Sep 30, 2022

SEBI Operational Circular on Listing Obligations and Disclosure Requirements for Non-convertible Securities, Securitised Debt Instruments, and Commercial Papers

SEBI, by way of operational Circular dated July 29, 2022 (‘Operational Circular’), has compiled all existing circulars relevant to the continuous disclosures by issuers of non-convertible securities (‘NCS’), securitised debt instruments, and commercial papers. The Operational Circular came into force on August 1, 2022 and stipulates specific formats for various disclosures.

The Operational Circular also mandates additional compliances when a listed entity has issued to be listed NCS in lieu of equity and convertible securities by way of a scheme of arrangement. Lastly, fines and action against non-compliance have been laid down in the Operational Circular.




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