Section 20A in Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008
20A. [ Consolidation and re-issuance. [Inserted by Notification No. LAD-NRO/GN/2014-15/539, dated 24.3.2015, (w.e.f. 6.6.2008).]
- An issuer may carry out consolidation and re-issuance of its debt securities, [in the manner as may be specified by the Board from time to time,] subject to the fulfillment of the following conditions:(a)[ the articles of association of the issuer shallnot have any provision, whether express or implied, contrary to such consolidation and re-issuance,] [Substituted by Notification No. SEBI/LAD-NRO/GN/2017-18/009, dated 13.6.2017 (w.e.f. 6.6.2008).](b)the issue is through private placement;(c)the issuer has obtained fresh credit rating for each re-issuance from at least one credit rating agency registered with the Board and is disclosed;(d)such ratings shall be revalidated on a periodic basis and the change, if any, shall be disclosed;(e)appropriate disclosures are made with regard to consolidation and re-issuance in the Term Sheet.]
