Integration of Financial Markets and Capital Markets

SEBI revisits EBP mechanism for issuance of debt securities

By Vinita Nair and Chahat Jain (corplaw@vinodkothari.com)

SEBI vide circular SEBI/HO/DDHS/CIR/P/2018/05 dated January 05, 2018 issued Electronic book mechanism for issuance of debt securities on private placement basis, 2018 (‘Circular, 2018’)[1] has repealed circular No. CIR/IMD/DF1/48/2016 dated April 21, 2016 (‘Circular, 2016’)[2] which mandated usage of electronic book mechanism for issuance of debt securities on private placement basis.

Circular, 2018 shall come into force from April 01, 2018. Circular, 2018 makes suitable revisions in existing framework to streamline the procedures, allowing private placement of other classes of securities, enhancing transparency in the issuance for better discovery of price & stiff norms for issuer, arranger as well for bidders in line with the consultation paper for review of circular on Electronic book mechanism for issuance of debt securities on private placement basis issued in May, 2017[3].

This article analyses significant amendments made in the EBP mechanism. Read more

COMPARATIVE ANALYSIS OF AMENDMENTS TO INVIT’S AND REIT’S REGULATIONS, 2017

By Saloni Mathur & Kirti Sharma , (finserv@vinodkothari.com)

The SEBI in its Board Meeting on 18th September, 2017[1] approved several changes to the regulations issued for REITs.

The recent amendments by way of Securities and Exchange board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017[2] and the Securities and Exchange board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2017[3] has brought about several changes in the existing regulations, which are the necessary incorporations to the changes that were proposed in the board meeting held on September 18th, 2017. SEBI in its Board Meeting made certain amendments to the SEBI (infrastructure Investment Trusts) Regulations, 2014 and SEBI (Real Estate Investment Trusts) Regulations, 2014 (referred to as ‘REIT Regulations’).

Read more