Disclosures by listed entities of defaults on payment of interest/ repayment of principal amount on loans from banks / financial institutions and unlisted debt securities

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..... e Requirements) Regulations, 2015 ( SEBI LODR Regulations ) currently require disclosure of material events / information by listed entities to stock exchanges. Specific disclosures are required under the SEBI LODR Regulations in certain matters such as delay / default in payment of interest / principal on debt securities such as Non-Convertible Debt (NCDs), Non-Convertible Redeemable Preference Shares (NCRPS) etc. It has been observed that similar disclosures are generally not made by listed entities with respect to loans from banks and financial institutions. 2. Corporates in India are even today primarily reliant on loans from the banking sector. Many banks and financial institutions are presently under considerable stre .....

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..... on loans, including revolving facilities like cash credit, from banks / financial institutions which continues beyond 30 days. Such disclosure shall be made promptly, but not later than 24 hours from the 30 th day of such default. ii. In case of unlisted debt securities i.e. NCDs and NCRPS, the disclosure shall be made promptly but not later than 24 hours from the occurrence of the default. This is in line with the existing disclosure requirements specified for listed debt instruments. Disclosures shall be made in the format(s) specified in Paras 3 (C1) and (C2) below. C. Disclosure formats : C1. The following details shall be disclosed by listed entities for each instance of default .....

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..... debt (in INR crore) b. For unlisted debt securities i.e. NCDs and NCRPS: Sl. No. Type of disclosure Details 1. Name of the Listed entity 2. Date of making the disclosure 3. Type of instrument with ISIN 4. Number of investors in the security as on date of default .....

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..... ate B. Of the total amount outstanding, amount of default as on date 2. Unlisted debt securities i.e. NCDs and NCRPS A. Total amount outstanding as on date B. Of the total amount outstanding, amount of default as on date 3. Total financial indebtedness of the listed entity including short-term and long-term debt The above disclosure sha .....

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