The International Financial Services Centres Authority (IFSCA) on September 11, 2024, issued a circular regarding the listing of Debt Securities on the recognized stock exchanges in the IFSC.
The following has been stated: -
•The IFSCA (Listing) Regulations, 2024 have been notified providing the regulatory framework inter alia for listing of debt securities on the recognized stock exchanges in the IFSC.
•In terms of regulation 72 of the Listing Regulations, an issuer is required to obtain a credit rating for its debt securities proposed to be listed on a recognized stock exchange from a credit rating agency registered either with IFSCA or with a regulator in a Foreign Jurisdiction.
• Given the above it has been decided that it shall be mandatory for issuers to obtain credit rating for the debt securities proposed to be listed on the recognized stock exchanges with effect from October 01, 2024.
•The circular shall come into force with immediate effect.
[Circular No. IFSCA-PLNP/59/2024-Capital Markets]
