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SEBI Circular dt. 26.05.2017 Listing of Non-Convertible Redeemable Preference Shares (NCRPS) / Non-Convertible Debentures (NCDs) through a Scheme of Arrangement:

SEBI vide Circular No. CIR/IMD/DF/50/2017 on Friday, 26th May, 2017 laid down additional compliances for listing of NCRPS/NCDs issued, in lieu of specified securities, vide a scheme of arrangement.

The said circular shall be applicable for all the draft schemes filed with the Stock Exchanges after the date of this circular.

The said Additional compliances before submission covers the following:

  • Eligibility for seeking listing of NCRPS/ NCDs
  • Tenure/ Maturity
  • Credit Rating
  • Valuation Report
  • Disclosures in the Scheme of Arrangement
  • Other Conditions

Further, after the Scheme is sanctioned, application for relaxation of the strict enforcement of any or all of the requirements with respect to listing as prescribed in Securities Contracts (Regulation) Rules, 1957, shall include a detailed Compliance Report as per the format prescribed, duly certified by the Company Secretary and the Managing Director, confirming compliance of the Scheme of Arrangement.

The Listed companies are required to take note of the same.

The said Circular of SEBI can be accessed from the following link:SEBI_Cir26.05.2017_ListingOfNRCPS&NCDs


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