TaxTMI 
TaxTMI 
Review of timelines for listing of securities issued on a private placement basis
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....ir, Sub: Review of timelines for listing of securities issued on a private placement basis (Revision in Chapter VII of the "Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper") 1. Chapter VII of the Operational Circular no. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, inter alia, prescribes provisions pertaining to timelines for listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts and Municipal Debt Securities, issued on a private placement basis. 2. SEBI has received feedback from market participants to consider standardizing the pre-listing processes and revision of the ....
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....ies are directed to: a. put in place necessary systems and infrastructure for implementation of this circular; b. bring the provisions of this circular to the notice of listed entities/ issuers of listed Non-Convertible Securities, Securitised debt instruments, and/ or municipal debt securities; c. monitor the compliance with the provisions of the circular; d. disseminate the provisions of the circular on their website; e. make consequential changes, if any, to their respective bye-laws; and f. communicate and create awareness amongst stakeholders. 9. The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 ....
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....lations or Regulation 4A of the ILDM Regulations, respectively, complete in all respects, including the submissions and disclosures, as may be specified by the stock exchange(s). Timelines for issuance and listing of securities on private placement basis: 3. The timelines for each of the steps involved, from submission of the application for in-principle approval to the listing of the security on the stock exchange(s), are given below: Table 1: Timelines for issuance and listing of securities on private placement basis Category Timeline (working day) Nature of activity EBP Non-EBP In-principle approval Prior to T-2/ T-5 (EBP); Prior to T (Non-EBP) Issuer shall ensure receipt of in-prin....
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.... apply to other Depository(ies) for admission of such proposed debt issuance. Settlement On or before T+1/ T+2 (as per settlement cycle chosen by the Issuer) (EBP); On or before T+2 (Non-EBP); • Pay-in by the bidders/ allottees; • Communication of receipt of money to the Issuer; • Finalisation of allocation by the Issuer; • Payment of stamp duty by Issuer; • Filing of Corporate action file by RTA; • Conclusion of Corporate action/ demat credit by the Depositories; • Pay-out of funds to the Issuer; • Issue of credit confirmation letter by Depositories to Issuer; • Receipt of funds by the Issuer from in....
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.... • Confirmation of listing permission to Issuer by the stock exchange(s). • ISIN activation by the Depositories. *For privately placed issues through EBP, T implies bidding date; for privately placed issues outside EBP, T implies issue open date; Note: In the above table, for privately placed issue outside EBP, for illustration, it is assumed that issue is open for one day only. In case issue is kept open for more than one day, the timelines specified above for activities post the bidding date shall be computed from issue closure date. 4. Stock exchange(s) are advised to inform the listing approval details to the Depositories whenever listing permission is given to securities issued on private placement basis. ....