Ease information disclosure norms for privately placed NCDs: FIDC

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