Obligations of listed entity which has listed its securitised debt instruments :
The provisions of chapter VIII of SEBI (LODR) Regulations shall apply to Special Purpose Distinct Entity issuing securitised debt instruments and the trustees of Special Purpose Distinct Entity shall ensure compliance with each of the provisions of these regulations.
| Sl. No. | Regulation No. of SEBI (LODR) Regulations, 2015 | Subject | Particulars |
| 1. | Regulation 82 | Intimation and filings with stock exchange(s) | • Prior intimation to the Stock exchange, of its intention to issue new securitized debt instruments either through a public issue or on private placement basis.
• Intimation to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered.
• Submission of such statements, reports or information including financial information pertaining to Schemes to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by SEBI from time to time.However, where periodicity of the receivables is not monthly, reporting shall be made for the relevant periods.
• To provide the stock exchange, either by itself or through the servicer, loan level information,without disclosing particulars of individual borrowers,in manner specified by stock exchange.
|
| 2. | Regulation 83 | Disclosure of information | • To promptly inform the stock exchange(s) of all information having bearing on the on performance/ operation of the listed entity and price sensitive
nformation.
• To make the disclosures specified in Part D of Schedule III.
Explanation.– The expression ‘promptly inform’, shall imply that the stock exchange must be informed must as soon as practically possible and without any delay and that the information shall be given first to the stock exchange(s) before providing the same to any third arty. |
| 3. | Regulation 84 | Credit Rating. | • Every rating obtained by the listed entity with respect to securitised debt instruments shall be periodically reviewed, preferably once a year, by a credit rating agency registered by SEBI.
• Any revision in rating(s) shall be disseminated by the stock exchange(s). |
| 4. | Regulation 85 | Information to
Investors |
• To provide either by itself or through the servicer, loan level information without disclosing particulars of
individual borrower to its investors.
• To provide information regarding revision in rating as a result of credit rating done periodically to its investors.
• The information may be sent to investors in electronic form/fax if so consented by the investors.
• To display the email address of the grievance redressal division and other relevant details prominently on its website and in the various materials / pamphlets/ advertisement campaigns initiated by it for creating investor awareness.
|
| 5. | Regulation 86 | Terms of Securitized Debt Instruments | • To ensure that no material modification shall be made to the structure of the securitized debt instruments in terms of coupon, conversion, redemption, or otherwise without prior approval of the recognised stock exchange (s) and the listed entity shall make an application to the recognised stock exchange(s) only after the approval by Trustees.
• To ensure timely interest/ redemption payment.
• To ensure that where credit enhancement has been provided for, it shall make credit enhancement available for listed securitized debt instruments at all times.
• The listed entity shall not forfeit unclaimed interest and principal and such unclaimed interest and principal shall be,after a period of seven years,transferred to the Investor Protection and Education Fund established under the SEBI (Investor Protection and Education Fund) Regulations, 2009.
• Not to select any of its listed securitized debt instruments for redemption otherwise than on pro rata basis or by lot and shall promptly submit to the recognised stock exchange(s) the details thereof.
• To remain listed till the maturity or redemption of securitised debt instruments or till the same are delisted as per the procedure laid down by SEBI.However, these provisions shall not restrict the right of the recognized stock exchange(s) to delist, suspend or remove the securities at any time and for any reason which the recognised stock exchange(s) considers proper in accordance with the applicable legal provisions. |
| 6. | Regulation 87 | Record Date | • To fix a record date for payment of interest and payment of redemption or repayment amount or for such other purposes as specified by the recognised stock exchange(s).
• To give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the Stock Exchange may agree to or require specifying the purpose of the record date. |