Securities And Exchange Board Of India - Subsection
Section 61(1) in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(1)The listed entity shall ensure timely payment of interest or dividend of non-convertible redeemable preference shares or redemption payment:Provided that the listed entity shall not declare or distribute any dividend wherein it has defaulted in payment of interest on debt securities or redemption thereof or in creation of security as per the terms of the issue of debt securities:Provided further that this requirement shall not be applicable in case of unsecured debt securities issued by regulated financial sector entities eligible for meeting capital requirements as specified by respective regulators.
