Securities And Exchange Board Of India - Subsection
Section 21(4) in The Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008
(4)Notwithstanding sub-regulation (2), any offer of securitised debt instruments made to fifty or more persons in a financial year shall always be deemed to have been made to the public:Provided that sub-regulation (3) applies only in respect of securitised debt instruments which belong to the same tranche and which are pari passu in all respects.Explanation :- For the purposes of sub-regulation (4), the term "financial year" shall mean the period of twelve months commencing from the st day of April in any year.
