Regulatory Alerts2023-09-22
Investments and Securities (Exemption of State Governments, etc.) Order, 2023
This Order provides a three-year exemption for State Governments and the Federal Capital Territory from Section 223 of the Investments and Securities Act, 2007. To qualify, issuers must meet specific fiscal requirements including a minimum 60% Internally Generated Revenue ratio, debt service limits, and the provision of independent third-party guarantees with investment-grade ratings. The initiative aims to facilitate access to capital markets for financing urgent infrastructure projects.
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