In a bid to make the bonds market more efficient, Sebi today proposed to drastically cut the timeline for listing of debt securities to six days from 12 days at present.
Besides, the Securities and Exchange Board of India (Sebi) has proposed to make ASBA (Application Supported by Blocked Amount) mandatory for all the investors applying in a public issue of debt securities.
The mandatory ASBA facility would reduce the time taken for collecting banks to commence clearing of payment instruments, forwarding application forms along with bank schedules to registrar and undertaking of technical rejection test.
In addition submission of clearance status of payment instrument should done in 4-5 days as against the present time of 7 days, it added.
The proposals are aimed at ensuring uniformity, standardisation and streamlining of issuance of debt securities with that of equity shares and convertibles
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