This website is only for informational purposes. Visitors are requested to note that the information is intended to be correct, complete, and up-to-date. Juris Corp does not warrant that the information contained on this website is accurate or complete, and disclaims any and all liability to any person for any loss or damage caused by errors or omissions, whether such errors or omissions result from negligence, accident or any other cause.

This website is not intended to be a source of advertising or solicitation. The reader must not consider the information contained herein to be an invitation for a lawyer-client relationship, must not rely on information provided herein and must seek independent advice. Transmission, receipt or use of any information on this website does not constitute or create a lawyer-client relationship. No recipients of content from this website should act or refrain from acting, based upon any or all of the contents of this website.

Furthermore, Juris Corp does not wish to represent anyone desiring representation based solely upon viewing this web site. Finally, the reader is warned that the use of e-mail for confidential or sensitive information is susceptible to inherent risks of lack of confidentiality associated with sending e-mail over the internet.

By clicking on the "I understand and agree" button below, the user acknowledges that:

  • This website is not a mode of advertisement, promotion, personal communication, or solicitation of any sort whatsoever and the user wishes to gain information about us for his/her own reasons;
  • Entering into this website does not establish a lawyer-client relationship.

We are not liable for any consequence of any action taken by the user relying on information provided under this website. In cases where the user has any legal issues, he/she must seek independent legal advice.

JC - Legal Updates - Timeline for listing privately placed debentures on the stock exchange shortened by SEBI!

Legal Updates

02 Dec 2022

Timeline for listing privately placed debentures on the stock exchange shortened by SEBI!

Brief Overview:

The timelines for listing of privately placed non-convertible debentures on the stock exchange has been shortened to within T+3 days as against the earlier timeline of T+4 days (T being the date of closure of issue (in case of non-EBP issue) and date of bidding (in case of EBP issue).

Technical Details:

The Securities and Exchange Board of India (“SEBI”) has provided procedural clarity for timelines for each step from submission of the application for in-principle approval (“IPA”) to the listing of the security on the stock exchange. Some of the key clarifications provided are as follows:

1)   The issuer should have procured the International Securities Identification Number (“ISIN”) for the NCDs prior to the receipt of funds i.e., on or before T+1.

2)   The issuer shall apply to the other depository for the admission of NCDs on the other depository on or before T+1.

3)   The issuer shall ensure that the NCDs are listed and the ISIN from both depositories are activated on or before T+3.

4)   The issuer shall have procured the IPA for issue of NCDs prior to uploading of the placement memorandum on the EBP (in case of EBP issue) or prior to the issue opening date (in case of non-EBP issue).  

The SEBI has introduced these changes vide its circular dated 1st December 2022. The revised timelines shall become applicable from 1st January, 2023.

For further details, please see:

SEBI reduces and standardizes timelines for listing of securities on a private placement basis.

For any queries / clarifications, please feel free to ping us and we will be happy to chat:

●  Ms. Apurva Kanvinde (apurva.kanvinde@jclex.com)

●  Mr. Smit Parekh (smit.parekh@jclex.com)