SEBI amends rules to streamline disclosure framework for issuers of debt securities
The Hindu
Markets regulator SEBI has notified rules for introducing the concept of general information and key information document to avoid multiple filings of documents by issuers of debt securities.
Markets regulator SEBI has notified rules for introducing the concept of general information and key information document to avoid multiple filings of documents by issuers of debt securities.
The move will promote ease of doing business for issuers.
A General Information Document (GID) will contain the information and disclosures specified in the common schedule and will be filed with the stock exchanges at the time of the first issuance.
The GID will have a validity period of one year, SEBI said in a notification.
Thereafter, for subsequent private placements of non-convertible securities or commercial papers within the validity period, only a Key Information Document (KID) will be required to be filed with the stock exchanges, containing material changes.
KID includes financial information, if such information provided in the general information document is more than six months old.
To begin with, SEBI said the concept would be made applicable on a 'comply or explain' basis till March 31, 2024, and mandatory thereafter, according to a notification issued on Thursday.
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