Brief Overview:
- Record dates standardised;
- Format of due diligence certificates to be issued by the debenture trustee are aligned for consistency; and
- Use of web-links and QR codes for disclosing financial data in an offer document.
Technical Details:
- The record date requirements is proposed to be standardised across all issuances. Now, the record date is to be set as 15 (fifteen) days prior to the due date for the purpose of paying interest / repayment of principal on NCDs and for payment of dividend on non-convertible redeemable preference shares;
- Web-links and static quick response codes can now be used in the offer document for the purpose of disclosing financial data for the previous period. This is only for issuers having their non-convertible securities listed on the exchange.
- Comparative tabular details of key operational financial parameters for the previous years to still be disclosed in the offer document.
- The format of due diligence certificates to be issued by debenture trustees have been aligned across various SEBI norms to ensure consistency.
The above changes have been introduced by SEBI by way of an amendment to the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 by way of an amendment to the said regulations.
JC takeaway:
These amendments promote ease of doing business for existing listed debt issuers and ensures uniformity across the market for issuers as well as intermediaries.
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