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Mumbai, <keyword id="119524" type="DOMAIN" weightage="20" keywordseo="Magma-Fincorp">Magma Fincorp</keyword> will raise up to ₹3,000 crore through <keyword id="6380698" type="UNKNOWN" weightage="20" keywordseo="debt-securities">debt securities</keyword> in the next <keyword id="44623" type="PERSON" weightage="20" keywordseo="Financial-Year">financial year</keyword> FY21-22 through debt securities. In a regulatory filing, the non-banking financial company has said that its <keyword id="136326" type="COMPANY" weightage="20" keywordseo="Board-of-Directors">Board of Directors</keyword> has approved the issuance of debt securities in the nature of non- convertible debt securities -- <keyword id="2265341" type="ORGANIZATION" weightage="20" keywordseo="secured">secured</keyword>, unsecured, subordinated debentures and so on. The issuance of securities of up to ₹3,000 crore will be done in one or more series or tranches through private placement. The filing said that the banks, pension funds, mutual funds and other entities or individuals including but not limited to multilateral development organisation, institutional investors, foreign portfolio investors, financial institutions, companies among others. The tenure of the secured debentures would be up to 10 years, while that for unsecured debentures would be up to 10 years or perpetual. The tenure of subordinate debentures will be at least 5 years. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/how-big-is-indias-debt-and-should-it-be-a-worry/articleshow/80688623.cms">How big is India's debt and should it be a worry?</a> <a href="https://www.businessinsider.in/stock-market/news/heres-why-you-arent-being-able-to-apply-for-brookfield-reit-ipo-through-zerodha-groww-angel-broking-and-other-stockbroking-apps/articleshow/80686457.cms">Here's why you aren't being able to apply for Brookfield REIT IPO through Zerodha, Groww and other stockbroking apps</a> <a href="https://www.businessinsider.in/stock-market/news/analysts-explain-why-indigo-paints-shares-fell-with-a-thud-just-like-burger-king-and-mrs-bectors-and-what-to-do-with-it-now/articleshow/80704864.cms">Indigo Paints joins the league of Burger King and Bector's — frenzied IPOs that fizzled out</a>

Magma Fincorp to raise up to ₹3,000 crore through debt securities in FY22

New Delhi, Feb 4 () The National Stock Exchange (NSE) on Tuesday said it has launched Request for Quote (RFQ) platform for execution and settlement of trades which will allow market participants to transact in debt securities. 
The NSE RFQ platform can be accessed by eligible participants -- all regulated entities, listed corporates and institutional investors, among others, the exchange said in a statement.
The platform will provide market participants a range of options to seek a quote and to respond to a quote, while keeping an audit trail of all the interactions which include quoted yield, mutually agreed price and deal terms. This will bring pre-trade transparency in the transactions of eligible debt securities. 
 "The launch of 'NSE RFQ platform' is an important milestone for the debt market. The single platform for multiple debt securities including corporate bonds and government securities etc could go a long way in developing bond market in India," Sebi Chairman Ajay Tyagi said while launching the platform.
 NSE will manage the platform and will specify various parameters for facilitating effective interactions amongst the participants. The eligible transactions will be reported to the CBRICS reporting platform and will be settled by the NSE Clearing Ltd (NCL).
 "The NSE RFQ platform will facilitate further electronification of the debt markets in India. The platform will cover the entire process of seeking a quote for a security, interacting with various participants, doing multiple rounds of negotiation and recording all these chain of events in an electronic form," exchange's MD and CEO Vikram Limaye said.
 The platform is expected to increase the market activity in the debt markets along with bringing in required pre-trade transparency, he added.
 Rival bourse BSE activated its RFQ platform on Monday that enables trade execution and settlement in debt securities. 
 SP ANU
ANU

