{"id":107147,"date":"2022-03-01T15:23:46","date_gmt":"2022-03-01T09:53:46","guid":{"rendered":"https:\/\/legalwindow.in\/?p=107147"},"modified":"2022-04-05T12:37:51","modified_gmt":"2022-04-05T07:07:51","slug":"issue-of-privately-placed-non-convertible-debentures-by-unlisted-nbfcs","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/issue-of-privately-placed-non-convertible-debentures-by-unlisted-nbfcs\/","title":{"rendered":"Issue of Privately Placed Non-Convertible Debentures by Unlisted NBFCs"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-107153\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Issue-of-Privately-Placed-Non-Convertible-Debentures-by-Unlisted-NBFCs.png\" alt=\"Issue of Privately Placed Non-Convertible Debentures by Unlisted NBFCs \" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Issue-of-Privately-Placed-Non-Convertible-Debentures-by-Unlisted-NBFCs.png 1200w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Issue-of-Privately-Placed-Non-Convertible-Debentures-by-Unlisted-NBFCs-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Issue-of-Privately-Placed-Non-Convertible-Debentures-by-Unlisted-NBFCs-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Issue-of-Privately-Placed-Non-Convertible-Debentures-by-Unlisted-NBFCs-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Issue-of-Privately-Placed-Non-Convertible-Debentures-by-Unlisted-NBFCs-768x403.png 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Funding is essential for a company to not only invest and expand but also to run its day-to-day operations. When a firm needs to raise money, it may consider debt, stock, venture capital, and other methods. Banks, non-banking financial companies, debt funds, and companies are increasingly relying on private placements of listed and non-listed Non-Convertible Debentures (NCDs) for\u00a0fundraising from players such as pension funds, insurance agencies, foreign portfolio investors, and mutual funds to pay down debt and on-lend. This path, however, is fraught with legal and regulatory obstacles. Further, this blog <\/span><a href=\"https:\/\/legalwindow.in\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\"> will guide you more in detail about the Issue of Privately Placed Non-Convertible Debentures by Unlisted NBFCs.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\"><strong>Table of Contents<\/strong><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#What\"><span style=\"font-weight: 400;\">What do you mean by Non-Convertible Debentures?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Characteristics\"><span style=\"font-weight: 400;\">Characteristics of Non- Convertible Debentures<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Eligibility\"><span style=\"font-weight: 400;\">Eligibility for Investing in Non-Conventional Debentures (NCDs)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Advantages\"><span style=\"font-weight: 400;\">Advantages to Investors through NCDs<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#is\"><span style=\"font-weight: 400;\">What is the Procedure for Issuing NCDs in NBFCs?<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Major\"><span style=\"font-weight: 400;\">Major Provisions under Companies Act, 2013 on NCDs<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"What\"><b>What do you mean by Non-Convertible Debentures?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Debentures are long-term financial assets that acknowledge the issuer&#8217;s debt commitment. Some debentures include the option of being converted into shares at the owner&#8217;s choice after a set period of time. Non-convertible debentures are debentures that cannot be converted into shares or equity (or NCDs). A <\/span><span style=\"font-weight: 400;\">Non-Convertible Debenture<\/span><span style=\"font-weight: 400;\"> (NCD) is a debt instrument issued by a corporation, including <\/span><span style=\"font-weight: 400;\">NBFCs<\/span><span style=\"font-weight: 400;\">, with an original or initial maturity of less than one year and issued through a private placement. These debentures are used by firms for rising long-term funding through a public offering. In order to compensate for the non-convertibility, lenders are typically offered a higher rate of return than with convertible debentures.<\/span><\/p>\n<h2 id=\"Characteristics\"><b>Characteristics of Non- Convertible Debentures<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Limited credit risk:<\/b><span style=\"font-weight: 400;\"> An NCD loses value as the system&#8217;s interest rate rises and gets value when the rate falls. When an NCD is held until maturity, however, the stated return is likely to be realised, and the risk of interest rate volatility is reduced or decreased.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Higher rate of return:<\/b><span style=\"font-weight: 400;\"> Historically, NCDs have delivered excellent interest rates as compared to other fixed-income investments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Flexible Term:<\/b><span style=\"font-weight: 400;\"> Ranging from two to twenty years, this allows for greater maturity options.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NCDs are rated by credit rating companies that are certified and professional.