Securities and Exchange Board of India (SEBI) has amended the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 vide notification No. SEBI/LAD-NRO/GN/2019/13 dated May 07, 2019.
SEBI with this amendment has inserted sub-regulation 15(1A) and 15(1B) which inter alia provided that in case of failure to execute the trust deed within three months of the closure of the issue, the issuer will be liable to pay interest of at least 2% per annum to the debenture holder which shall be over and above the agreed coupon rate till the trust deed is executed.
Further in Schedule I, in paragraph 3, in part B – clause (b) has been omitted.
The aforesaid amendment is appended for reference and is also available on SEBI website at www.sebi.gov.in under the category “Legal” and under the drop down “Regulations”.
Hitesh Desai Nisha Mehta
Addl. General Manager Manager
Listing Compliance Listing Compliance
May 15, 2019