Consultation paper on review of provisions of NCS Regulations and LODR Regulations for ease of doing business and introduction of fast track public issuance of debt securities

SEBI has issued a Consultation paper on review of provisions of NCS Regulations and LODR Regulations for ease of doing business and introduction of fast track public issuance of debt securities with the following proposals:

1. Issuers that have listed outstanding NCDs as on the date of the issue document or issue opening date, as applicable, may insert a QR code, the scanning of which opens a web-link for the Audited Financials for last three Financial Years and Stub period financials in the Offer Document (as applicable). Such link shall direct the user to the Stock Exchange’s website where such data is hosted
2. The record dates be standardized at 15 days before the due date of payment of interest/ redemption.
3. Modified format of the due diligence certificate.
4. To provide the listed entity, discretion to publish the financial results in a newspaper within the specified time period.

Comments shall be provided on the following:

1. Do you agree with the proposed framework of fast track public issue of debt securities?
2. Are the proposed eligibility norms adequate?
3. Do you agree with the proposed reduction in the number of days for seeking public comments to two working days as opposed to seven working days in case of public issue?4.Whether the disclosures proposed in GID-KID as adequate.
4. Do you agree with the proposal that a fast track public issue should be kept open for a minimum of 1 working day as opposed to that of minimum 3 working days in case of a regular public issue?
5. Do you agree with the proposal to remove the requirement of minimum subscription in case of banks and entities in the financial sector?
6. Do you agree with the proposal of retention of over subscription at five times of the base issue size?
7. Do you agree with the proposed listing timelines of T+3 in case of fast track public issue?
8. Any other specific comments pertaining to the proposal.

The comments/ suggestions should be submitted latest by December 30, 2023. The comments may be submitted through the web based public comments form provided beside the consultation paper available in here.