Dear Sir\Madam
The Securities and Exchange Board of India (SEBI) has issued circular no. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023, regarding ease of doing business and development of corporate bond markets – revision in the framework for fund raising by issuance of debt securities by large corporates (LCs)
Regulation 50B of SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (NCS Regulations) read with Chapter XII of the NCS Master Circular2 on ‘Fund raising by issuance of debt securities by large corporates’ (LC Chapter), inter-alia, mandates LCs to raise a minimum 25% of their incremental borrowings in a financial year through issuance of debt securities which were to be met over a contiguous block of three years from Financial Year (FY) 2022 onwards.
SEBI vide this circular has revised the framework for fund raising by issuance of debt securities by LCs.
The circular shall come into force with immediate effect and shall replace the present Chapter XII of the NCS Master Circular w.e.f. the FY 2025.
The aforesaid circular is attached for reference.
All Listed companies are requested to take note and comply accordingly.
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Ashok kumar Singh
DGM-Listing Compliance
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Shyam Bhagirath
Manager-Listing Compliance
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