Electronic book mechanism for issuance of debt securities on private placement basis
GN Bureau | July 1, 2016
Securities and exchange board of India (SEBI) has issued a circular dated April 21, 2016, wherein the use of an electronic book mechanism (EBM) has been made mandatory from July 1, 2016 for issuance of debt securities on private placement basis in the primary market with an issue size of Rs. 500 crores and above, inclusive of the green shoe option.
The circular stated that the EBM shall be provided by the recognised stock exchanges. Pursuant to this, Bombay stock exchange and national stock exchange of India limited have been granted approval by SEBI to act as an electronic book provider (EBP) and both these exchanges have informed that they have brought such EBM into operation and the platform is ready for issuance of debt securities on private placement basis.
All the issuers of debt securities and market participants are hereby informed that they shall mandatorily make such private placement offer only through the EBM for their issuances with effect from July 1, 2016.
For issues, having issuance size below Rs. 500 crores, inclusive of green shoe option, if any, the issuer shall disclose the details to the EBP and/ or to the information repository for corporate debt market.
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