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NCDs are normally listed securities, which mean they can be sold in the secondary market before expiration.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>No Taxation:<\/b><span style=\"font-weight: 400;\"> According to section 193 of <\/span><span style=\"font-weight: 400;\">The Income Tax Act<\/span><span style=\"font-weight: 400;\">, there is no <a href=\"https:\/\/legalwindow.in\/tds-returns\/\" target=\"_blank\" rel=\"noopener\">tax <\/a><\/span><span style=\"font-weight: 400;\">deduction at source (TDS)<\/span><span style=\"font-weight: 400;\"> on NCDs provided in DEMAT method and listed on a stock market.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Moreover, because NCDs are listed securities, they can profit from stock market changes and experience capital appreciation.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Interest Payment Alternatives:<\/b><span style=\"font-weight: 400;\"> NCDs offer a variety of interest payment options, including monthly, quarterly, half-yearly, and annual interest payments.<\/span><\/li>\n<\/ul>\n<h2 id=\"Eligibility\"><b>Eligibility for Investing in Non-Conventional Debentures (NCDs)<\/b><\/h2>\n<h3><b>Institutions:\u00a0<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NCDs can be purchased by Public Financial Institutions, Statutory Corporations, Commercial Banks, Cooperative Banks, and Regional Rural Banks.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NCD-authorized <\/span><span style=\"font-weight: 400;\">Provident Funds<\/span><span style=\"font-weight: 400;\">, Pension Funds, Superannuation Funds, and Gratuity Funds.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SEBI-registered Venture Capital and\/or Alternative Investment Funds.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.irdai.gov.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">IRDA<\/span><\/a><span style=\"font-weight: 400;\">-registered insurance companies<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">National Investment Funds (NIFs).<br \/>\n<\/span><\/li>\n<\/ul>\n<h3><b>Non- Institutional:\u00a0<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Companies, bodies corporate, and organisations that are registered under Indian law and are permitted to invest in NCDs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">NCDs can be invested in by public\/private charitable\/religious <a href=\"https:\/\/legalwindow.in\/trust-registration\/\" target=\"_blank\" rel=\"noopener\">trusts<\/a>.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Groups that are authorised to invest in NCDs are scientific and\/or industrial research organisations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In the name of the partners, partnership firms are formed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The LLP Act of 2008<\/span><span style=\"font-weight: 400;\"> allows for the formation and registration of <a href=\"https:\/\/legalwindow.in\/limited-liability-partnership-llp\/\" target=\"_blank\" rel=\"noopener\">limited liability partnerships<\/a> (No.6 of 2009).<\/span><\/li>\n<\/ul>\n<h3><b>Individuals<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Individuals of Indian descent who live in the area.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Hindu Undivided Families<\/span><\/li>\n<\/ul>\n<h2 id=\"Advantages\"><b>Advantages to Investors through NCDs<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>High inflation rates-<\/b><span style=\"font-weight: 400;\">\u00a0NCDs (non-convertible debentures) issued by NBFCs often pay interest rates ranging from 150 to 177 basis points, which is higher than what conventional banks pay on FDs (fixed deposits). NBFC-issued NCDs have a good reputation and are well-capitalized. And, because the issue of these NCDs is strictly monitored by <\/span><span style=\"font-weight: 400;\">The Reserve Bank of India (RBI),<\/span><span style=\"font-weight: 400;\"> it can be a sign of hope for investors looking for safe funding. Likewise, because the rate of interest on other types of investments is not steady, NCDs appear to be a safe and efficient way for investors to raise funds in this situation.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Investment is Secured-<\/b><span style=\"font-weight: 400;\"> Debentures usually have a first charge or a second charge on the issuer&#8217;s assets. As a result, they are stable and, in most cases, safe when compared to other types of investing. Along with the greater rates of return and the potential for capital appreciation, this gives an additional benefit.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Capital Appreciation-<\/b><span style=\"font-weight: 400;\"> Aside from locking in higher rates, there is another benefit to investing in NBFC-issued NCDs. If rates fall by 25-50 basis points from their current levels, the investor will benefit from capital appreciation on the NCDs, as evidenced by their market price.<\/span><\/li>\n<\/ul>\n<h2 id=\"is\"><b>What is the Procedure for Issuing NCDs in NBFCs?<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">According to conventional market practise, the company&#8217;s financial position must be communicated to potential investors.