SEBI Amends Rules to Speed Up Debt Securities Issuance

The Securities and Exchange Board of India (SEBI) has revised its regulations to expedite the public issuance process of debt securities. The changes include a shorter period for public comments, reduced subscription periods, and simplified disclosure requirements, aimed at enhancing business ease and flexibility for issuers.

The Securities and Exchange Board of India (SEBI) has implemented new regulations to streamline the issuance of debt securities, aiming to provide faster access to funds for issuers. This regulatory amendment reduces the time for public comments on draft offer documents and cuts down subscription periods.

Under the revised rules, SEBI has shortened the period for public comments on draft offer documents from seven working days to just one day for issuers with listed securities, and to five days for others. Additionally, the minimum subscription period will now be two working days instead of three. In cases where the price band or yield is revised, the bidding period will be extended by one working day, as opposed to three working days previously.

These changes are designed to facilitate ease of doing business and offer issuers greater flexibility. SEBI has also simplified disclosure requirements, removing the need for details such as PAN and personal addresses of promoters. The modifications to the issue and listing of non-convertible securities rules took effect on September 17.

(With inputs from agencies.)