TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) (Amendment) Regulations, 2018
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....ities 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 assigned to the special purpose distinct entity; and (ii) with respect to "security receipts" means a qualified buyer holding s....
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....nancial 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 Enforcement of Security Interest Act, 2002;" k. the clause (v) shall be substituted with the following, namely,- "(v) "sponsor" means - (i) any person who establishes or promotes a special purpose distinct entity for the purposes of issuance of Securitised debt instrument; or (ii) an asset reconstruction company who has established/promoted a trust which has issued security receipts;" l. af....
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....ecurity 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 conditions: (a) the security receipts have been issued on a private placement basis; (b) the issuer has issued such security receipts in compliance with the applicable laws; (c) the offer or invitation to subscribe to security receipts shall be made to such number of persons not exceeding two hundred or such other number, in a financial year, as may be prescribed from time to time. (d) the security receipts proposed to be listed are in dematerialized form; (e) the disclosures as provided in regulation 38E have been made in the offer document; (f) the minimum allotment made to the qualified buyers is Rs. 10 lakhs; (g) such security receipts have been valued prior ....
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....ired, 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 trades shall be cleared and settled in recognised stock exchanges subject to conditions specified by the Board. (2) The trading lot of the security receipts shall not be less than Rs 10 lakh. (3) The trades of security receipts which have been made over the counter, shall be reported on a recognized stock exchange having a nation-wide trading terminal or such other platform as may be specified by the Board. (4) The Board may specify conditions for reporting of trades on the recognized stock exchange or other platform referred to in sub-regulation (3)." vi. in Schedules I, II, III, IV and V, the heading "Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008", shall be substituted with the following heading, namely.- "Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008" vii. after Schedule V, the foll....