Securities and Exchange Board of India (SEBI) has issued SEBI (Issue and Listing of Non-Convertible Securities) (Third Amendment) Regulations, 2024 to further amend SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (“Regulations”).

Key highlights of the amendments are mentioned below:

1. Introduces the concept of Environment, Social and Governance Debt Securities or “ESG Debt Securities” which means green debt securities, social bonds, sustainability bonds, sustainability-linked bonds, or any other type of bonds, by whatever name called, that are issued in accordance with such international frameworks as adapted or adjusted to suit Indian requirements that are specified by the Board from time to time, and any other securities as specified by the Board.
2. Issuer desirous of issuing and listing of Environment, Social and Governance Debt Securities shall comply with such conditions as may be specified by the Board.
3. Provision for issuance and listing of green debt securities under Regulation 26 have been omitted.
4. Para 3.3.32 of Schedule I stands revised as follows: The names of the debenture trustees(s), a statement to the effect that the debenture trustee has consented to its appointment along with a copy of the agreement executed by the debenture trustee with the issuer in accordance with Regulation 13 of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 made accessible through a web-link or a static quick response code displayed in the issue document:
   Provided that in case the issuer files a general information document or shelf prospectus, the issuer may disclose a copy of the letter obtained from the debenture trustee consenting to its appointment instead of the agreement.

Explanation: In case the issuer files a key information document or tranche prospectus in accordance with these regulations, the issuer shall disclose a copy of the agreement stated above.

Source: E-Gazette

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