SEBI Extends the Timeline to Enter Details of the Existing Outstanding Non-Convertible Securities in the “Security and Covenant Monitoring” System

On 3rd October 2022, the Securities and Exchange Board of India (SEBI) issued Circular – SEBI/HO/DDHS/RACPOD1/CIR/P/2022/136, extending the timeline for entering the details regarding the details of the existing outstanding Non-Convertible Securities in the “Security and Covenant Monitoring” System which is hosted by the Depositories.

On the Circular – SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2021/618 on 13th August 2021 issued by SEBI prior to this particular Circular, SEBI specified the manner of recording of charges by Issuers and the manner of monitoring and other responsibilities of the Debenture Trustees (DTs), Credit Rating Agencies, etc. regarding the “Securities and Covenant Monitoring” utilizing the Distributed Ledger Technology (DLT).