What are the criteria for listing of Security Receipts ?

Regulation 38A of the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 provides that an issuer may list its security receipts on a recognized stock exchange subject to the following conditions: the security receipts have been issued on a private placement basis; the issuer has issued such security receipts in compliance with the applicable laws; the offer or invitation to subscribe to security receipts shall be made to such number of persons not exceeding 200 or such other number, in a financial year, as may be prescribed from time to time. the security receipts proposed to be listed are in dematerialized form; the disclosures as provided in Regulation 38E of SEBI (issue and Listing of Securitized Debt Instruments and Security Receipts) Regulations, 2008 have been made in the offer document; the minimum allotment made to the qualified buyers is ₹ 10 lakhs; such security receipts have been valued prior to listing; However, such valuation shall not be more than three months old from the date of listing and shall be done by an independent valuer; the security receipts have been rated by a credit rating agency registered with SEBI. However, such rating shall not be more than three months old from the date of listing. Further, the issuer shall comply with the conditions of listing of such security receipts as specified in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.