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Review of timelines for listing of securities issued on a private placement basis - SEBI - SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/167

Extract

..... , Security Receipts, Municipal Debt Securities and Commercial Paper”) 1. Chapter VII of the Operational Circular no. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, inter alia, prescribes provisions pertaining to timelines for listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts and Municipal Debt Securities, issued on a private placement basis. 2. SEBI has received feedback from market participants to consider standardizing the pre-listing processes and revision of the time gap between credit confirmation and ISIN activation in order to bring about efficiency in the market. 3. In order to bring about clarity and standardization in the process of issuance and listing of such securities, on private .....

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Review of timelines for listing of securities issued on a private placement basis - SEBI

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..... nstruments, and/ or municipal debt securities; c. monitor the compliance with the provisions of the circular; d. disseminate the provisions of the circular on their website; e. make consequential changes, if any, to their respective bye-laws; and f. communicate and create awareness amongst stakeholders. 9. The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 55 of the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021, Regulations 48 of SEBI SDI Regulations, 2008 and Regulation 29 of SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015, to protect the interest of investors in securities and to promo .....

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Review of timelines for listing of securities issued on a private placement basis - SEBI

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..... ication for in-principle approval to the listing of the security on the stock exchange(s), are given below: Table 1: Timelines for issuance and listing of securities on private placement basis Category Timeline (working day) Nature of activity EBP Non-EBP In-principle approval Prior to T-2/ T-5 (EBP); Prior to T (Non-EBP) Issuer shall ensure receipt of in-principle approval from the stock exchange(s) where it wishes to list its proposed debt issuance/ securities, prior to the date of providing the Placement Memorandum and term sheet to the EBP(s), in terms of paragraph 5.2 of Chapter VI of the Operational Circular. Issuer shall ensure receipt of in-principle approval from the stock exchange(s) where it wishes to list its proposed debt issua .....

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Review of timelines for listing of securities issued on a private placement basis - SEBI

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..... er from investors; Finalisation of allocation by the Issuer; Payment of stamp duty by Issuer; Filing of Corporate action file by RTA; Conclusion of Corporate action/ demat credit by the Depositories; Issue of credit confirmation letter by Depositories to Issuer; Listing On or before T+3; Issuer shall make an application for listing of its non-convertible securities or municipal debt securities, to the stock exchange(s), in terms of Regulation 44 of the NCS Regulations or Regulation 4E of the ILDM Regulations, respectively, complete in all respects, including the submissions and disclosures, as may be specified by the stock exchange(s), and within the timelines as may be specified by the stock exchange(s). Confirmation of listing permission .....

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Review of timelines for listing of securities issued on a private placement basis - SEBI

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..... der to facilitate re-issuances of new debt securities in an existing ISIN, Depositories are advised to allot such new securities under a new temporary ISIN which shall be kept frozen. Upon receipt of listing approval from stock exchange(s) for such new securities, the securities credited in the new temporary ISIN shall be debited and the same shall be credited in the pre-existing ISIN of the existing securities, before they become available for trading. 6. In case of delay in listing of securities issued on privately placement basis beyond the timelines specified above, the issuer shall pay penal interest of 1% p.a. over the coupon/ dividend rate for the period of delay to the investor (i.e. from the date of allotment to the date of listing .....

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Review of timelines for listing of securities issued on a private placement basis - SEBI

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