Dear Sir\Madam
The Securities and Exchange Board of India (SEBI) has issued circular no. SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022, regarding Streamlining the Process of Rights Issue.
SEBI vide circular no. SEBI/HO/MIRSD/CRADT/CIR/P/2020/230 dated November 12, 2020, and circular no. SEBI/HO/MIRSD/CRADT/CIR/P/2020/207 dated October 22, 2020, specified format of security cover certificate, periodical monitoring and disclosures by Debenture Trustee(s) and the requirement of creation of “Recovery Expense Fund” (REF).
In view of the representations from issuers, Debenture Trustee(s) as well as other market participants, the provisions in the above-mentioned circulars have been revised.
The provisions mentioned in Part A and B with respect to ‘Revised format of the Security Cover’ and ‘Monitoring of Covenants’ are applicable w.e.f October 1st, 2022. Other provisions of this circular shall come into effect with immediate effect.
The aforesaid circular is attached for reference.
All Listed companies are requested to take note and comply accordingly.
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Ashok kumar Singh
AGM-Listing Compliance
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Nisha Mehta
Sr. Manager-Listing Compliance
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May 20, 2022
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