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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2023

19-Sep-2023 | SEBI/LAD-NRO/GN/2023/151

SEBI has introduced the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2023, which will be in effect from September 19, 2023.

With this amendment, a new regulation, 62A, is inserted after the existing regulation 62, which outlines the listing procedure for subsequent issuances of non-convertible debt securities:

1. A listed entity, whose non-convertible debt securities are listed, is required to list all non-convertible debt securities planned to be issued on or after January 1, 2024, on the stock exchange(s).

2. A listed entity, if it has made subsequent issues of unlisted non-convertible debt securities on or before December 31, 2023, which are still outstanding on that date, may list such securities on the stock exchange(s).

3. If a listed entity intends to list non-convertible debt securities on the stock exchange(s) on or after January 1, 2024, it must list all outstanding unlisted non-convertible debt securities issued on or after January 1, 2024, on the stock exchange(s) within three months from the date of listing the proposed non-convertible debt securities.

4. There are exceptions to this regulation, and listed entities are not obliged to list the following securities:
a. Bonds issued under section 54EC of the Income Tax Act, 1961 (43 of 1961).
b. Non-convertible debt securities issued as per agreements between the listed entity and multilateral institutions.
c. Non-convertible debt securities issued based on an order from any court, Tribunal, or regulatory requirement mandated by a financial sector regulator like the d. Board, Reserve Bank of India, Insurance Regulatory and Development Authority of India, or the Pension Fund and Regulatory Development Authority.

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