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TMI BlogReview of timelines for listing of securities issued on a private placement basisX X X X Extracts X X X X X X X X Extracts X X X X ..... ities issued on a private placement basis (Revision in Chapter VII of the "Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, 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 activatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... infrastructure for implementation of this circular; b. bring the provisions of this circular to the notice of listed entities/ issuers of listed Non-Convertible Securities, Securitised debt instruments, 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... closures, as may be specified by the stock exchange(s). Timelines for issuance and listing of securities on private placement basis: 3. The timelines for each of the steps involved, from submission of the application 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 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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; * Pay-out of funds to the Issuer; * Issue of credit confirmation letter by Depositories to Issuer; * Receipt of funds by the Issuer 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 sto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Stock exchange(s) are advised to inform the listing approval details to the Depositories whenever listing permission is given to securities issued on private placement basis. 5. Depositories shall activate the ISINs of securities issued on private placement basis only after the stock exchange(s) have accorded approval for listing of such securities. Further, in order 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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