grade to the public to suit the risk/return appetite of investors. 3. Removal of Structural Restrictions: Further, in order to afford issuers with desired flexibility in struct....
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....le amendments made vide this circular. VI. All stock exchanges are advised to bring to the notice of all the listed companies, the amendments to norms on rating and removal of structural restrictions on debt instruments. Yours faithfully, Parag Basu Annexure I CHAPTER II ELIGIBILITY NORMS FOR COMPANIES ISSUING SECURITIES 1. In clause 2.5.1A, for sub-clause (i), the following s....
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....ll be substituted, namely:- "10.1.1 No company shall make a public issue or rights issue of debt instruments (whether convertible or not), unless credit rating is obtained from at least one credit rating agency registered with the Board and disclosed in the offer document." 5. For clause 10.1.3, the following clause shall be substituted, namely:- "10.1.3 Where ratings are obtained from mo....