SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations, 2020

Last updated: 10 October 2020

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Quick Summary

The Securities and Exchange Board of India (SEBI) has introduced amendments to the Issue and Listing of Debt Securities Regulations, 2008. These changes, effective from their publication date, primarily update references from the Companies Act, 1956 to the Companies Act, 2013. Key modifications include revised definitions for private placement, updated requirements for debenture trust deeds, and new stipulations regarding the creation of a recovery expense fund.

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 8thOctober, 2020 SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE AND LISTING OF DEBT SECURITIES) (AMENDMENT) REGULATIONS, 2020 No. SEBI/LAD-NRO/GN/2020/35 -In exercise of the powers under section 30 of the Securities and Exchang

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FAQ :

The main purpose is to amend the existing Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, primarily by updating references from the Companies Act, 1956 to the Companies Act, 2013.

These regulations come into force on the date of their publication in the Official Gazette.

The definition of 'Private placement' has been updated to mean an offer or invitation to subscribe or issue securities to a select group of persons by a company (other than by way of public offer) through a private placement offer-cum-application, satisfying conditions in section 42 of the Companies Act, 2013.

Issuers are now required to create a recovery expense fund in a manner specified by the Board and inform the Debenture Trustee about it. Details of this fund are also to be included in Schedule I.

Debenture trustees must accept trust deeds that contain matters prescribed under section 71 of the Companies Act, 2013, and Form No. SH.12 of the Companies (Share Capital and Debentures) Rules, 2014. These trust deeds will now consist of two parts: statutory information and details specific to the debt issue.

Yes, in regulation 18, sub-regulation (2), the period of 'twenty one days' has been substituted with 'fifteen days'.