Norms for listing of non-convertible redeemable preference shares and debentures
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) provide the procedure (through a circular dated 30 November 2015) to be followed by listed entities for undertaking schemes of arrangements such as amalgamations, mergers, reconstruction, etc.
During the year ended 31 March 2017, various developments took place with respect to such schemes of arrangements. The key developments are as follows:
On 26 May 2017, SEBI issued a circular (SEBI circular on listing of NCRPS/NCDs) which lays down the additional conditions to be complied when NCRPS/NCDs are issued in lieu of the specified securities and such NCRPS/NCDs are proposed to be listed on the recognised stock exchanges.
These additional conditions have been classified under the following heads:
The above conditions have to be complied with in addition to the requirements specified under the SEBI circular dated 10 March 2017.
This issue of First Notes provides an overview of the conditions specified under the above two heads.
To access the text of the SEBI circular, please click here.
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