Submission of accounts for debt securities issued under the SEBI Issue and Listing of Debt Securities by Municipalities Regulations, 2015
Summary
This circular provides a temporary dispensation for municipalities issuing debt securities in FY 2017-18 regarding the submission of audited accounts. It allows issuers to submit half-yearly financial statements for the immediately preceding year instead of full audited accounts at the time of issuance. The full audited accounts must be submitted within one year from the end of that financial year.
Text
Any issuer proposing to issue debt securities under these regulations, in the FY 2017-18, shall submit the following documents: a) Audited accounts for the financial years 2013-14, 2014-15 and 2015-16 in the information memorandum to the stock exchanges. b) For the immediately preceding FY i.e. FY 2016-17, the issuers shall submit the half yearly financial statements, as available (audited or unaudited) as on September 2016. However, the audited accounts for the said FY i.e 2016-17 shall be submitted within one year from the end of that FY (i.e. by March 31, 2018) to the recognized stock exchanges, where the debt securities have been listed. Such audited accounts shall be displayed on the website of the recognized stock exchanges and the issuer. The issuers shall also be required to provide on request, a copy (physical or electronic) of such audited accounts to its investors.
The provisions of this circular shall be applicable for the debt securities issued, in accordance with SEBI (Issue and Listing of Debt Securities by Municipalities) Regulations, 2015 on or after April 01, 2017.
This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with regulation 29 of the SEBI ILDM Regulations, to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.
Source: SecMarx — Submission of accounts for debt securities issued under the SEBI Issue and Listing of Debt Securities by Municipalities Regulations, 2015. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.