The Securities Exchange Board of India (SEBI) vide Notification dated 17 January 2020 has issued a format for filing statement indicating deviation or variation in use of fund raised by NCRPs. As per Regulations 52(7)of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a listed entity is required to submit to the stock exchange, a statement indicating deviation or variation, in the use of proceeds of issue of non-convertible debt securities (NCDs) or non-convertible redeemable preference shares (NCRPs), from the objects stated in the offer document.
The statement indicating deviation report shall be placed before the Audit Committee, or in its absence, the Board of Directors, of the listed entity for review on half-yearly basis and after such review, the comments of Audit Committee along with the report shall be disclosed/submitted to the stock exchange, as part of the format.
Click here to read the Notification.
