BY HARSH GUPTA HARI SRIDHARAN AYUSH AGNIVESH

INTRODUCTION AND DEFINITIONS

These regulations came into force on the date of their

publication in the official Gazette The definitions of the following of the regulations are: a) debt securities means a non-convertible debt securities which create or acknowledge indebtedness, and include debenture, bonds and such other securities of a body corporate or any statutory body constituted by virtue of a legislation, whether constituting a charge on the assets of the body corporate or not, but excludes bonds issued by Government or such other bodies as may be specified by the Board , security receipts and

CONTD..
B)"issuer means any company, public sector undertaking or statutory corporation which makes or proposes to make an issue of debt securities in accordance with these regulations or which has its securities listed on a recognized stock exchange or which seeks to list its debt securities on a recognized stock exchange; C) advertisement includes notices, brochures, pamphlets, circulars, show cards, catalogues, hoardings, placards, posters, insertions in newspaper, pictures, films, cover pages of offer documents or any other print medium, radio, television programmes through any electronic medium;

ISSUE REQUIREMENTS FOR PUBLIC ISSUES

a)No issuer shall make any public issue of debt securities if as on the date of filing of draft offer document and final offer document as provided in these regulations, the issuer or the person in control of the issuer, or its promoter, has been restrained or prohibited or debarred by the Board from accessing the securities market or dealing in securities and such direction or order is in force.

c)The offer document shall contain all material disclosures which are necessary for the subscribers of the debt securities to take an informed investment decision. d)(2) Without prejudice to the generality of sub-regulation (1), the issuer and the lead merchant banker shall ensure that the offer document contains the following: (a) the disclosures specified in Schedule II of the Companies Act, 1956;

 Electronic Issue:

An issuer proposing to issue debt securities to the public through the on-line system of the designated stock exchange shall comply with the relevant applicable requirements as may be specified by the Board

LISTING OF SECURITIES
Mandatory listing:

(1)An issuer desirous of making an offer of debt securities to the public shall make an application for listing to one or more recognized stock exchanges in terms of sub-section (1) of section 73 of the Companies Act,1956(1 of 1956). (2) The issuer shall comply with conditions of listing of such debt securities as specified in the Listing Agreement with the stock exchange where such debt securities are sought to be listed.

Conditions for listing debt securities: (1) An issuer may list its debt securities issued on private placement basis on a recognized stock exchange subject to the following conditions: (a) the issuer has issued such debt securities in compliance with the provisions of the Companies Act,1956, rules prescribed thereunder and other applicable laws; (b) credit rating has been obtained in respect of such debt securities from at least one credit rating agency registered with the Board; (c) the debt securities proposed to be listed are in dematerialized form ; (d) the disclosures as provided in regulation 21 have been made. (2) The issuer shall comply with conditions of listing of such debt securities as specified in the Listing Agreement with the stock exchange where such debt securities are sought to be listed.

 Disclosure in respect of Private Placements of Debt

Securities: (1) The issuer making a private placement of debt securities and seeking listing thereof on a recognized stock exchange shall make disclosures as specified in Schedule I of these Securities regulations accompanied by the latest Annual Report of the issuer. (2) The disclosures as provided in sub-regulation (1) shall be made on the web sites of stock exchanges where such securities are proposed to be listed and shall be available for download in PDF / HTML formats.

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