Relaxation from compliance with provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (“ILDS Regulation”), SEBI (Non-Convertible Redeemable Preference Shares) Regulations

Last updated: 16 July 2020

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The Securities and Exchange Board of India (SEBI) has issued a circular providing relaxation from certain compliance requirements for listed issuers. This is in response to the COVID-19 pandemic and requests for extensions for listing Non-Convertible Debentures (NCDs), Non-Convertible Redeemable Preference Shares (NCRPS), and Commercial Papers (CPs). Listed issuers who have issued these instruments on or after July 1, 2020, and intend to list them by July 31, 2020, can now use financial data as of December 31, 2019.

Securities and Exchange Broad of India CIRCULAR SEBI/HO/DDHS/CIR/P/2020/121 July 15, 2020 To, All listed issuers All Recognized Stock Exchanges All Debenture Trustees All Registered Merchant Bankers Madam/Sir, Sub: Relaxation from compliance with provisions of theSEBI (Issue and Listing of Debt Securities) Regulations, 2008(ILDS Regulation),SEBI (Non-Convertible Redeemable Preference Shares) Regulations, 2013(NCRPS Regulations) and SEBI Circulars relating to Listing of Comm

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FAQ :

The circular provides a relaxation from the standard requirement of submitting the latest audited financials for the listing of debt securities, specifically NCDs, NCRPS, and CPs, due to the COVID-19 pandemic.

The relaxation applies to provisions of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008, SEBI (Non-Convertible Redeemable Preference Shares) Regulations, 2013, and SEBI Circulars related to the Listing of Commercial Papers.

Listed issuers who have issued NCDs, NCRPS, or CPs on or after July 1, 2020, and intend to list them on or before July 31, 2020, are permitted to use available financials as of December 31, 2019.

Issuers can use their available financials as of December 31, 2019, for the purpose of listing these instruments within the specified period.

SEBI had previously extended the timelines for submitting financial results for the quarter/half-year/annual financial year ending March 31, 2020, until July 31, 2020.