An issuer may list its debt securities issued on private placement basis on a recognised stock exchange subject to specified conditions as per SEBI (Issue and Listing of Debt Securities) Regulations, 2008. Explain those

Regulation 20 of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 provides the conditions for listing of debt securities on a recognized stock exchange, issued on private placement basis which are as discussed below: An issuer is required to fulfill the following: Is in compliance with the provisions of the Companies Act, 2013, rules prescribed there under and other applicable laws. Credit rating has been obtained from at least one credit rating agency registered with SEBI. Should be in dematerialized form. The disclosures as provided in these regulation have been made. Where application is made to more than one recognised stock exchange, the issuer shall choose one of them as the designated stock exchange. The issuer shall comply with conditions of listing of such debt securities as specified in the Listing Agreement with the stock exchange where such debt securities are sought to be listed. The issuer shall make disclosures in a disclosure document as specified in Schedule I of these regulations accompanied by the latest Annual Report of the issuer and the same shall be made on the website of the stock exchange where such securities are proposed to be listed. The designated stock exchange shall collect a regulatory fee from the issuer at the time of listing of debt securities issued on private placement basis.