Flock blog
Reading regulatory filings, sourced and dated.
Plain-English guides to the public filings Flock tracks: 13F reports, NSE and BSE shareholding patterns, bulk and block deals, and FII/DII flows. Every claim links to its source. Research, not advice.
What is a security cover certificate? SEBI rules
A security cover certificate evidences the assets backing listed debt. Who certifies book value versus market value, the quarterly cadence, and the UDIN rule.
How to read a security cover certificate
A column by column walkthrough of SEBI's Annex VA security cover format: what each of the fifteen columns holds, the elimination trap, and the two cover ratios.
What is the Security and Covenant Monitoring System?
SEBI's Security and Covenant Monitoring System is a depository hosted platform using distributed ledger technology. What it records and who validates what.
How does a debenture trustee do due diligence?
SEBI's due diligence rules for debenture trustees: documents an issuer must hand over, registry checks, guarantor freshness limits, and who pays professionals.
Due diligence certificate: Annex IIA vs IIB
SEBI requires two due diligence certificates from a debenture trustee. Annex IIA covers disclosure, Annex IIB gates listing. How each differs and when.
Debenture trustee reporting deadlines in India
Every report a debenture trustee files with the exchange and when: 75 and 90 day quarterly rules, half yearly and annual certificates, two working day alerts.
Debenture trustee website disclosures: SEBI rules
What a debenture trustee must publish on its own website: eight prescribed tables, its own minimum fee, and an ISIN level interest and redemption calendar.
What happens when a bond covenant is breached?
How SEBI requires debenture trustees to monitor covenant breaches, the six covenant categories in Annex VIA, the actions available, and the breach report.
What rights does a debenture trustee have?
SEBI codified debenture trustee rights in Regulation 15A, effective October 2025. Inspection powers, what a trustee can demand, and the trust property rule.
What is a liquidity window facility? SEBI rules
A liquidity window facility lets bondholders sell back to the issuer on fixed dates via a put option. The 10% floor, the one-year wait, and the disclosures.
What are market linked debentures? PP-MLD rules
Market linked debentures pay returns tied to an index or benchmark. SEBI's PP-MLD prefix, the Rs 100 crore net worth bar, and the weekly valuation duty.
The centralised database for corporate bonds
SEBI's centralised database for corporate bonds is hosted jointly by the depositories. Who fills which fields, who verifies them, and when it updates.
The Smart Money Digest
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