Platform for Security & Covenant Monitoring using Distributed Ledger Technology – SEBI
SEBI announces platform for Security and Covenant Monitoring using Distributed Ledger Technology hosted by Depositories shall be developed.
SEBI has outlined the process of independent ‘due diligence’ by debenture trustee(s) on assets of an Issuer company for the purpose of creation of security and ‘periodical monitoring’ of security created and enhanced disclosures on the website by debenture trustee(s) on continuous basis.
SEBI, on the recommendations of the working group, has announced that a platform for ‘Security and Covenant Monitoring System’ (‘system’) hosted by Depositories shall be developed.
The system shall be used for recording and monitoring of the security created and monitoring of covenants of non-convertible securities. The system shall inter alia capture the process of creation of security(viz. due diligence, charge creation etc.), continuous monitoring of covenants by Debenture Trustees (as applicable), credit rating of the non-convertible securities by the Credit Rating Agencies (CRAs) etc.
Depositories shall create, host, maintain and disseminate the system for security and covenant monitoring using distributed ledger technology.
The said system, shall enable various stakeholders to record information for security creation, asset cover and covenants, periodical monitoring of security cover, asset cover and covenants , interest and redemption payment (part and full) of non-convertible securities and credit Rating information.
Accordingly, the SEBI has also prescribed the role and responsibilities of various stakeholders in the said system.
GSTN Advisory & FAQs related to Electronic Credit Reversal and Re-claimed Statement and RCM Liability/ITC Statement To ensure correct and…
It is well settled that if any receipt cannot be subjected to tax being exempt under law, negligence of any…
Since UPGST Authorities unable to inform when notice sent by GSTN Portal may have been retrieved or downloaded, no inference…
High Court declines plea of assessee that Income Tax Department wrongly read amount of cash deposit of Rs. 250000 Cr…
Discontinuance of business of partnership firm will not result in vesting ownership of firm's property with individual partners for capital…
Stipulation of 120 days for release of seized jewellery/gold u/s 132B is directory not mandatory – Delhi High Court In…