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 ..... Banks Madam/ Sir, Sub: Review of timelines for listing of securities 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 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om January 1, 2023. 8. Recognized Stock Exchanges and Depositories are directed to: a. put in place necessary systems and 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies, shall make an application for in-principle approval to the stock Exchange(s), in terms of Regulation 6 of the NCS Regulations or Regulation 4A of the ILDM Regulations, respectively, complete in all respects, including the submissions and disclosures, 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ISIN allocation/ assignment/ confirmation by Depository On or before T+1 Issuer shall ensure receipt of ISIN from a Depository prior to pay-in. Issuer shall apply to other Depository(ies) for admission of such proposed debt issuance. Issuer shall ensure receipt of ISIN from a Depository prior to pay-in. Issuer shall apply to other Depository(ies) for admission of such proposed debt issuance. Settlement On or before T+1/ T+2 (as per settlement cycle chosen by the Issuer) (EBP); On or before T+2 (Non-EBP); Pay-in by the bidders/ allottees; Com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... securitised debt instruments or security receipts, to the stock exchange(s), in terms of Regulation 44 of the NCS Regulations, Regulation 4E of the ILDM Regulations or Regulations 35 and 38D of the SDI 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 to Issuer by the stock exchange(s). ISIN activation by the Depositories. *For privately placed issues through EBP, T implies bidding date; for privately placed issues outside EBP, T implies issue open date; Note: In the above table, for privately placed issue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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