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 - SEBI Unveils Key Amendments for Subsequent Listing of NCDs

Legal Updates

26 Sep 2023

SEBI Unveils Key Amendments for Subsequent Listing of NCDs

Brief Overview:
Key amendments have been introduced for subsequent listing of listed debt securities (“NCDs”) pursuant to an amendment in SEBI (Listing Obligations and Disclosure Requirements), 2015.
Technical Details:
1)   The summary of the amendment prescribed by the Securities and Exchange Board of India (“SEBI”) for listed entities is as follows:
(a)   A listed entity which has NCDs listed on a stock exchange, shall list all subsequent NCDs proposed to be issued on or after 01st January 2024;
(b)   A listed entity whose subsequent issues of unlisted NCDs made on or before 31st December, 2023 are outstanding on the said date, may list the NCDs on the stock exchange; and
(c)   A listed entity which proposes to list NCDs on the stock exchange on or after 01st January 2024, shall list all its outstanding unlisted NCDs previously issued on or after 1st January 2024 within 3 (three) months from the date of listing of the proposed NCDs.
2)   The following securities are exempt from the above provisions:
(a)   NCDs issued pursuant to an agreement between a listed entity and multilateral institutions;
(b)   NCDs issued pursuant to an order of a court / tribunal / regulatory requirement stipulated by a financial sector regulator (RBI, IRDAI and PFRDA) subject to certain conditions;
(c)   Bonds issued under Section 54EC (Capital gains not be charged on investment in certain bonds) of the Income Tax Act, 1961.
3)   The listed entity proposing to issue NCDs in accordance with (B) above shall be required to disclose to the stock exchanges all key terms of such securities, including embedded options, security offered, interest rates, charges, etc.
For further details, please see:
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)
●   Mr. Mannan Gala (mannan.gala@jclex.com)