Merchant banker appointment exemption permits eligible regulated listed issuers to privately place highly rated debt without appointing one.

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Full Text of the Document

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....Eligible listed issuers regulated by SEBI, RBI, IRDAI or PFRDA may privately place debt securities without appointing a merchant banker if all prescribed conditions are met. The issuer must have been listed for at least one year, have no pending SEBI or stock-exchange fines or penalties for applicable listing-compliance breaches, and have no payment default during the preceding three financial years or current financial year, supported by a statutory auditor's certificate. The debt must generally be senior, secured by a first or pari passu charge, and rated at least AA-, based on the lowest rating where multiple ratings exist. Stock exchanges must prescribe operational disclosures and monitor compliance. The changes apply immediately.....