Over the past several years, the listed NCD market has opened up to smaller corporates and financial institutions.
Finance companies have sought an amendment to the Securities and Exchange Board of India (Sebi) regulations, seeking easier disclosure requirements pertaining to the furnishing of audited financial figures of the last three years for private placement of debentures. At present, Sebi norms require the stand-alone financial information (such as P&L statement and balance sheet) for the last three years as well as auditor qualifications, from the issuer seeking to issue listed non-convertible debentures (NCDs).
Finance Industry Development Council (FIDC), in a communication to the Sebi chairman, said: “We respectfully submit that the said regulations be amended for private placement of NCDs. These NCDs are directed towards sophisticated investors, who will be able to make a distinction between issuers based on intensive
First Published: Aug 27 2020 | 8:27 PM IST