SEBI

(Listing Obligations and Disclosure Requirements)

Regulations, 2016
Debt Listing Regulations

Submitted By:
1. Vikas Singla
2. Kshitiz Tiwari
3. Anurag Chaturvedi
4. Gaurav Sharma
5. Bhushan Pant

Definitions:
Listed Entity: Regulation 2(1)(p)
An entity which has listed its:
Designated Securities issued by it; or
Designated Securities
managed by it.

issued

under

the

schemes

Definitions:
Designated Securities: Regulation 2(1)(h)
Specified Securities;
Non-Convertible Debt Securities;
Non-Convertible Redeemable Preference Shares;
Perpetual Debt Instrument;
Perpetual non-cumulative preference shares;
Indian Depository Receipts;
Securitized Debt Instruments;
Units issued by Mutual Funds;
Other Securities specified by SEBI.

Definitions:
Non-convertible Debt Securities: Regulation 2(1)(t)
As defined under SEBI (Issue & Listing of Debt Securities) Regulations, 2008. Regulation 2(1)(e) of these regulations
define Debt Securities as:
Debt Securities means:
non-convertible debt securities which create or acknowledge indebtedness; and include:
debenture;
bonds; and
such other securities;
of a body corporate or any statutory body constituted by virtue of a legislation, whether constituting a charge on
the assets of the body corporate or not; but excludes:
bonds issued by Government; or
such other bodies as may be specified SEBI;
security receipts; and
securitized debt instruments;

Definitions:
Innovative perpetual debt instrument: Regulation 2(1)
(h)
As defined under SEBI (Issue & Listing of Non-convertible Redeemable
Preference Shares) Regulations, 2013. Regulation 2(1)(h) of these regulations
define Innovative Perpetual Debt Instrument as:
Innovative perpetual debt instrument means:
An innovative perpetual debt instrument issued by a bank in accordance with the
guidelines framed by the Reserve Bank of India.

Other Chapters Applicable:

Being a listed entity, any entity which has listed its Non-Convertible Debt
Securities or Non-Convertible Redeemable Preference Shares shall be under an
obligation to comply with:
Chapter II Principles Governing Disclosures and Obligations of Listed
Entity.
Chapter III Common Obligations of Listed Entities.
Additionally, Companies which have listed both specified Securities and
NCD/NCRPS shall also be bound to comply with:

Financial Results: Comparison

Particulars

Frequency for
submission of results
Time period for
submission

Limited Review Report

Non-submission of
results for last halfyear

Debt Listing
Agreement
Half-yearly

SEBI (LODR)
Regulations,
2015
Half-yearly

Remarks

No Change

45 days

45 days

No Change

Yes

Yes

No Change

Intimate in
advance that
annual results
shall be furnished
within 60 days
from end of FY

Intimate in
advance that
annual results
shall be furnished
within 60 days
from end of FY

How much advance

intimation is to be
sent is not clear.
Before the end of
last half year or 7
days
before
the
meeting.

Financial Results: Comparison

Format of Results

Taking record of halfyearly results

Signing of Results
Newspaper publication

Annual Results

Both half-yearly and Both half-yearly and

No Change
annual results are annual results are to
to be given in same
be given in same
format.
format.
Un-audited results
Half-yearly results
Sub-Committee of the
shall be taken on
shall be taken on
Board not allowed to
record by Board of record by the Board take results on record
Directors/Council of
of Directors
under LODR
Issuer or its SubRegulations.
Committee
MD or ED of the
Company
Within 48 hours of
conclusion of
meeting.
Submission of
Annual Audited
Results

MD or ED of the
No Change
Company
Within 2 calendar
Time limit changed
days of the
from 48 hours to 2
conclusion of
calendar days.
meeting.
Submission of
Audit Reports are to
Annual Audited
be submitted
Results with Audit alongwith results now.
Reports and Form A No mention of Form A
or Form B
or Form B earlier.

Financial Results: Comparison

Review of Annual Audit
Report
Information to be furnished
with results

By SE and Qualified
Audit Report Review
Committee
Credit Rating
Credit Rating
Asset Coverage
Change in CR
Debt-equity ratio Asset Coverage
Previous due date Debt-equity ratio
Next due date
Previous due date
Next due date
Debt Service
Coverage Ratio
Interest Service
Coverage Ratio
Capital
Redemption/Debe
nture Redemption
Reserve
Net Worth
Net Profit after tax
EPS

New Requirement

Change in CR
Debt Service
Coverage Ratio
Interest Service
Coverage Ratio
Capital
Redemption/Debentu
re Redemption
Reserve
Net Worth
Net Profit after tax
EPS

Financial Results: Comparison

Certificate from
Debenture Trustee

NA

Certificate from
Debenture Trustee
that he has taken
note of above
information.

New Provision

Statement of Material
Deviations

Submission with
half-yearly results

Submission with
half-yearly results

No change

100% Asset Coverage

Certificate from
PCS/PCA

Certificate from
PCS/PCA

Exemption to banks,
NBFC etc. other no
Change

Thank You