Debt Securities Issuance

On 19th September 2024, markets regulator SEBI revised its rules to expedite the public issuance process of debt securities, facilitating quicker access to funding for issuers.

The revised regulations reduce the public comment period on draft offer documents from seven working days to just one day for issuers with listed specified securities.
For issuers without listed securities, the comment period has been shortened to five days, streamlining the approval process.
Issuers must now post their draft offer documents on recognized stock exchanges for one day immediately after filing.
The minimum subscription period for public issues has been decreased from three working days to two working days, enhancing efficiency.
In case of any revisions to the price band or yield, the bidding period can now be extended by one working day instead of three.
SEBI has also granted issuers the discretion to advertise public issues electronically, while still requiring a window advertisement in newspapers that includes a QR code linking to the full details.
Disclosure requirements for non-convertible securities have been simplified, eliminating the need for promoters to disclose their PAN and personal addresses in offer documents.