TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) (Amendment) Regulations, 2018
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....the Official Gazette. 3. In the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008, i. the title "Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008", shall be substituted with the following title, namely.- "Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008" ii. in regulation 2, in sub-regulation (1), - a. after clause (b), the following new clause shall be inserted, namely,- "(ba) "asset reconstruction company" shall have the meaning assigned to it under clause (ba) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;" b. the clause (h) shall be substituted with the following, namely, - "(h) "investor" - (i) with respect to "securities debt instrument" means any person holding any securitised debt instrument which acknowledges the interest of such person in the debt or receivables ass....
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....y an existing investor(s) of such security receipts to other qualified buyers; h. after clause (ma), the following clause shall be inserted, namely,- "(mb) "qualified buyer" shall have the same meaning assigned to it in clause (u) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;" i. the clause (p) shall be substituted with the following, namely,- "(p) "scheme" means a scheme for issue of securitised debt instruments in accordance with these regulations or for issue of security receipts under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and/or regulations/guidelines as provided by the Reserve Bank of India and are proposed to be listed on a recognised stock exchange under these regulations;" j. after clause (s), the following new clause shall be inserted, namely,- "(sa) "security receipt" shall have the same meaning assigned to it in clause (zg) of sub-section (1) of section 2 of Securitisation and Reconstruction of Financial Assets and Enf....
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....and guidelines, as framed by the Reserve Bank of India, from time to time; ii. be issued on a private placement basis; iii. comply with the provisions pertaining to issue of security receipts,; Sale of security receipts by the existing holders 38C. (1) Any existing holder of security receipts, who proposes to sell, whole or part of, its holding of security receipts to the qualified buyers on private placement basis, where such security receipts are proposed to be listed, may do so, in accordance with the provisions of this Chapter. Provided that such sale by any holder of security receipts shall be permitted only if the holding is not less than fifty percent of the outstanding security receipts. (2) A sale of security receipts by any existing holder of such security receipts under these regulations, shall be subject to the issuer compulsorily listing the security receipts before complying with the provisions of this chapter. Conditions for Listing of Security Receipts 38D. (1) An issuer may list its security receipts on a recognized stock exchange subject to the following....
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....rity receipts are listed on a recognized stock exchange shall ensure that: a) the listed security receipts are valued at the end of each quarter i.e. as on March 31, June 30, September 30 and December 31 of every year, b) valuation is conducted by an independent valuer; and c) the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within fifteen days of the end of the quarter. (2) The issuer shall also comply with the extant Reserve Bank of India requirement of obtaining credit rating of security receipts at half yearly interval and declaration of the net asset value thereafter and/or any other requirement as prescribed by the Reserve Bank of India from time to time. Provided that in those two quarters in a year, where both external valuation and credit rating are required, issuer shall disclose lower of the two calculated NAVs. Trading of security receipts 38H. (1) The security receipts issued on a private placement basis, which are listed on recognised stock exchanges, shall be traded and such tra....