SEBI prescribes format of Due diligence certificate to be submitted by the DTs in case of secured and unsecured debt securities

SEBI vide notification dated July 10, 2024, amended the SEBI (Issue and Listing of Non Convertible Securities) Regulations, 2021 (‘NCS Regulations’) inter alia specifying the format of Due diligence certificate to be submitted by the DTs in case of secured and unsecured debt securities.

While Chapter II of Master Circular for DTs specifies the format for due diligence certificate in case of secured debt securities, it does not specify the same in case of unsecured debt securities. In line with the format specified under NCS Regulations, the following is specified in case of unsecured debt securities:

1. At the time of filing the draft offer document with the stock exchanges, Issuer shall submit to the Stock Exchange, a due diligence certificate obtained from the Debenture Trustee as per the format specified.
2. At the time of filing of listing application, Issuer shall submit to the Stock Exchange, a due diligence certificate obtained from the Debenture Trustee as per the format specified.