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{"id":283814,"date":"2023-02-13T17:30:35","date_gmt":"2023-02-13T12:00:35","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=283814"},"modified":"2023-02-13T15:10:06","modified_gmt":"2023-02-13T09:40:06","slug":"sebi-clarified-compliance-by-first-time-issuers-of-debt-securities-under-sebi-issue-and-listing-of-non-convertible-securities-regulations-2021-ncs-with-regulation-236-legal-research-legal-update-le","status":"publish","type":"post","link":"https:\/\/blog.scconline.gen.in\/post\/2023\/02\/13\/sebi-clarified-compliance-by-first-time-issuers-of-debt-securities-under-sebi-issue-and-listing-of-non-convertible-securities-regulations-2021-ncs-with-regulation-236-legal-research-legal-update-le\/","title":{"rendered":"First time issuers to amend their AoA within 6 months from the date of debt securities; SEBI clarifies"},"content":{"rendered":"\n
Tweet<\/a><\/div>\n
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On 9-2-2023, the Securities and Exchange Board of India (‘SEBI’) clarified on the compliance by the first- time issuers of debt securities under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021<\/a> (‘NCS’) with Regulation 23(6). The circular came into effect on 9-2-2023.<\/p>\n

Key Points:<\/b><\/p>\n

    \n
  1. \n

    Stock Exchanges must take an undertaking from the first- time issuers stating that they ensure that their Articles of Association (‘AOA’) will be amended within a period of six months from the date of the debt securities.<\/p>\n<\/li>\n

  2. \n

    The undertaking will be taken at the time of granting the in-principle approval.<\/p>\n<\/li>\n

  3. \n

    The issuer has to comply within 6 months and report the compliance to Stock Exchanges.<\/p>\n<\/li>\n

  4. \n

    Regulation 23(6) read along with Regulation 2(1)(r) of NCS Regulations requires the AoA of an issuer that is a company to include provisions with respect to the requirement for the board of directors, to appoint such person nominated by the debenture trustee in terms of clause(e) of sub-regulation (1) of regulation 15 of the SEBI (Debenture Trustees) Regulations, 1993<\/a>. The regulation also provides a time period upto September 30, 2023, for existing debt listed issuers to amend their AoA.<\/p>\n<\/li>\n<\/ol>\n\n

    *Kriti Kumar, Editorial Assistant has reported this brief.<\/span><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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