9911796707
TMI BlogContinuous disclosures and compliances by listed entities under SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015X X X X Extracts X X X X X X X X Extracts X X X X ..... king public issues of debt securities or seeking listing of municipal debt securities issued on private placement basis to the Stock Exchange(s). SEBI vide Circular No. CIR/IMD/DF1/60/2017 ("hereinafter to be referred as ILDM Circular") dated June 19, 2017 had specified continuous disclosures and compliance by issuers of debt securities under ILDM Regulations. 2. Subsequently, ILDM regulations have been amended to, inter alia, widen the definition of issuers, revise timelines for submission of annual and half yearly financial results, structure payment mechanism through escrow accounts, etc. 3. Regulation 29 of ILDM regulations provides that the Board shall have the power to issue directions through guidance notes or circulars. Accordingl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in nine months from the end of the financial year. 2.1.3. Preparation and Submission of Financial Results While preparing financial results, the listed entities shall comply with the following (a) The half yearly un-audited financial results and annual audited financial results shall contain comparative information for the immediately preceding corresponding half year or financial year respectively. (b) The half yearly un-audited financial results and annual audited financial results submitted to the Stock exchange(s) shall be taken on record by Standing Committee or General Body or Board of Directors or Board of Trustee, as applicable or equivalent. (c) The listed entities shall disclose debt equity ratio, debt service coverage r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.2. of ILDM Circular regarding Credit rating is modified to read as under:- "2.3.2. Credit Rating (a) Every credit rating shall be reviewed at least once a year, by a registered credit rating agency. (b) In the event of credit rating being downgraded by two or more notches below the rating assigned at the time of issue, the listed entities shall disclose the reasons for downgrade in rating and the steps, if any, it intends to take to recover the rating. (c) Any change in credit rating shall be promptly disseminated on the Stock exchange(s) where such securities are listed." (e) Clause 2.3.3. (e) of ILDM Circular regarding periodic disclosure shall be deleted. 4. In addition to the above modifications, it has been decided to furt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ansferred to General account on a monthly basis after obtaining certificate from debenture trustee that the listed entities has discharged its debt obligations in a timely manner. 4.1.5. All the above accounts except "General account" shall be monitored by the debenture trustee. 4.1.6. The listed entities shall within 45 days from the end of the quarter, disclose the balances in the aforesaid accounts along with notes pertaining to transfers made to/from these accounts to stock exchange(s) for dissemination. 4.1.7. The amounts available in the escrow accounts may be invested in Government Securities or Treasury Bills or Fixed deposit with Scheduled commercial bank or liquid mutual fund or gilt fund or debt mutual funds or debt ETFs wi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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