With reference to the Sebi Regulations on Issue and Listing of Non-Convertible Securities (Second Amendment) with effect from September 18, 2024, the market regulator has stated that a person authorized by the issuer shall He said the documents must prove that they have been viewed by the Financial Services Commission. The board also has ultimate and ultimate responsibility for content.
This essentially meant that the board also had to greenlight a key information document (KID), a document containing periodic updates on future bond issuances. Previously, it was sufficient for a company to receive board approval for an approximate amount of funds to be raised through a bond sale through a General Information Document (GID), but subsequent issuances did not require such approval .
Sebi said in an updated document on Thursday that the norms introduced on September 18 do not require board approval for each new issue. “No, Section 3.3.37(f) does not require prior approval of the contents of the document by the board, only perusal of the contents of the document.The document must be sent to the board. “In case of both public issue and private placement of non-convertible securities (proposed for listing), provide information to directors before issue,” Sebi said.
