Clarification w.r.t. issuance and listing of perpetual debt instruments, perpetual non-cumulative preference shares and similar instruments under Chapter V of the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021

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..... , 2023 To, Issuers who have listed and/ or propose to list Non-convertible Securities; Recognized Stock Exchanges; Registered Depositories; Registered Credit Rating Agencies, Debenture Trustees and Merchant Bankers Madam/ Sir, Sub: Clarification w.r.t. issuance and listing of perpetual debt instruments, perpetual non-cumulative preference shares and similar instruments under .....

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..... fined under Regulation 2(1)(z) of the NCS Regulations , as, a perpetual non-cumulative preference share issued in accordance with the guidelines framed by the Reserve Bank of India . 3. SEBI is in receipt of references from market participants, including issuers and merchant bankers, seeking clarity on the applicability of the provisions of Chapter V of the NCS Regulations , wherein the .....

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..... vents: conversion into equity; write off of interest/ principal; skipping/ delaying payment of interest/principal; making an early recall; changing any terms of issue of the instrument. 5. The Stock Exchanges and Depositories are advised to: a. make amendments to the relevant bye-laws, rules and regulations for the implementation of the provisions of this circular; b .....

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