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Consultation Paper For Review Of SEBI (LODR) Reg., 2015 - Comments Invited

May 14, 2018: SEBI has issued today a Consultation paper for review of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Public comments are invited on the proposals contained in this consultation paper. The comments, may be sent by email or through post, latest by June 11, 2018.

The objective of this consultation paper is to seek comments on the changes proposed in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as LODR Regulations) with respect to listed companies which have listed its Non-convertible debt securities (NCDs) or Non-convertible redeemable preference shares (NCRPS) or both.

LODR Regulations were notified on September 02, 2015. The said Regulations, inter-alia, provide for principles governing various disclosures and obligations of listed entities. Chapter V of the said Regulations lays down obligations of listed entity which has listed its NCDs or NCRPS or both, whereas Chapter VI casts obligations on listed entity which has listed its specified securities and either NCDs or NCRPS or both. Also, Regulation 63 of Chapter VI prescribes that all provisions of chapter IV and certain Regulations of Chapter V shall apply to entities which have listed both its specified securities as well as NCDs and/or NCRPS.

It has been proposed to review the SEBI LODR regulations for the reasons as mentioned below:

 o SEBI is in receipt of feedback and representations, from various stakeholders across the market, expressing difficulties in complying with various provisions of SEBI LODR Regulations, some of which are reportedly repetitive, unwarranted and also cumbersome to comply with. It is felt that keeping this in view, a review is necessary in order to ensure ease of compliance on the part of the issuers who have listed their debt securities.

 o Further, in recent years there has been a spate of incidents regarding non-compliance with the SEBI LODR Regulations by the issuers of debts securities. Therefore, in order to ensure safeguard of interest of investors, a need has been felt to review and strengthen the SEBI LODR Regulations wherever necessary pertaining to NCDs and NCRPS.


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