SEBI

SEBI permits listing of NCDs/NCRPS/CPs with financials as on 31.12.2019

SEBI permits listing of NCDs/NCRPS/CPs with available financials as on 31.12.2019
 
SECURITIES & EXCHANGE BOARD 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 the SEBI (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 Commercial Papers.

1. ILDS Regulations, NCRPS Regulations and circulars related to Listing of Commercial Papers (CPs) require an Issuer to inter–alia submit its latest audited financials which should not be older than six months. Compliant listed entities are, however permitted to use unaudited financials with limited review in lieu of the audited financials for the stub period, subject to these unaudited financials not being older than six months.

 
2. On account of COVID pandemic, SEBI vide circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/106 dated June 24, 2020 extended the timelines for submission of financial results for the quarter/half year/annual financial year for the period ending March 31, 2020 till July 31, 2020.
 
3. SEBI has now received representations from listed entities seeking extension of time for listing their Non– Convertible Debentures (NCDs) / Non–Convertible Redeemable Preference Shares (NCRPS)/ Commercial Paper(s) (CPs), pending finalization of their annual accounts for the financial year ending March 31, 2020.
 
4. Accordingly, it has been decided to permit listed Issuers who have issued NCDs/NCRPS/CPs, on or after July 01, 2020 and intend/propose to list such issued NCDs/NCRPS/CPs, on or before July 31, 2020, to use available financials as on December 31, 2019.
 
5. Stock Exchanges are advised to bring the provisions of this circular to the notice of all listed entities and also disseminate on their websites.
 
6. This circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulations 31 and 32 of the SEBI (ILDS) Regulations, 2008, Regulations 26 and 27 of SEBI (NCRPS) Regulations, 2013, the relaxations contained herein are subject to the provisions of the Companies Act, 2013 and rules made thereunder.
 
7. This circular is available on SEBI website at www.sebi.gov.in under the category ‘Legal-Circulars’.
 
Yours faithfully,
 
Richa G. Agarwal
Deputy General Manager
Department of Debt and Hybrid Securities
Email id: richag@sebi.gov.in
Phone: +91–22–26449596
 
Share
Leave a Comment

Recent Posts

  • Prevention of Corruption Act

CBDT Instruction can not absolve persons to explain source of gold within limits specified – SC

Mere CBDT Instructions cannot absolve individuals of their obligation to explain the source and nature of their gold holdings, even…

14 hours ago
  • ICSI

Empanelment of General Observers for ICSI Examinations December 2026. Last date 16.11.2026

Empanelment of General Observers for ICSI Examinations December 2026 ICSI has invited interested members to enroll as General Observers for…

2 days ago
  • Income Tax

ITAT address some important issues relating to deduction u/s 80IA

ITAT answers some important and inter-related issues relating to deduction u/s 80IA In a recent judgment, ITAT has dealt with…

2 days ago
  • Income Tax

Mere carry forward of loss can not be denied for belated return – ITAT

Carry forward of loss can not be denied for belated return, it is only the set off in subsequent year…

2 weeks ago
  • Income Tax

Sales duly recorded in books & VAT returns, can’t be held bogus without cogent adverse material

Where sales are duly recorded in books and VAT returns, to treat it bogus sales, AO must bringing cogent adverse…

2 weeks ago
  • Income Tax

ITAT allows Diwali expenses incurred by assessee as business expenses

Expenses to celebrate Diwali with staff creates a goodwill and, therefore amounts to expenses incurred for the purpose of business…

2 weeks ago