On 5-1-2023, the Securities and Exchange Board of India (‘SEBI') has extended the timelines for entering and verifying the details of the existing outstanding non- convertible securities in the “Security and Covenant Monitoring” system hosted by Depositories.
Key Points:
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Earlier, the issuers were supposed to enter the details into the system on or before 31-10-2022 which has now been extended till 31-1-2023.
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Accordingly, the timeline for the Debenture Trustees (‘DT') for verifying the same has also been extended from 31-12-2022 to 28-2-2023.
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Also, the DT has to submit a fortnightly report of status of compliance regarding the details pertaining to existing outstanding non-convertible securities which are being entered into the system. This progress report has to be submitted within 5 days of the end of the fortnight.
*Kriti Kumar, Editorial Assistant has reported this brief.