Disclosures and compliance requirements for Issuance and Listing of Municipal Debt Securities under SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015, which fall within the definition of “green debt security”
Summary
This circular clarifies that issuers of municipal debt securities may issue green debt securities by adhering to the definition and requirements under the NCS Regulations. It mandates that such issuers must comply with additional disclosure and compliance provisions specified for green debt securities in the NCS framework. The document instructs stock exchanges and depositories to implement necessary system changes, update bye-laws, and monitor compliance.
Text
an issuer under the ILMDS Regulations may issue a green debt security if it falls within the definition of “green debt security”, as per Regulation 2(1)(q) of the NCS Regulations.
Such issuer, shall, in addition to the requirements prescribed under the ILMDS Regulations and circulars issued thereunder, comply with the provisions for ‘green debt security’, as specified under the NCS Regulations and circulars issued thereunder.
make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision, as may be applicable/ necessary;
carry out system changes, if any, to implement the above;
disseminate the provisions of this circular on their website;
communicate to SEBI, the status of implementation of the provisions of this circular;
monitor the compliance of such issuances in terms of relevant provisions under NCS regulations including circular issued thereunder.
This circular shall come into force with immediate effect.
The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 29 of the SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015, to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Disclosures and compliance requirements for Issuance and Listing of Municipal Debt Securities under SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015, which fall within the definition of “green debt security”. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.