SEBI introduces provision for listing of subsequent issuances of non-convertible debt securities under SEBI LODR Regulations

Securities Exchange Board of India ( “SEBI”) amends Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR) to introduce provision on listing of subsequent issuances of non-convertible debt securities.

Key Highlights :

1. As a listed entity whose non-convertible debt securities are already listed, ensure to list all non-convertible debt securities, proposed to be issued on or after January 1, 2024, on the stock exchange(s).
2. As a listed entity whose subsequent issues of unlisted non-convertible debt securities made on or before December 31, 2023 are outstanding on the said date, ensure to list such securities, on the stock exchange(s).
3. As a listed entity that proposes to list the non-convertible debt securities on the stock exchange(s) on or after January 1, 2024, ensure to list all outstanding unlisted non-convertible debt securities previously issued on or after January 1, 2024, on the stock exchange(s) within three months from the date of the listing of the non-convertible debt securities proposed to be listed.
4. Listed entities are not required to list –

(i) Bonds issued under section 54EC of the Income Tax Act, 1961;
(ii) Non-convertible debt securities issued pursuant to an agreement entered into between the listed entity of such securities and multilateral institutions;
(iii) Non-convertible debt securities issued pursuant to an order of any court or Tribunal or regulatory requirement as stipulated by a financial sector regulator namely, the Board, Reserve Bank of India, Insurance Regulatory and Development                  Authority of India or the Pension Fund and Regulatory Development Authority.
For a detailed read, please refer to the hyperlink below.

Source : Securities Exchange Board of India