“The recent MCA move to ease the norms for unlisted public companies issuing non-convertible debt and non-convertible preference shares, seems logical. Unlisted public companies, with debt or preference shares listed were counted as listed companies and fell within the rigorous compliance scanner under the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, and under the Companies Act. The move to liberalize the definition of listed companies will give the deserved impetus to the bond market, when the economy will emerging slowly out of the post-COVID era. Small companies and start-ups in growth mode can easily access a wider pool of creditors without burdening themselves with greater compliance and costs”. – Madhurima Mukherjee Saha, Senior Consultant, J Sagar Associates
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