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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..... s 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 Chapter V of the SEBI (Issue and L .....

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..... e 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 security is proposed to be issued for a fixed .....

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..... est/ 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. disseminate the provisions of this circular on their website .....

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