1. SEBI issued guidelines on the captioned subject vide circular No. SEBI/MRD/SE/AT/36/09 dated 30^th September 2003. These guidelines were issued by SEBI after placing the draft consultative paper on the SEBI website for public comments. However, after the issuance of the circular, while the guidelines have been considered to be desirable and welcomed by the market participants, SEBI has received representations from various quarters. The market participants have inter-alia sought time for conforming to these guidelines and requested time for transition arrangements.
2. Accordingly, it has been decided that in respect of the unlisted securities which are already issued and may be traded in the secondary market, a transition time is being given up to March 31, 2004 to enable the participants and issuers to conform to the guidelines issued by SEBI referred to above. Consequently, during this transition period, the existing corporate debt securities could continue to be traded in the secondary market.

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