Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2022

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rtible Securities) Regulations, 2021, namely: - 1. These regulations may be called the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2022. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, - I. In regulation 23, sub-regulation (5) shall be substituted with the following, namely, - "(5) The issuer shall ensure that the secured debt securities are secured by hundred percent security cover or higher security cover as per the terms of the offer document and/or Debenture Trust Deed, sufficient to di....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rcent security cover or higher security cover is free from any encumbrances and in case the assets are encumbered, the permissions or consent to create any further charge on the assets has been obtained from the existing creditors to whom the assets are charged, prior to creation of the charge." V. In regulation 44, sub-regulation 3 shall be substituted with the following, namely, - "(3) The debenture trustee shall submit a due diligence certificate to the stock exchange: (a) in case of secured debt securities, in the format as specified in Schedule IV of these regulations; and (b) in case of unsecured debt securities, in the format as specified in Schedule IVA of these regulations." VI. In regul....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of the Credit Rating Agency in relation to the issue and declaration that the rating is valid as on the date of issuance and listing. Such press release shall not be older than one year from the date of opening of the issue." IX. In Schedule IV, i. the words and symbols "Regulation 40" shall be replaced with the words and symbols "Regulation 40(a)"; ii. the words and symbols "Regulation 44(3)" shall be replaced with the words and symbols "Regulation 44(3)(a)"; iii. before the words "SECURITIES AND EXCHANGE BOARD OF INDIA", the words and symbols "STOCK EXCHANGE / " shall be inserted. X. After Schedule IV, the following new Schedule shall be inserted, namely- "SCHEDULE IVA FORMAT OF DUE DILI....