SEBI provides further clarity on ISIN Circular

SEBI provides further clarity on ISIN Circular

April 5, 2018 Corporate 0

The Securities and Exchange Board of India has, vide Circular No. CIR/DDHS/P/59/2018 dated 28th March 2018, issued certain clarifications with respect to previous Circular No. CIR/IMD/DF-1/ 67 /2017 dated 30th June, 2017 on “Specifications related to International Securities Identification Number (ISINs) for debt securities issued under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008” as mentioned below:

  • It is clarified that structured products/market linked debt securities refer to the structured products/market linked debentures.
  • In case of debt securities the issuer may issue additional debt securities for the remaining period of maturity of earlier debt securities.
  • For debt securities issued on or after July 01, 2017, the maximum limit is 12/5 ISINs. Conversion of partly paid debt securities to fully paid ones shall not be counted as an additional ISIN.
  • The issuer of debt securities shall disclose upfront in the Information Memorandum that further issuances may be made under the same ISIN. However, if such a disclosure is not made by the issuer then compliance shall have to be made with regulation 59 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  • The statement to stock exchanges shall be submitted half yearly on the basis of the financial year i.e. latest by April 15 and October 15 of each financial year.
  • With respect to Exemptions from applicability of ISINs, other than the ones listed on the 2017 Circular, it shall also be available to All India Term Lending and Refinancing Institutions (AITLRI) and Infrastructure Debt Funds registered as Non-Banking Finance Companies issuing debt securities with minimum five years maturity.
  • All the exemptions shall be available only till June 30, 2020.

The provisions of this circular shall be applicable with immediate effect.

Source: The Securities and Exchange Board of India

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