NSE launches Request for Quote platform in debt securities

New Delhi, Feb 3 () Leading stock exchange BSE on Monday activated its Request for Quote Platform (RFQ) that enables trade execution and settlement in debt securities.
 The bourse has received market regulator Sebi's approval to launch RFQ in debt securities from February 3, it said in a statement.
 The new electronic platform would offer better features and flexibility than over-the-counter (OTC) markets and will offer a lot more transparency and better efficiency. RFQ will be part of BSE's existing reporting and settlement platform NDS-RST for corporate debt securities, the exchange noted.
 The list of eligible securities include corporate bonds, securitised debt instruments, municipal debt securities, government securities, state development loans, treasury bills, commercial papers and certificates of deposit or any other security as specified by the exchange from time to time.
 Also, the platform includes easy registration process, role-based user management and counterparty-based risk management features.
 Besides, NSE's RFQ will be launched by Sebi Chairman Ajay Tyagi on Tuesday, February 4. AST
ANS

BSE's RFQ platform for debt securities goes live

New Delhi, Jan 17 () Markets regulator Sebi on Friday came out with a disclosure format for listed companies which have issued debt securities, under which they need to disclose on half-yearly basis about deviation in the use of proceeds from the objects stated in the offer documents.
 The first such submission should be made by the listed entities for the half-year ended March 31, 2020, the Securities and Exchange Board of India (Sebi) said in a circular.
 "Listed entities which have issued non-convertible debt securities or non-convertible redeemable preference shares (NCRPs), shall submit the statement indicating deviation or variation, if any, in the (prescribed) format...on half-yearly basis," it added.
 The format for the statement indicating deviation or variation will be applicable for funds raised by entities through issuance of non-convertible debt securities or non-convertible redeemable preference shares, which are listed.
 With regard to frequency of disclosure, Sebi said the statement needs to be submitted to the stock exchange on half-yearly basis within 45 days of the end of the half-year until such funds are fully utilised or the purpose for which these proceeds were raised has been achieved.
 With respect to the role of audit committee, the regulator said that the statement should be placed before the committee of the listed entity for review on half-yearly basis and after such review, the comments of the committee along with the report need to be submitted to the exchange, as part of the format.
 In cases where the listed entity is not required to have an audit committee, the word 'audit committee' needs to be replaced with board of directors, it added. SP RVK

Sebi comes out with disclosure format for listed debt securities

New Delhi, Feb 28 () Shriram Transport Finance Company on Friday said that its planning to raise funds through the issuance of debt securities. "The company is considering raising of funds through various options of borrowings including by way of issue of debt securities in onshore/offshore market by public issue and/or private placement basis and commercial papers," Shriram Transport Finance company said in a filing to BSE. However, the company did not specify the amount that it is planning to raise. "Based on the market conditions the meeting(s) of banking and finance committee/debt issuance committee-Public NCDs/Bond Issuance Committee will be held during the month ending March 31, 2020 to consider and approve the terms and conditions including the issue price of debt securities," the filing said. Shares of Shriram Transport Finance Company were trading at Rs 1,234.15 a piece on BSE, down 2 per cent from its previous close. SID DRR

