Brief Overview:
The Securities and Exchange Board of India (“SEBI”) has approved Changes to the Framework for Large Corporates.
Technical Details:
The summary of proposals approved by SEBI are as follows:
1) Higher monetary threshold for defining LCs;
2) Removal of penalty on LCs failing to raise the prescribed incremental borrowings from the debt market;
3) Retention of requirement for compliance with the framework over a contiguous block of three years;
4) SEBI has dispensed with the requirement on LCs of:
(a) filing a statement identifying itself as an LC; and
(b) statement regarding compliance with the framework.
For further details, please see:
For any queries / clarifications, please feel free to ping us and we will be happy to chat:
●
Ms. Apurva Kanvinde (apurva.kanvinde@jclex.com)● Mr. Smit Parekh (smit.parekh@jclex.com)
● Mr. Mannan Gala (mannan.gala@jclex.com)
