Format for statements/reports to be submitted to Stock Exchange(s) by listed entity which has listed its securitised debt instruments

CIR/IMD/DF1/ 10 /2015 · 2015-11-27 · SEBI

Summary

This circular prescribes the format for statements and reports that listed entities must submit to stock exchanges regarding their securitised debt instruments. The submission is mandated under Regulation 82(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, requiring monthly disclosure within seven days of the month-end or payment date. The prescribed formats cover pool-level, tranche-level, and loan-level details including snapshots, cash flows, and overdue loan information. This section mandates the provision of loan-level data for the top 20 loans by principal outstanding value. It provides a detailed table structure for capturing specific financial and status metrics for each loan. Additionally, it defines terms used in the pool snapshot to ensure consistent reporting. This section details the static and dynamic data fields required for tranche-level reporting, including identification, ratings, and payment metrics. It further specifies pool-level loan statistics covering opening balances, terminations, prepayments, and closing balances. Additionally, it mandates the disclosure of yield, maturity, and LTV metrics calculated on both original and

Text

Regulation 82(3) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), specifies that the listed entity shall submit statements/reports to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by the Board from time to time.

Accordingly, formats for statements/reports as per the Annexure I to this circular are being prescribed which requires the listed entity to provide pool level, tranche level and loan level details.

The Stock Exchanges are advised to bring the provisions of this circular to the notice of Listed Entity and also to disseminate the same on its website. This circular shall come into force on December 01, 2015.

This circular is issued under regulation 82(3) read with regulation 101(2) of Listing Regulations, 2015.

For every asset class, loan level details in the above format shall be furnished for top 20 loans in descending order of value of principal outstanding.

Name of the originator including the group to which it belongs, if applicable

Special Purpose Distinct Entity as defined in SEBI (Public Offer and Listing of Securitized Debt Instruments) Regulations, 2008

The asset class(es) underlying the securities e.g. Home loans/Auto loans,etc. Nomenclature and classification of asset classes shall be as defined by the issuer in the offer document

Value of the loans in the pool at the time of issuance

Value of the loans in the pool as on date

The amount of funds remaining as a percentage (%) of the Current Loan Principal Balance after the period’s collections have been fully applied to cover the issuer’s obligations (i.e. senior fees, bond interest due, swap payments) pursuant to the priority of payments given in the transaction documentation

The designation (letter(s) and/or number(s)) given to the tranche; The security identification code assigned to the class/tranche of security pursuant to the securities code established by an exchange; The identified stock exchange/s where the security is listed; The date before which a specific tranche of the security must be repaid in order not to be in default; Name of the rating agency or agencies as stated in the prospectus; The original rating assigned by the rating agency or agencies for each tranche of the pool issued as defined in the prospectus; The rating assigned by the rating agency or agencies for the tranche as on date; The date on which registered holders of the security are determined for the purpose of making payments to such registered holders on the next succeeding payment date; The periodic date on which the recurring payment of the tranche is scheduled to occur; the period between the 2 payment dates referred to as 'the month'; The coupon rate for the tranche whether fixed or floating; The difference between the amount of Total Scheduled Principal distribution and the amount of principal paid to the tranche during the month; The difference between the Coupon Amount and the amount of the interest paid or accrued for the month on the tranche.

Source: SecMarx — Format for statements/reports to be submitted to Stock Exchange(s) by listed entity which has listed its securitised debt instruments. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.