Shriram Transport Finance to raise funds via debt securities

Markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">SEBI</keyword> has proposed expanding the <keyword id="22367248" type="General" weightage="20" keywordseo="sustainable-finance-framework" source="keywords">sustainable finance framework</keyword> in the <keyword id="20922662" type="General" weightage="20" keywordseo="securities-market" source="keywords">securities market</keyword> by introducing a new category of financial instruments. This category will include <keyword id="20518791" type="General" weightage="20" keywordseo="Social-Bonds" source="keywords">social bonds</keyword>, <keyword id="22623575" type="General" weightage="20" keywordseo="Sustainable-Bonds" source="keywords">sustainable bonds</keyword>, and <keyword id="22623576" type="General" weightage="20" keywordseo="Sustainability-linked-Bonds" source="keywords">sustainability-linked bonds</keyword>, in addition to the current <keyword id="22819966" type="General" weightage="20" keywordseo="green-debt-securities" source="keywords">green debt securities</keyword>. It aims to provide issuers with flexibility in raising funds for projects that align with environmental, social, and governance (ESG) objectives. In a consultation paper released on Friday, SEBI proposed that issuers, in addition to existing green debt securities, should be allowed to raise funds through issuance of social bonds, sustainable bonds, and sustainability-linked bonds. These bonds will collectively be known as ESG Debt Securities. This will enable issuers to raise money for more sustainable projects, assisting in closing the funding gap for the Sustainable Development Goals. SEBI said it received representations from market participants including the Confederation of Indian Industry to expand the scope of the regulatory framework pertaining to sustainable finance to include social bonds, in addition to existing green debt securities as a mode of raising sustainable finance, in line with global practices. As per the consultation paper, SEBI said, it "proposed to introduce the concept of sustainable securitised debt instruments for the purpose of providing originators of the underlying credit facilities which are within such international or domestic frameworks for sustainable finance, and thereby provide investors as well an opportunity to participate in the sustainable securitised debt instruments". The consultation paper also addressed the initial and continuous disclosures for sustainable securitised debt instruments that would be based on international frameworks. Initial disclosures could be made in the offer document for the securities, while continuous disclosures might be included in annual reports or other mandated formats. The markets watchdog also suggested that issuers of ESG debt securities and sustainable securitised debt instruments appoint an independent external reviewer or certifier, to facilitate transparency and credibility. The review could take various forms including, second-party opinions, verification, certification, or scoring/ rating. The <keyword id="19901204" type="General" weightage="100" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (SEBI) has invited comments and suggestions from the public on the consultation paper by September 6.

SEBI proposes expansion of sustainable financial framework in securities market

New Delhi, Jan 31 () The National Stock Exchange (NSE) on Friday said it has received markets regulator Sebi's approval to launch a new electronic platform for debt securities which is aimed at improving liquidity in the segment.
 In a statement, the exchange said the platform -- NSE RFQ (request for quote) -- will be launched by Sebi Chairman Ajay Tyagi on Tuesday, February 4.
 Earlier, rival bourse BSE has received the markets regulator's approval to launch RFQ in debt securities from February 3.
 As a part of continuous market development initiatives to improve liquidity in debt market, the NSE said it is introducing RFQ platform, an electronic platform where market participants can negotiate their deals in any of the eligible securities.
 The list of eligible securities include corporate bonds, securitised debt instruments, municipal debt securities, government securities, state development loans, treasury bills, commercial papers and certificates of deposit or any other security as specified by exchange from time to time.
 The RFQ platform will be hosted on the existing NSE Corporate Bond Reporting and Integrated Learning and Settlement (CBRICS) environment.
 In a separate announcement, the NSE said it has been recognised by Nasdaq for its achievement on the derivatives segment.
 Nasdaq, one of major stock exchange in the US has acknowledged and recognised NSE's important milestone in the Indian capital markets, as being the world's largest derivatives exchange, on its famous Nasdaq signboard in Times Square New York, the statement noted. SP SHW
SHW

NSE to launch RFQ platform for debt securities on Feb 4; BSE on Feb 3

<div class="KonaFilter image-container float_right"><div class="image on-image">AP</div></div>Secretary Treasury <keyword id="263541" type="PERSON" weightage="60" keywordseo="Jack-Lew">Jack Lew</keyword> heads to Congress to explain what breaching the <keyword id="648838" type="UNKNOWN" weightage="60" keywordseo="debt-ceiling">debt ceiling</keyword> means.
In his prepared remarks, he warned that the biggest risk to U.S. growth is a "manufactured crisis" like this one.
Social Security payments would be threatened he added.
When the U.S. hits the debt ceiling, it will no longer be able to borrow money by issuing Treasury bonds. This means the government would quickly run out of cash as it pays its obligations.
Some have suggested the government would have to prioritize payments as cash levels fall.
However, Lew warned that there would be "irrevocable damage" from prioritizing payments.
<a href="http://www.businessinsider.com/jack-lew-testifies-on-debt-ceiling-2013-10">More to come...</a>

