valid as on 23/04/2018

Regulation 49. Applicability.
Effective date 01.12.2015

Applicability.

49.(1) The provisions of this chapter shall apply only to a listed entity which has listed its ‘Non-convertible Debt Securities’ and/or ‘Non-Convertible Redeemable Preference Shares’ on a recognised stock exchange in accordance with Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 or Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 respectively.

(2) The provisions of this chapter shall also be applicable to “perpetual debt instrument” and “perpetual non-cumulative preference share” listed by banks.

Explanation (1).-For the purpose of this chapter, “Bank” means any bank included in the Second Schedule to the Reserve Bank of India Act, 1934.

Explanation(2).- For the purpose of this chapter, if the listed entity has listed its non-convertible redeemable preference shares:

(i) The reference to “interest” may also read as dividend;

(ii)  The provisions concerning debenture trustees and security creation (or asset cover or charge on assets) shall not be applicable for “non-convertible redeemable preference shares”

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