Private Placement - SEBI Ready Reckoner - SEBI

As per regulation 2(s) of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 Private Placement shall mean- any offer of municipal debt securities or invitation to subscribe to municipal debt securities to a select group of persons by an issuer through issue of a placement memorandum to not more than two hundred persons in a financial year, which shall not intend to result in, directly or indirectly, the municipal debt securities becoming available for subscription or purchase by persons other than those receiving the offer or invitation: Provided that, - (i) for a body corporate to which the Companies Act, 2013 applies, it shall mean an offer or invitation made in terms of section 42 of the Companies Act, 2013 and the rules made thereunder, through issue of a placement memorandum; (ii) any offer or invitation made to qualified institutional buyers shall not be considered while calculating the limit of two hundred persons;