Regulation 14A - Preliminary Placement Memorandum - Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015

1 [Preliminary Placement Memorandum 14A (1) Prior to making a private placement of municipal debt securities which are proposed to be listed, the issuer shall file the preliminary placement memorandum with the Board and stock exchange(s) through the merchant banker registered with the Board: (2) The merchant banker to the issue shall submit the following to the Board along with the preliminary placement memorandum,- (a) disclosures as specified in Schedule I and Schedule IA of these regulations; and (b) a due diligence certificate as per Form A of Schedule II. (3) The Board may issue observations, if any, on the preliminary placement memorandum within fifteen days from the later of the following dates: a) the date of receipt of the preliminary placement memorandum under sub-regulation (1); or b) the date of receipt of satisfactory reply from the issuer and/or merchant banker to the issue, where the Board has sought any clarification or additional information from them; or c) the date of receipt of clarification or information from any regulator or agency, where the Board has sought any clarification or information from such regulator or agency; or d) the date of receipt of a copy of in-principle approval letter issued by the stock exchange(s). (4) The merchant banker to the issue, as the case may be, shall ensure that all comments are suitably incorporated in the preliminary placement memorandum prior to filing the placement memorandum to the Stock Exchange(s); and the merchant banker to the issue shall provide the due diligence certificate as specified in Form B and Form C of Schedule II. (5) The debenture trustee shall, prior to the opening of private placement, furnish to the Board a due diligence certificate as per Schedule III of these regulations. ] ************** NOTES:- 1. Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/40 dated 27-09-2019