The Securities and Exchange Board of India, (SEBI) on February 02, 2023, issued the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2023. Following amendments are made regarding Right to recall or redeem prior to maturity of non convertible securities:
- The issuer shall send a notice regarding recall or redemption of non-convertible securities, prior to maturity, to all the eligible holders of such securities and the debenture trustee(s), at least twenty-one days before the date from which such right is exercisable and the notice to the eligible holders shall be sent in the following manner:
- Soft copy of the such notice shall be sent to the eligible holders who have registered their email address(es) either with the listed entity or with any depository; and
- Hard copy of the notice shall be sent to the eligible holders who have not registered their email address(es) either with the listed entity or with any depository.
- The issuer shall simultaneously provide a copy of the such notice to the stock exchange(s) where the non-convertible securities of the issuer are listed, for dissemination on its website.”
They shall come into force on February 02, 2023.
