Circular on Centralized Database for Corporate Bonds
Circular on Centralized Database for Corporate Bonds/ Debentures
1.SEBI vide circular no. CIR/IMD/DF/17/2013 dated October 22, 2013, on ‘Centralized Database for Corporate Bonds/ Debentures’ mandated Depositories to jointly create, host, and maintain a Centralized Database of corporate bonds held in demat form.
2. Pursuant to discussions with market participants, it has been decided to further streamline the database and provide further ease of access of information for investors. In view of the same, it is proposed to supersede the above referred circular and provide an updated list of data fields to be maintained in the database along with the manner of filing the sameas prescribed in the succeeding paragraphs.
3. Responsibilities of parties involved, contents of the database and manner of submitting the information
3.1.Depositories:
a. Depositories shall continue to jointly create, host, maintain and disseminate the centralized database of corporate bonds, which are available in demat form. All historical data available in the database in terms of SEBI Circular no. CIR/IMD/DF/17/2013 dated October 22, 2013 shall continue to be hosted by the Depositories.
b. Depositories shall ensure to have adequate systems and safeguards to maintain the integrity of data and to prevent manipulation of data.
c. Each Depository shall synchronize the database in consultation with the other Depository.
d. The Depository which receives information from an issuer shall host the same as well as share it with the other Depository for hosting within three working days from the date of receipt of the information.
e. Depositories shall categorise investors as per the SEBI Circular No. CIR/CFD/CMD/13/2015 dated November 30, 2015.
f. Depositories shall provide secure login credentials to Issuers, Stock Exchanges, Credit Rating Agencies and Debenture Trustees for updating and verifying requisite information in the corporate bond database within timelines as mentioned in this circular.
3.2. Issuers:
a. Issuers shall fill all the requisite fields as provided in Annex-I in the CentralizedDatabaseat the time of allotment of the ISIN. Depositories shall verify the information as provided by issuer at the time of activation of ISIN.
b. Post listing of securities, Issuers shall submit information in the requisite fields as provided in Annex-II to any of the Stock Exchanges where their securities are listed on a periodical basis and/or ‘as and when ’basis event-based), as applicable. The Stock Exchangeshallindicate the format of filing to the Issuers in this regard.
3.3. Stock Exchanges:
a. Stock Exchanges and Depositories shall develop a system such that information received by them is updated on the Centralized Database on a daily basis.
b. Stock Exchanges shall verify listing details as provided in Annex-I and II of the circular in the Centralized Database.
c. Stock Exchanges shall update event based and periodical information in the Centralized Database when received from the Issuersin Annex-II.
3.4. Credit Rating Agencies :Credit Rating Agencies shall access the database to verify the rating information uploaded by the Issuer. In case of any discrepancy, Credit Rating Agencies shall notify the same to Stock Exchanges and update the correct information inthe databasewithin the time stipulated in Annex -III.
3.5.Debenture Trustees: Debenture Trustees shall access the database to verify the information regarding default history and other relevant information. In case of any discrepancy, Debenture Trustee shall notify the same to Stock Exchanges and update the correct information in the database, within the time stipulated in Annex -III.
4.Depositories shall also provide the information available with respect to the Redeemable Preference Shares and Securitized Debt Instruments, in a separate section within the database, in the form as available with them, after sharing the same with the other depository for synchronizing and updating the database.
5. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 31 (2) (b) of SEBI (Issue and Listing of Debt Securities) Regulations, 2008.
6. This circular shall be applicable for debt securities issued on or after August 01, 2021.
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