Securities And Exchange Board Of India - Subsection
Section 4(2) in Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008
(2)No issuer shall make a public issue of debt securities unless following conditions are satisfied, as on the date of filing of draft offer document and final offer document as provided in these regulations,(a)it has made an application to one or more recognized stock exchanges for listing of such securities therein:Provided that where the application is made to more than one recognized stock exchanges, the issuer shall choose one of them as the designated stock exchange:Provided further that where any of such stock exchanges have nationwide trading terminals, the issuer shall choose one of them as the designated stock exchange;Explanation. - For any subsequent public issue, the issuer may choose a different stock exchange as a designated stock exchange subject to the requirements of this regulation;(b)it has obtained in-principle approval for listing of its debt securities on the recognized stock exchanges where the application for listing has been made;(c)credit rating has been obtained from at least one credit rating agency registered with the Board and is disclosed in the offer document:Provided that where credit ratings are obtained from more than one credit rating agencies, all the ratings, including the unaccepted ratings, shall be disclosed in the offer document;(d)it has entered into an arrangement with a depository registered with the Board for dematerialization of the debt securities that are proposed to be issued to the public, in accordance with the Depositories Act,1996 and regulations made thereunder.
