The Securities & Exchange board of India (SEBI) on Monday relaxes the compliance norms for companies/issuer seeking to list their debt securities such as non-convertible debentures (NCDs)/(NCRPS) and commercial papers (CPs)
The relaxation has been given with regard to disclosure of financial results by another month till June 30. Earlier, companies were required to submit the details by May-end.
The decision has been taken in view of the COVID-19 pandemic. Under the norms, companies proposing to make public issue of debt securities are required to give the audited financials in the offer document, which are not older than six months from the date of prospectus.
SEBI issued this circular in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulations 31 and 32 of the SEBI (ILDS) Regulations, 2008, Regulations 26 and 27 of SEBI (NCRPS) Regulations, 2013, the relaxations contained herein are subject to the provisions of the Companies Act, 2013 and rules made thereunder.
“This circular shall come into force with immediate effect”,SEBI further said.