Regulation 17 - Conditions for listing of non-convertible redeemable preference shares issued on private placement basis - Securities and Exchange Board of India (Issue And Listing Of Non-Convertible Redeemable Preference Shares) Regulations, 2013

Conditions for listing of non-convertible redeemable preference shares issued on private placement basis. 17. (1) An issuer may list its non-convertible redeemable preference shares issued on private placement basis on a recognized stock exchange subject to the following conditions: (a) the issuer has issued such non-convertible redeemable preference shares in compliance with the provisions of the Companies Act,1956, rules prescribed thereunder and other applicable laws; (b) credit rating has been obtained in respect of such non-convertible redeemable preference shares from at least one credit rating agency registered with the Board: Provided that where credit ratings are obtained from more than one credit rating agencies, all the ratings shall be disclosed in the offer document; (c) the non-convertible redeemable preference shares proposed to be listed are in dematerialized form; (d) the disclosures as provided in regulation 18 have been made; (e) the minimum application size for each investor is not less than ten lakh rupees; and (f) the issue is in compliance with sub-regulation (3) and (4) of regulation 4. 1 [(g) where the application is made to more than one recognised stock exchange, the issuer shall choose one of them as the designated stock exchange.] (2) The issuer shall comply with conditions of listing of such non-convertible redeemable preference shares as specified in the Listing Agreement with the stock exchange where such non-convertible redeemable preference shares are sought to be listed. ******** 1 Inserted by the SEBI (Payment of Fees) (Amendment) Regulations, 2014 w.e.f. 23-5-2014.