78. (1) The issuer shall provide the following additional disclosures to the recognised stock exchange(s), at least on an annual basis, until full utilisation of the proceeds, in respect of ESG labelled debt securities (other than sustainability-linked debt securities): (a) Utilisation of proceeds of the issue; (b) Allocation: List of project(s) and/or asset(s) to which proceeds of the debt securities have been allocated/invested, including a brief description of such proje... ... ...

77. (1) The issuer shall make the following additional disclosures in the offer document or information memorandum, as the case may be, in respect of ESG labelled debt securities (other than sustainability-linked debt securities): (a) A statement on ESG objectives of the issue of debt securities; (b) Details of process followed by the issuer for evaluating and selecting the project(s) and/or asset(s); (c) Proposed use of the proceeds of the issue including details ... ... ...

76. (1) The debt securities shall be labelled as "green", "social" or "sustainability" only if the funds raised through the issuance of such debt securities are proposed to be utilised for financing or refinancing projects and/or assets aligned with any of the following recognised standards: (a) International Capital Market Association (ICMA) Principles / Guidelines; (b) Climate Bonds Standard; (c) ASEAN Standards; (d) European Union Standards; (e... ... ...

CHAPTER X: ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) LABELLED DEBT SECURITIES 75. (1) This chapter shall apply to Environmental, Social and Governance (ESG) labelled debt securities including "green", "social", "sustainability", "sustainability linked" debt securities or any other ESG labelled debt securities as may be specified by the Authority, which is listed or proposed to be listed on a recognised stock exchange. (2) The requirements under this chapter shall be in addition to the... ... ...

74. A recognised stock exchange may, if satisfied on the basis of an application made by an issuer, relax the applicability of certain requirements of this chapter or chapter X, as the case may be, in accordance with its internal policy or guidelines, for the following issuers: (a) Supranational, multilateral or statutory institutions /organisations /agencies; (b) Entities whose securities are irrevocably guaranteed by a Sovereign; and (c) Any other entity as may b... ... ...

73. In respect of a public issue of debt securities on a recognised stock exchange, the issuer shall comply with requirements such as appointment of trustee, creation of debenture redemption reserve and such other requirements as may be specified by the Authority or the recognised stock exchange(s). =============... ... ...

72. (1) The issuer shall obtain credit rating for its debt securities proposed to be listed on a recognised stock exchange from a credit rating agency registered either with the Authority or with a regulator in a Foreign Jurisdiction. Provided that from April 01, 2025 or such other date as may be specified by the Authority, the issuer shall obtain a credit rating from at least one credit rating agency registered with the Authority and may obtain any additional credit rating(s) from a glob... ... ...

71. The minimum subscription amount for an investor in case of private placement shall be disclosed in the offer document. =============... ... ...

70. (1) The offer document or information memorandum, as applicable, shall contain all material disclosures which are true, correct and adequate to enable the investors to take an informed investment decision. (2) The issuer shall ensure that the following disclosures are made in the offer document or information memorandum: a. Issuer Disclosures: i. General information; ii. Risk Factors; iii. Information about the issuer; iv. Business descript... ... ...

69. (1) The issuer desirous of listing its debt securities on a recognised stock exchange shall file the listing application along with a copy of the offer document or information memorandum, as applicable, with the recognised stock exchange in accordance with the requirements specified by the recognised stock exchange. (2) The issuer shall file the listing application with a recognised stock exchange along with applicable regulatory fee and the same shall be remitted to the Authority in ... ... ...

CHAPTER IX: LISTING OF DEBT SECURITIES 68. An issuer may list its debt securities on a recognised stock exchange: Explanation: The debt securities proposed to be issued and listed on a recognised stock exchange may be offered on a standalone basis or through a series of issuances (including medium term note programme). =============... ... ...

PART C: SECONDARY LISTING WITHOUT PUBLIC OFFER 67. An issuer, having its depository receipts listed in a jurisdiction outside IFSC, may list its depository receipts on a recognised stock exchange by filing the listing application in such form and manner as may be specified by the recognised stock exchange(s). =============... ... ...

Listing of publicly offered depository receipts requires the issuer to list them on the recognised stock exchange or exchanges within the period specified by the relevant recognised stock exchange.

65. The issuer and lead manager(s) shall ensure that the depository receipts are allotted, and the payments and refunds are completed within five working days from the date of closure of the issue. =============... ... ...

Listing of depository receipts offered publicly is permitted only where the offer receives minimum subscription of USD seven hundred thousand or another amount specified by the Authority.

63. The initial public offer of depository receipts shall be kept open for at least one working day and not more than ten working days. =============... ... ...

62. The issuer may determine price of the depository receipts in consultation with the lead manager(s) through fixed price or book building process. =============... ... ...

61. (1) The offer document shall contain all material disclosures which are true, correct and adequate to enable the investors to take an informed investment decision. (2) For the purpose of 'materiality' of disclosure under this regulation, the issuer shall provide the details of its 'materiality policy', wherever applicable, in the offer document and ensure the disclosure of all material information post filing of offer document and prior to listing. (3) The lead manager(s) shall exe... ... ...

60. The filing of draft offer document shall be in the manner as specified for filing of offer document for initial public offer under PART A of Chapter III of these Regulations. =============... ... ...

This is a neutral professional article. The judgment is analysed in the context of its factual background, issues framed, and conclusions reached by the Court. 2026 (7) TMI 1565 - CESTAT KOLKATA 1. At a Glance The central question is the rate of interest payable where an amount deposited during a customs investigation is refunded after the demand for which it was retained does not survive. In 2026 (7) TMI 1565 - CESTAT KOLKATA, the Tribunal held that the assessee was entitled to interes... ... ...