The Securities and Exchange Board of India (SEBI) on October 03, 2022 has issued Extension of timeline for entering the details of the existing outstanding non-convertible securities in the ‘Security and Covenant Monitoring’ system hosted by Depositories.
The following has been stated namely: -
• Please refer to the Notifications: -
1. SEBI vide Circular SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2021/618 dated August 13, 2021, which specifies the manner of recording of charges by Issuers and manner of monitoring and other responsibilities of Debenture Trustees (DTs), Credit Rating Agencies, etc. for ‘Security and Covenant Monitoring’ using Distributed Ledger Technology (DLT).
2. Circular SEBI/HO/MIRSD/CRADT/CIR/P/2022/38 dated March 29, 2022, which specifies the Operating Guidelines of the said system using DLT, including roles and responsibilities of the various stakeholders involved.
• Extension of one month has been provided in the timeline of entering the legacy data, viz. details of the existing outstanding non-convertible securities.
• Issuers shall ensure that they enter the details into the DLT system on or before October 31, 2022; DTs shall verify the same by December 31, 2022.
