Relaxation in timelines for compliance with regulatory requirements by Debenture Trustees due to the CoVID-19 pandemic
Summary
SEBI extends compliance timelines for debenture trustees due to the COVID-19 pandemic for the period ending March 31, 2021. The extension applies to specific regulatory requirements outlined in SEBI Circular No. SEBI/ HO/ MIRSD/ CRADT/ CIR/ P/ 2020/230 dated November 12, 2020. Reports and certifications due by July 15, 2021, while regulatory compliance reporting is extended to May 31, 2021.
Text
it has been decided to extend the timelines for the following regulatory requirements of the SEBI circular dated November 12,2020 for the quarter/half year/ year ending March 31, 2021
Submission of reports/certifications to Stock Exchanges as per clause 2.1 of circular: July 15th,2021
Following disclosures on website as per clause 4 of circular: i. Monitoring of asset cover certificate and quarterly compliance report of the listed entity. ii. Monitoring of utilization certificate iii. Status of information regarding breach of covenants/terms of the issue, if any action taken by debenture trustee iv. Status regarding maintenance of accounts maintained under supervision of debenture trustee: July 15th,2021
Reporting of regulatory compliance as per clause 5 of circular: May 31st, 2021
This circular is issued in exercise of the powers conferred upon SEBI under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 2A of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.
Source: SecMarx — Relaxation in timelines for compliance with regulatory requirements by Debenture Trustees due to the CoVID-19 pandemic. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.