Pinacle Ltd made a public issue in the month of March, 2023 of non-convertible debentures having face value of ₹ 1000 and carrying a coupon rate 9% per annum payable annually. The terms of the issue mentioned that these

As per Regulation 15 (1) of SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, an issuer making the issuance of non-convertible securities shall: have the right to recall such securities prior to the maturity date (call option) shall have right to provide such right of redemption of debt securities prior to the maturity date (put option) to all the investor or only to retail investor. Regulation 15 (5) of SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 provides than no such right will be exercisable before the expiry of one year from the date of issue of such non-convertible securities. In the present case, the investor approached the company with a request to exercise his put option after 8 months from the date of the issue, hence his request will be rejected.