The Bombay Stock Exchange (BSE) on December 19, 2022, issued a clarification on the SEBI circular on Scheme(s) of Arrangement by entities who have listed their Non-convertible Debt securities (NCDs)/ Non-convertible Redeemable Preference shares (NCRPS)’ The circular shall be applicable to the Listed Entity whose Board Meeting approving the Scheme of Arrangement was/is held after November 14, 2022.
The Listed Entity shall submit their revert to queries (if any) raised by the Stock Exchange w.r.t NOC for scheme of arrangement within 7 working days of the query being raised, to enable adherence to the requirement of a “maximum number of days for providing the ‘No-Objection’ Letter to SEBI shall not exceed thirty days from the date of receipt of the draft scheme of arrangement”.
