Clarification w.r.t. issuance and listing of perpetual debt instruments, perpetual non-cumulative preference shares and similar instruments under Chapter V of the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021

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....23/027 February 08, 2023 To, Issuers who have listed and/ or propose to list Non-convertible Securities; Recognized Stock Exchanges; Registered Depositories; Registered Credit Rating Agencies, Debenture Trustees and Merchant Bankers Madam/ Sir, Sub: Clarification w.r.t. issuance and listing of perpetual debt instruments, perpetual non-cumulative preference shares and simila....

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....ference share", is defined under Regulation 2(1)(z) of the NCS Regulations, as, "a perpetual non-cumulative preference share issued in accordance with the guidelines framed by the Reserve Bank of India". 3. SEBI is in receipt of references from market participants, including issuers and merchant bankers, seeking clarity on the applicability of the provisions of Chapter V of the NCS Regulations,....

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....ted to all or any of the below events: • conversion into equity; • write off of interest/ principal; • skipping/ delaying payment of interest/principal; • making an early recall; • changing any terms of issue of the instrument.   5. The Stock Exchanges and Depositories are advised to: a. make amendments to the r....