SEBI streamlines Centralized Database for Corporate Bonds/ Debentures. Roles and responsibilities of Depositories, Issuers, SEs, CRA & Debenture Trustees increased
SEBI in 2013 mandated ‘Centralized Database for Corporate Bonds/ Debentures’ . As per the circular issued in this regard, depositories was to jointly create, host, and maintain a Centralized Database of corporate bonds held in demat form.
In order to further streamline the said database and provide further ease of access of information for investors, w.e.f. 01.08.2021, SEBI has prescribed changes in the database fields to be maintained along with the manner of filing the same. The new directions redefine responsibilities of different parties (depositories, issuers, Stock Exchanges, CRA etc. ) involved, contents of the database and manner of submitting the information.
It is provided that depositories shall provide secure login credentials to Issuers, Stock Exchanges, Credit Rating Agencies and Debenture Trustees for updating and verifying requisite information in the corporate bond database within prescribed timelines.
Issuers are required to fill all the requisite fields in the Database at the time of allotment of the ISIN. Depositories shall verify the information as provided by issuer at the time of activation of ISIN. Post listing of securities, Issuers shall submit information in the requisite fields to the Stock Exchanges where their securities are listed on a periodical basis.
Similar responsibilities have been entrusted upon Stock Exchanges to update the database and verify listing details.
It is mandated that the Credit Rating Agencies shall access the database to verify the rating information uploaded by the Issuer. In case of any discrepancy, Credit Rating Agencies shall notify the same to Stock Exchanges and update the correct information in the database. Similarly, Debenture Trustees shall access the database to verify the information regarding default history and other relevant information. In case of any discrepancy, Debenture Trustee shall notify the same to Stock Exchanges and update the correct information in the database.
Download SEBI Circular SEBI/HO/DDHS/DDHS1/P/CIR/2021/572 Click Here >>
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