SEBI extends timelines for entering & verification of details of existing outstanding non-convertible securities in ‘Security and Covenant Monitoring’ system

The Securities and Exchange Board of India (SEBI) has issued a circular granting an extension of timelines for entering and verification of the details of the existing outstanding non-convertible securities in the ‘Security and Covenant Monitoring’ system. This system is  hosted by Depositories.  The present circular was issued on 5th January, 2023.

The SEBI has granted the extension due to operational/technical difficulties faced by DTs. The DTs had thus sough an extension of the timeline for verifying the entries made by the issuer. 

Hence, issuers must ensure that the details of  existing outstanding non-convertible securities are entered into the system on or before 31st January 31, 2023. The DTs shall verify these entries by 28th February, 2023.

The DTs shall also submit a fortnightly progress report of compliance status regarding the details pertaining to existing outstanding non-convertible securities being entered into the system by the issuers and verification of the same, till the extension of the timeline for compliance is in place. This progress report shall be submitted within five days of the end of the fortnight.