20A.Inserted vide SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations, 2015 w.e.f. 24-03-2015.To view the notification,Click Here. An issuer may carry out consolidation and re-issuance of its debt securities, subject to the fulfillment of the following conditions: “]Inserted vide SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations, 2017, w.e.f. 13.06.2017.To view the notification,Click Here

a) the articles of association of the issuer shall not have any provision, whether express or implied, contrary to such consolidation and re-issuance;Substituted vide SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations, 2017, w.e.f. 13.06.2017.To view the notification,Click Here

a) there is such an enabling provision in its articles under which it has been incorporated;

b) the issue is through private placement;

c) the issuer has obtained fresh credit rating for each re-issuance from at least one credit rating agency registered with the Board and is disclosed;

d) such ratings shall be revalidated on a periodic basis and the change, if any, shall be disclosed;

e) appropriate disclosures are made with regard to consolidation and re-issuance in the Term Sheet.

SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations, 2015 w.e.f. 24-03-2015

SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations, 2017, w.e.f. 13.06.2017