Securities And Exchange Board Of India - Subsection
Section 21(5) in Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
(5)The municipal debt securities issued can be rolled over subject to the following conditions:(a)the roll-over is approved by a special resolution passed by the holders of such municipal debt securities having the consent of not less than 75% of the holders by value of such municipal debt securities:(b)at least one rating is obtained from a credit rating agency within a period of six months prior to the due date of redemption and is disclosed in the notice referred to in sub-regulation (2);(c)fresh trust deed shall be executed at the time of such roll over or the existing trust deed may be continued if the trust deed provides for such continuation;