JACK LEW: The Debt Limit Is Threatens Social Security Payments

New Delhi, Jun 20 () HDFC Bank on Saturday said its board has approved proposal to raise up to Rs 50,000 crore in the next twelve months by issuing various debt securities. The decision was taken at the board of directors meeting held on June 20, 2020, HDFC Bank said in a regulatory filing. "The Board of Directors has approved the issue of perpetual debt instruments (part of additional tier I capital), tier II capital bonds and long term bonds (financing of infrastructure and affordable housing) up to a total amount of Rs 50,000 crore," HDFC Bank said. The largest bank in the private sector said that it will raise the capital through in the period of next twelve months through private placement mode, subject to the approval of the shareholders at the ensuing annual general meeting (AGM) and any other regulatory approvals. The bank's 26th AGM will be held on July 18, 2020 through video-conferencing /other audio-visual means, it said. KPM BAL BAL

HDFC Bank board approves plan to raise Rs 50,000 cr via debt securities

New Delhi, Feb 14 () Markets regulator Sebi on Friday said it has constituted a committee which will suggest on policy matters pertaining to development of municipal debt securities and facilitate municipalities for issuance of such bonds. The regulator has constituted a municipal bonds development committee headed by its Executive Director Sujit Prasad and comprises representatives from municipal corporations, lawyers, professionals and market practitioners. The panel will advise Sebi on issues related to regulation and development of primary and secondary market of municipal debt securities, the Securities and Exchange Board of India (Sebi) said in a statement. It will suggest the regulator on matters required to be taken up for changes in legal framework to introduce simplification and transparency in systems and procedures in the primary and secondary market. Also, the panel would recommend on matters relating to regulation of intermediaries for ensuring investor protection in the primary and secondary market as well as on measures to facilitate issuers, municipalities, for issuance of municipal debt securities. In September, Sebi had relaxed norms for 'muni bonds' issuance to help smart cities as well as entities working in areas of city planning and urban development work, including municipalities, raise funds through debt securities. Nearly five years ago, the regulator had come out with the Issue and Listing of Debt Securities by Municipalities (ILDM) Regulations and since then seven municipalities have raised nearly Rs 1,400 crore by issuing their debt securities, which are commonly known as 'muni bonds'. SP ABMABM

Sebi constitutes municipal bonds development committee

New Delhi, Feb 18 () As many as 13 members, including representatives of the Union housing and urban affairs ministry and a municipal corporation, will be part of Sebi's committee on 'muni bonds' to suggest the markets regulator on policy matters pertaining to development of such debt securities. The regulator, on Friday, said it constituted a municipal bonds development committee headed by its Executive Director Sujit Prasad. The panel will suggest Sebi on policy matters pertaining to the development of municipal debt securities and facilitate municipalities for issuance of such bonds. The committee comprises representatives from Sebi, municipal corporations, lawyers, professionals and market practitioners. D Thara, joint secretary at the Ministry of Housing and Urban Affairs; Shekhar Gaikwad, municipal commissioner of Pune Municipal Corporation; and G Mathi Vathanan prinicipal secretary at housing and urban development department in the Odisha government will be part of the committee. Other members of the panel include NSE Chief Business Officer Ravi Varanasi, SBI Capital Markets Head (Capital Markets) Rakesh Joshi, Crisil Ratings President Gurpreet Chhatwal and BSE Chief Trading Operations and Listing Cell Girish Joshi. The committee has been tasked to suggest the regulator on matters required to be taken up for changes in legal framework to introduce simplification and transparency in systems and procedures in the primary and secondary market. Also, the panel would recommend on matters related to regulation of intermediaries for ensuring investor protection in the primary and secondary markets as well as on measures to facilitate issuers, municipalities, for issuance of municipal debt securities. In September, Sebi had relaxed norms for the 'muni bonds' issuance to help smart cities as well as entities working in areas of city planning and urban development work, including municipalities, raise funds through debt securities. Nearly five years ago, the regulator had come out with the Issue and Listing of Debt Securities by Municipalities Regulations and since then, seven municipalities have raised nearly Rs 1,400 crore by issuing their debt securities, which are commonly known as 'muni bonds'. SP HRS

