India:
Continuous Disclosures And Compliances By Listed Entities Under SEBI (Issue And Listing Of Municipal Debt Securities) Regulations, 2015
26 December 2019
DSK Legal
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The Securities and Exchange Board of India
("SEBI") vide its circular dated
November 13, 20191 has amended its earlier circular
dated June 19, 2019, on continuous disclosures and compliance norms
which are to be followed by the entities whose municipal debt
securities are listed or are proposed to be listed on the
recognized stock exchanges.
The circular amends the provisions of earlier circulars to
comply with the new amendments to the SEBI (Issue and Listing of
Municipal Debt Securities) Regulations, 2015 ("ILDM
Regulations") which, inter alia, include amendments
on:
- Revised timelines for submission of
annual and half yearly financial results;
- Compliance with respect to
preparation and submission of financial statements;
- Creation of escrow accounts for the
purpose of payment obligations due to investors;
- Creation of sinking fund account for
redemption of municipal debt securities;
The provisions of this circular shall come into force with
immediate effect.
Footnote
1. Bearing number SEBI/HO/DDHS/CIR/P/134/2019
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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