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Contribution by Issuers of listed or proposed to be listed debt securities towards creation of “Recovery Expense Fund” - SEBI - SEBI/HO/MIRSD/CRADT/CIR/P/2020/207

Extract

..... debt securities, a ‘Recovery Expense Fund’ (REF) shall be created which shall be used in the manner as decided in the meeting of the holders of debt securities. A. Manner of creation and operation of REF 2. The issuer proposing to list debt securities shall deposit an amount equal to 0.01% of the issue size subject to maximum of ₹ 25 lakhs per issuer towards REF with the ‘Designated Stock Exchange’, as identified and disclosed in its Offer Document/ Information Mem .....

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Contribution by Issuers of listed or proposed to be listed debt securities towards creation of “Recovery Expense Fund” - SEBI

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..... g by way of Scheme of Arrangement etc., the Designated Stock Exchange shall make sure that the amount maintained in the REF is available as per paragraph 2 before issuing the ‘Observation letter’ in that regard. B. Manner of utilization of Recovery Expense Fund 5. In the event of default, the Debenture Trustee/ Lead Debenture Trustee shall obtain the consent of holders of debt securities for enforcement of security and shall inform the same to the Designated Stock Exchange. The Desig .....

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Contribution by Issuers of listed or proposed to be listed debt securities towards creation of “Recovery Expense Fund” - SEBI

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..... he Designated Stock Exchange. The Debenture Trustee(s) shall satisfy that there is no ‘default’ on any other listed debt securities of the issuer before issuing the NOC. 8. This circular is issued in exercise of the powers conferred upon SEBI under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 2A of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 and Regulation 31(1) of the Securities an .....

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Contribution by Issuers of listed or proposed to be listed debt securities towards creation of “Recovery Expense Fund” - SEBI

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