**Summary:**
This notification, issued by the National Housing Bank (NHB) on February 9, 2016, and published in the Gazette of India on July 20, 2017, pertains to amendments to the "Housing Finance Companies issuance of Non-Convertible Debentures on private placement basis NHB Directions, 2014." The NHB, in exercising its powers under Sections 30A and 31 of the National Housing Bank Act, 1987, has deemed these amendments necessary in the public interest to effectively regulate the housing finance system. The key amendment involves Paragraph 5 of the 2014 Directions, specifically replacing subparagraph 2. The revised direction mandates that housing finance companies must maintain a minimum credit rating indicating a moderate degree of safety concerning the timely servicing of financial obligations. This notification is issued under the authority of Sriram Kalyanaraman, Managing Director and Chief Executive Officer, National Housing Bank.
Key Entities Referenced
NonConvertible Debentures: A debt instrument issued by Housing Finance Companies on private placement basis
Ring Road, Mayapuri, New Delhi-110064: Location of the Government of India Press
National Housing Bank: The primary regulatory body issuing the notification regarding housing finance companies.
New Delhi: The location where the notification was issued.
National Housing Bank Act, 1987: The legislation that grants powers to the National Housing Bank.
Housing Finance Companies issuance of NonConvertible Debentures on private placement basis NHB Directions, 2014: A set of directions issued by the National Housing Bank (NHB) related to the issuance of Non-Convertible Debentures (NCDs) by Housing Finance Companies (HFCs) on a private placement basis.
Sriram Kalyanaraman: Managing Director and Chief Executive Officer of National Housing Bank
Housing Finance Companies: The entities regulated by the notification, specifically concerning the issuance of Non-Convertible Debentures.
REGD. NO. D. L.-33004/99
EXTRAORDINARY
III—
PART III—Section 4
PUBLISHED BY AUTHORITY
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4409GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
NATIONAL HOUSING BANK
NOTIFICATION
New Delhi, the 9th February, 2016
No. NHB.HFC.NCD-DIR.3/MD&CEO/2016.—In exercise of the powers conferred by sections 30A and 31
of the National Housing Bank Act, 1987 (53 of 1987) and of all the powers enabling it in this behalf, the National
Housing Bank, having considered it necessary in the public interest, and on being satisfied that for the purpose of
enabling it to regulate the housing finance system of the country to its advantage, it is necessary so to do, hereby directs
that the Housing Finance Companies issuance of Non-Convertible Debentures on private placement basis (NHB)
Directions, 2014 shall, with immediate effect, be amended in the following manner, namely—
1. Amendment to Paragraph 5
In paragraph 5 of the Housing Finance Companies issuance of Non-Convertible Debentures on private placement basis
(NHB) Directions, 2014, sub-paragraph (2) shall be substituted by the following, namely:—
“(2) The housing finance company should have minimum credit rating of moderate degree of safety regarding timely
servicing of financial obligations.“
SRIRAM KALYANARAMAN, Managing Director & Chief Executive Officer
[ ADVT.-III/4/Exty./151/17]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.