SEBI proposes to ease Regulation 62A for first-time NCD issuers, removing mandatory retrospective listing while retaining requirement for future issuances.
SEBI Proposes Relief from Retrospective NCD Listing under Regulation 62A
SEBI has proposed modifications to Regulation 62A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, which governs the listing of non-convertible debentures (NCDs). The amendment aims to relieve first-time issuers from mandatory retrospective listing of earlier private placements, provided they list all subsequent issuances.
The move is expected to reduce compliance costs for SMEs and emerging corporate borrowers seeking public market access. The revised norms will apply uniformly across Main Board and SME segments, promoting ease of capital raising while ensuring market transparency for ongoing instruments.
Legal practitioners advising issuers must assess whether legacy NCD tranches qualify for exemption and ensure compliance with disclosure templates under the amended regulation. The proposal aligns with broader deregulatory reforms to deepen India’s debt capital markets.
Citations
- SEBI (ICDR) Regulations, 2018, Regulation 62A (proposed amendment, 2026)
