TMI BlogSecurities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... Non- Convertible Securities) Regulations, 2021 , namely: - 1. These regulations may be called the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2022. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021 , - I. In regulation 23 , sub-regulation (5) shall be substituted with the following, namely, - (5) The issuer shall ensure that the secured debt securities are secured by hundred percent security cover or higher security cover as per the terms of the offer document and/or Debenture Trust Deed, sufficient t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ver is free from any encumbrances and in case the assets are encumbered, the permissions or consent to create any further charge on the assets has been obtained from the existing creditors to whom the assets are charged, prior to creation of the charge. V. In regulation 44 , sub-regulation 3 shall be substituted with the following, namely, - (3) The debenture trustee shall submit a due diligence certificate to the stock exchange: (a) in case of secured debt securities, in the format as specified in Schedule IV of these regulations; and (b) in case of unsecured debt securities, in the format as specified in Schedule IVA of these regulations. VI. In regulation 48 , sub-regulation (2) shall be substituted with the following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssuance and listing. Such press release shall not be older than one year from the date of opening of the issue. IX. In Schedule IV , i. the words and symbols Regulation 40 shall be replaced with the words and symbols Regulation 40(a) ; ii. the words and symbols Regulation 44(3) shall be replaced with the words and symbols Regulation 44(3)(a) ; iii. before the words SECURITIES AND EXCHANGE BOARD OF INDIA , the words and symbols STOCK EXCHANGE / shall be inserted. X. After Schedule IV , the following new Schedule shall be inserted, namely- SCHEDULE IVA FORMAT OF DUE DILIGENCE CERTIFICATE TO BE GIVEN BY THE DEBENTURE TRUSTEE [See Regulation 40(b) and Regulation 44(3)(b)] FORMAT OF DUE DILIGENC ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
