Executive Summary:
This notification issued by the Securities and Exchange Board of India (SEBI) on October 9, 2018, introduces the Securities and Exchange Board of India Issue and Listing of Securitised Debt Instruments and Security Receipts Second Amendment Regulations, 2018. These regulations amend the 2008 regulations of the same name. The amendment omits regulation 35B and comes into force on the date of its publication in the Official Gazette.
Key Points / Main Content:
* **Regulatory Context**
* The notification is issued under the powers conferred by section 31 read with section 17A of the Securities Contracts Regulation Act, 1956 and section 30 read with sections 11 and 12 of the Securities and Exchange Board of India Act, 1992.
* **Amendment Details**
* These regulations are called the Securities and Exchange Board of India Issue and Listing of Securitised Debt Instruments and Security Receipts Second Amendment Regulations, 2018.
* Regulation 35B is omitted from the Securities and Exchange Board of India Issue and Listing of Securitised Debt Instruments and Security Receipts Regulations, 2008.
* **Effective Date**
* The regulations come into force on the date of their publication in the Official Gazette.
Impact Analysis:
* **Issuers of Securitized Debt Instruments and Security Receipts**
* Impact: Issuers are subject to the amended regulations, specifically the omission of regulation 35B, which alters the compliance and operational landscape for issuing securitized debt instruments and security receipts.
* Action Required: Issuers need to understand the implications of the omission of regulation 35B and adjust their processes accordingly to ensure continued compliance.
* **Securities and Exchange Board of India (SEBI)**
* Impact: SEBI is responsible for enforcing the amended regulations and overseeing the market for securitized debt instruments and security receipts.
* Action Required: SEBI needs to ensure that its monitoring and enforcement mechanisms reflect the changes brought about by the omission of regulation 35B.
* **Investors in Securitized Debt Instruments and Security Receipts**
* Impact: Investors are indirectly impacted by the changes to the regulatory framework for securitized debt instruments, as the omission of regulation 35B may affect the risk and return characteristics of these instruments.
* Action Required: Investors should assess how the omission of regulation 35B impacts their investment strategies and risk profiles related to securitized debt instruments and security receipts.
Key Entities Referenced
Securities and Exchange Board of India (SEBI): The regulatory body for securities and commodity market in India.
Mumbai: The city in Maharashtra, India, where the SEBI notification was issued.
Securities Contracts Regulation Act, 1956: An act of the Parliament of India to regulate transactions in securities and prevent unfair practices.
Securities and Exchange Board of India Act, 1992: An act of the Parliament of India that established the Securities and Exchange Board of India (SEBI).
Securities and Exchange Board of India Issue and Listing of Securitised Debt Instruments and Security Receipts Regulations, 2008: The principal regulations being amended by this notification.
Securities and Exchange Board of India Issue and Listing of Securitised Debt Instruments and Security Receipts Second Amendment Regulations, 2018: The title of the regulations promulgated by this notification.
Ajay Tyagi: The Chairman of SEBI at the time of this notification.
New Delhi: The city in Delhi, India, where the Gazette of India is published.
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PART III—Section 4
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No. 379] NEW DELHI, TUESDAY, OCTOBER 9, 2018/ASVINA 17, 1940
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((((ददददससससूूूू रररराााा ससससंशंशंशंशोोोोधधधधनननन)))) ििििववववििििननननययययमममम,,,, 2222000011118888
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1956 (1956 का 42) क(cid:7) धारा 17क के साथ प(cid:9)ठत धारा 31 तथा भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4)
