SEBI updated the Master Circular for the issue and listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities, and Commercial Paper
The Securities and Exchange Board of India (SEBI) on July 07, 2023, issued the updated Master Circular for the issue and listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities, and Commercial Paper
This circular aims to achieve effective regulation of the corporate bond market and to enable the issuers and other market stakeholders to get access to all the applicable circulars in one place, this Master Circular has been prepared
This circular shall come into force with effect from August 16, 2021
The following has been updated namely: -
• it has consolidated previous circulars (Annex-1) into a single operational circular, with adjustments. The circulars have been specified chapter by chapter in this Master circular. it further states that this Master Circular supersedes the circulars indicated in Annex -1 of this Master Circular.
• It states that Notwithstanding the supersession as mentioned in Clause 3 of this circular
(i) Anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular.
(ii)any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of these regulations;
• it states that all the Recognized Stock Exchanges, Depositories, other SEBI registered intermediaries, Issuers, and other stakeholders are directed to perform the following function namely: -
(i) Disseminate the provisions of this circular on their website
(ii) comply with the conditions laid down in this circular.
(iii) put in place the necessary systems and infrastructure for the implementation of this circular.
(iv) make consequential changes, if any, to their respective bye-laws, rules and regulations, and bidding portals.
(v) Communicate and create awareness amongst stakeholders.
(vi) Monitor the compliance of this circular by issuer companies, as applicable.
• This Circular is available on the SEBI website at www.sebi.gov.in under the “Legal Framework”
[Notification No. SEBI/HO/DDHS/PoD1/P/CIR/2023/119]
