SEBI issues Consultation paper on proposal for introduction of the concept of GID, KID, mandatory listing of debt securities of listed issuers and other reforms under the NCS Regulations

The Securities and Exchange Board of India (“SEBI”) has issued a Consultation paper on proposal for introduction of the concept of General Information Document (GID) and Key Information Document (KID), mandatory listing of debt securities of listed issuers and other reforms under the NCS Regulations (“Consultation Paper”) inviting public comments by February 24, 2023 as per the format given below:

Comments have to be sent to the following, latest by February 24, 2023 (within 15 days from date of publication of this consultation paper on SEBI website) through the following modes:

1. By email to: pradeepr@sebi.gov.in; divyah@sebi.gov.in; nikhilc@sebi.gov.in, kirand@sebi.gov.in and akanshag@sebi.gov.in;
2. By post to the following address: Pradeep Ramakrishnan, General Manager, Department of Debt & Hybrid Securities Securities and Exchange Board of India, SEBI Bhavan, C4-A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051

Key Takeaways of the Consultation Paper:

1. Introduction of the concepts of GID and KID and review of disclosures in placement memoranda – with respect to private placement of non-convertible securities and Commercial Paper proposed to be listed
2. Introduction of provisions necessitating listed issuers to list subsequent issuances of debt
3. Disclosure of issue expenses
4. Amendment to Regulation 50 of Chapter V (Issuance and Listing of Perpetual Debt Instruments, Perpetual Non-Cumulative Preference Shares and Similar Instruments) of the NCS Regulations

Please contact us for a detailed read of the Consultation Paper.

Source: Securities and Exchange Board of India