Tel. HC: Right to Personal Liberty Includes Right to Possess Passport  ||  Ker HC: Revisional Power of Collector Can be Exercised against AO under S.13 of Ker Building Tax Act  ||  SC Rules in Favor of Central Government in batch of pleas challenging the Abrogation of Article 370  ||  Bom HC: Unpublicized Tender Condition if Permitted to be Acted Upon Amounts to Denial of Opportunity  ||  Raj. HC: Can’t Refuse Marriage Certificate Merely Because one of the Parties is a Foreign National  ||  Del. HC Calls for User-Friendly Handbook for Accessibility in Missing Children Cases  ||  All. HC: Husband Not Liable for Marital Rape if Wife is 18 Years or Above  ||  Del. HC: Obtaining of Voice Samples of Accused Must be in Compliance with Telegraph Act  ||  P&H HC: Peaceful Protest is Not a Penal Offence Under Section 188 IPC  ||  All HC: AO Must Consider Form 10 u/s 17 Supplied After Limitation But Before Assessment is Completed    

Relaxation from default recognition due to restructuring of debt- (Securities and Exchange Board of India) (31 Aug 2020)


Capital Market

1. CRAs recognize default based on the guidance issued vide SEBI circulars dated May 3, 2010 and November 1, 2016. Further, SEBI vide circular dated March 30, 2020 had provided for relaxation from recognition of default owing to moratorium permitted by RBI and lockdown due to COVID-19 pandemic.

2. The Reserve Bank of India (RBI), vide notification no. RBI/2020-21/16 DOR. No. BP.BC/3/21.04.048/2020-21 dated August 6, 2020, has provided for a resolution framework for COVID-19 related stress.

3. Based on its assessment, if the CRA is of the view that the restructuring by the lenders/investors is solely due to COVID-19 related stress or under the aforementioned RBI framework, CRAs may not consider the same as a default event and/or recognize default. Appropriate disclosures in this regard shall be made in the Press Release.

4. The above relaxation is extended till December 31, 2020.

5. This circular is issued in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation 20 of SEBI (Credit Rating Agencies) Regulations, 1999, to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.


Share :        

Disclaimer | Copyright 2023 - All Rights Reserved