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