Section 21 in The Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008
21. Offer to the public.
(1)This Chapter shall be applicable to offer of securitised debt instruments to the public.(2)Any reference in these regulations to offering securitised debt instruments to the public shall be construed as including a reference to offering them to any section of the public.(3)No offer shall be treated as made to the public by virtue of sub-regulation (1), if the offer can properly be regarded, in all the circumstances -(a)as not being likely to result, directly or indirectly, in the securitised debt instruments becoming available for subscription or purchase by persons other than those receiving the offer;(b)otherwise as being the domestic concern of the persons making and receiving the offer.(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.