अिधिनयम, 1992 (1992 का 15) क(cid:7) धारा 11 एव ं 12 के साथ प(cid:9)ठत धारा 30 (cid:15)ारा (cid:5)द(cid:19) शि(cid:21)य(cid:23) का (cid:5)योग
करत े (cid:25)ए एत(cid:27)ारा भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) [(cid:5)ितभतू ऋण िलखत(cid:23) (िस(cid:31)यो(cid:9)रटाइ"ड डैट इ#$%म’(स)
और (cid:5)ितभूित रसीद(cid:23) (िस(cid:31)यू(cid:9)रटी (cid:9)रसी(स) का िनग(cid:4)मन और इनक(cid:7) सूचीब,ता] िविनयम, 2008 का और संशोधन
करन ेके िलए िन-िलिखत िविनयम बनाता ह,ै अथा(cid:4)त ्:-
1. इन िविनयम(cid:23) को भारतीय (cid:5)ितभूित और िविनमय बोड(cid:4) [(cid:5)ितभूत ऋण िलखत(cid:23) (िस(cid:31)यो(cid:9)रटाइ"ड डैट
इ#$%म’(स) और (cid:5)ितभूित रसीद(cid:23) (िस(cid:31)यू(cid:9)रटी (cid:9)रसी(स) का िनगम(cid:4) न और इनक(cid:7) सचू ीब,ता] (दसू रा संशोधन)
िविनयम, 2018 कहा जा सकेगा ।
2. व े राजप> म ’ उनके (cid:5)काशन क(cid:7) तारीख को (cid:5)वृ(cid:19) ह(cid:23)ग े ।
5934 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
3. भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) [(cid:5)ितभूत ऋण िलखत(cid:23) (िस(cid:31)यो(cid:9)रटाइ"ड डैट इ#$%म’(स) और (cid:5)ितभूित
रसीद(cid:23) (िस(cid:31)यू(cid:9)रटी (cid:9)रसी(स) का िनग(cid:4)मन और इनक(cid:7) सूचीब,ता] िविनयम, 2008 म’, िविनयम 35ख का लोप
हो जाएगा ।
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[िव(cid:3)ापन-III/4/असा./299/18]]]]
पपपपाााादददद (cid:16)(cid:16)(cid:16)(cid:16)टटटट))))पपपपणणणणःःःः
1. भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) [(cid:5)ितभतू ऋण िलखत(cid:23) (िस(cid:31)यो(cid:9)रटाइ"ड डैट इ#$%म’(स) का साव(cid:4)जिनक
(cid:5)$ताव और इनक(cid:7) सूचीब,ता] िविनयम, 2008, सं. एलएडी-एनआरओ/जीएन/2008/12/126567 (cid:15)ारा,
26 मई 2008 को भारत के राजप> म’ (cid:5)कािशत (cid:25)ए थे ।
2. भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) [(cid:5)ितभतू ऋण िलखत(cid:23) (िस(cid:31)यो(cid:9)रटाइ"ड डैट इ#$%म’(स) का साव(cid:4)जिनक
(cid:5)$ताव और इनक(cid:7) सूचीब,ता] िविनयम, 2008 तCपDात:्
(क) 9 अ(cid:5)ैल, 2015 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) [(cid:5)ितभूत ऋण िलखत(cid:23) (िस(cid:31)यो(cid:9)रटाइ"ड डैट
इ#$%म’(स) का साव(cid:4)जिनक (cid:5)$ताव और इनक(cid:7) सूचीब,ता] (संशोधन) िविनयम, 2015, अिधसूचना स.ं
सबे ी.-एन.आर.ओ./ओ.आई.ए.ई./जी.एन./2015-16/001, (cid:15)ारा
(ख) 26 जून, 2018 को भारतीय (cid:5)ितभूित और िविनमय बोड (cid:4) [(cid:5)ितभतू ऋण िलखत(cid:23) (िस(cid:31)यो(cid:9)रटाइ"ड डैट
इ#$%म’(स) का सावज(cid:4) िनक (cid:5)$ताव और इनक(cid:7) सूचीब,ता] (संशोधन) िविनयम, 2018, अिधसूचना स.ं
सबे ी/एल.ए.डी.-एन.आर.ओ./जी.एन./2018/26, (cid:15)ारा संशोिधत (cid:25)ए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 9th October, 2018
SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE AND LISTING OF SECURITISED DEBT
INSTRUMENTS AND SECURITY RECEIPTS) (SECOND AMENDMENT) REGULATIONS, 2018
No. SEBI/LAD-NRO/GN/2018/43 .— In exercise of the powers conferred by section 31 read with section 17A of
the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and section 30 read with sections 11 and 12 of the
Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to
further amend the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and
Security Receipts) Regulations, 2008, namely:-
1. These Regulations may be called the Securities and Exchange Board of India (Issue and Listing of Securitised Debt
Instruments and Security Receipts) (Second Amendment) Regulations, 2018.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security
Receipts) Regulations, 2008, the regulation 35B shall be omitted.
AJAY TYAGI, Chairman
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Footnotes:
1. The SEBI (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 were published in the
Gazette of India on 26th May, 2008 vide No. LADNRO/GN/2008/12/126567
2. SEBI (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 were subsequently
amended on-
(a) April 09, 2015 by the SEBI (Public Offer and Listing of Securitised Debt Instruments) (Amendment)
Regulations, 2015 published in Official Gazette vide Notification No. SEBI-NRO/OIAE/GN/2015-
16/001.
(b) June 26, 2018 by the SEBI (Public Offer and Listing of Securitised Debt Instruments) (Amendment)
Regulations, 2018 published in Official Gazette vide Notification No. SEBI/LAD-NRO/GN/2018/26.
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