SEBI (LODR) Regulations now Applicable to Security Receipts

SEBI released the SEBI (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2018 (“Amendment Regulations”) in order to amend the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Regulations”). The changes brought by the Amendment Regulations are as follows:

  • Security Receipts has been added under the definition of ‘designated securities’ implying that the Regulations will apply on security receipts as well.
  • All the references towards SEBI (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 in the Regulations has been changed into references towards SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008.
  • A new ‘Chapter VIIIA’ has been added to list out ‘Obligations of Listed Entity which has listed its Security Receipts'. The newly added chapter contains provisions in relation to intimations and disclosures by listed entity which are to be done to stock exchanges, provisions relating to valuation and rating of security receipts, terms of security receipts and other provisions likewise.
  • A new ‘Part E’ to Schedule III of the regulations have also been added which list down all the disclosures which are to be made by the listed entity.