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\">The investors must obtain a certified copy of the investors stating that the company has met all of the RBI&#8217;s qualifying conditions.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The corporation must follow all of the laws of the <\/span><span style=\"font-weight: 400;\">Companies Act of 2013<\/span><span style=\"font-weight: 400;\">, as well as any RBI restrictions:\u00a0<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">The debenture certificate must be granted within the time frame established by the Companies Act of 2013.<\/span><\/li>\n<li>The company determines whether NCDs are issued at face value with a coupon rate or as zero-coupon instruments with a discount rate to face value.<\/li>\n<\/ul>\n<h2 id=\"Major\"><b>Major Provisions under Companies Act, 2013 on NCDs<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The provisions relating to the issuing of NCDs are covered under Section 71 of the Companies Act, 2013 (&#8220;Act&#8221;) and Rule 18 of the Companies (Share Capital &amp; Debenture) Rules, 2014. Specific provisions to keep in mind when issuing Debentures are as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The company&#8217;s <\/span><span style=\"font-weight: 400;\">Board of Directors<\/span><span style=\"font-weight: 400;\"> has the authority to issue NCDs under section 179(3) of the Act.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Debentures with voting rights cannot be issued.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A secured debenture issue may be made as long as the redemption date is not more than 10 years from the date of issue. Before dealing with the matter, please note that the compliance and limits (i.e., Board Resolution or Special Resolution as the case may be) outlined in Section 180 of the Companies Act 2013 must be met.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Such a debenture issue shall be secured by the creation of a charge on the company&#8217;s properties or assets, with a value adequate for the timely repayment of the debentures&#8217; principal and interest.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The corporation cannot grant debentures to more than 500 people unless it first appoints a debenture trustee, whose principal responsibility would be to protect the interests of debenture holders and to resolve their problems.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In accordance with the terms and circumstances of the debentures&#8217; issue, a corporation must pay interest and redeem the debentures. As a result, it should be emphasised that a firm can issue debentures with a 0% interest rate.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The tribunal may, on the application of any or all of the debenture-holders, or the debenture trustee, and after hearing the parties involved, direct the corporation to redeem the debentures instantly on payment of interest and principal due thereon, by ordering.<\/span><\/li>\n<\/ul>\n<h2><a href=\"https:\/\/legalwindow.in\/nbfc-company\/\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-107149\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Get-your-NBFC-License-from-Legal-Window-1.png\" alt=\"\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-NBFC-License-from-Legal-Window-1.png 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-NBFC-License-from-Legal-Window-1-600x120.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-NBFC-License-from-Legal-Window-1-300x60.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Get-your-NBFC-License-from-Legal-Window-1-768x154.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/h2>\n<h2 id=\"Conclusion\"><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In contrast with the same, we can conclude that NCDs are without a doubt the finest debt product for organizations looking for quick and substantial capital for expansion or other business objectives. We also see a number of advantages to investing in NCDs. If you are considering investing in NCDs, do your homework and research the various factors before making a decision. We, the <\/span><span style=\"font-weight: 400;\">Legal Window<\/span><span style=\"font-weight: 400;\"> staff, will assist you throughout the procedure. Feel free to contact and reach us out at <\/span><a href=\"https:\/\/legalwindow.in\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Legal Window<\/span><\/a><span style=\"font-weight: 400;\"> for further questions.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Funding is essential for a company to not only invest and expand but also to run its day-to-day operations. When a firm needs to raise money, it may&hellip;<\/p>\n","protected":false},"author":3,"featured_media":107152,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-107147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-compliance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Issue of Privately Placed Non-Convertible Debentures by Unlisted NBFCs<\/title>\n<meta name=\"description\" content=\"Latest Guide on Issue of Privately Placed Non-Convertible Debentures by Unlisted NBFCs. 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