Representative of municipal corp part of Sebi's muni bonds development panel

New Delhi, Apr 23 () Market regulator Sebi on Thursday asked valuation agencies not to consider any lockdown-related delay in payment of interest or principal or extension of maturity of a security as default for the purpose of valuation of money market andecurities held by mutual funds. This was one of the major issues faced by mutual fund houses during the ongoing nationwide lockdown.The valuation agencies appointed by the Association of Mutual Funds in India (AMFI) provides valuation of money market and debt securities and recognise default of securities.The move follows a three-month moratorium on payment permitted by the Reserve Bank of India to mitigate the burden of debt servicing due to disruptions caused by the coronavirus pandemic and to ensure continuity of viable businesses.In a circular, the Securities and Exchange Board of India (Sebi) said a differentiation in treatment of default, on a case to case basis, needs to be made as to whether such default occurred solely due to the lockdown or loan moratorium."Based on assessment, if the valuation agencies appointed by AMFI are of the view that the delay in payment of interest/principal or extension of maturity of a security by the issuer has arisen solely due to COVID-19 pandemic lockdown ... creating temporary operational challenges in servicing debt, then valuation agencies may not consider the same as a default for the purpose of valuation of money market or debt securities held by mutual funds," it added.However, if there is any difference in the valuation of securities provided by two valuation agencies, the conservative valuation shall be accepted.This shall be in force till the period of moratorium by the RBI.However, as per the Principles of Fair Valuation specified in under mutual fund norms, asset management companies would continue to be responsible for true and fairness of valuation of securities.Last month, Sebi had asked credit rating agencies not to consider as default any delay in payment of interest or principal loan amount arisen solely due to the nationwide lockdown conditions. SP MR

Do not consider lockdown-related delays in payment as default: Sebi to MF valuation agencies

New Delhi: Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">Sebi</keyword> has proposed a minimum ticket size or <keyword id="21732014" type="General" weightage="20" keywordseo="investment-threshold" source="keywords">investment threshold</keyword> of Rs 1 crore for the RBI-regulated originators and unregulated entities engaged in securitisation activities. The proposal also introduced limitations on the number of investors in <keyword id="22496291" type="General" weightage="20" keywordseo="private-placements" source="keywords">private placements</keyword>, allowing <keyword id="23778966" type="General" weightage="20" keywordseo="securitized-debt-instruments" source="keywords">securitized debt instruments</keyword> (SDIs) issued privately to be offered to a maximum of 200 investors. If this limit is exceeded, the issuance must be classified as a public issue. Public offers should remain open for a minimum of three days and a maximum of 10 days, with advertisement requirements aligned with Sebi's regulations for non-convertible securities. Additionally, the regulator has suggested that all securitized debt instruments should be issued and transferred exclusively in demat form. SDIs are financial products created by pooling together various types of debt -- such as loans, mortgages, or receivables -- and then selling them as securities to investors. This process, known as securitisation, allows the originator (such as a bank) to convert illiquid assets into liquid ones, providing an alternative source of funding. Investors in these instruments receive returns based on the performance of the underlying debt pool, and the risk is spread across multiple assets, offering potentially attractive returns. The current framework is based on Sebi's 2008 regulations, with updates from the Reserve Bank of India's (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) 2021 directions on securitising standard assets. The Securities and Exchange Board of India (Sebi) is now considering updates to the regulatory framework for securitized debt instruments and sought public comments till November 16 on the proposals. Regarding risk management, Sebi has proposed that originators retain a minimum risk retention of 10 per cent of the securitised pool or 5 per cent for receivables with a maturity of up to 24 months. A minimum holding period requirement will also be specified by Sebi for underlying receivables to ensure that originators maintain an interest in the underlying assets, the regulator said in a consultation paper. The regulator further suggested including an optional clean-up call for originators, allowing them to repurchase up to 10 per cent of the original value of the assets. This call is optional and intended to help manage the pool's longevity without mandating additional commitments from the originator. Liquidity facilities, essential to handle timing mismatches in cash flows, should either be provided directly by the originator or through an appointed third party. The updated definition of "debt/receivables" limits permissible underlying assets to listed debt securities, accepted trade receivables, rental incomes, and equipment leases while disallowing single-asset securitisation. The proposal establishes minimum track record requirements for both originators and obligors. Originators should have a minimum of three years of operating experience, while trade receivables specifically require at least two cycles of successful, default-free payments.

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