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SEBI vide Notification: SEBI/LAD-NRO/GN/2020/34 dated 08.10.2020

With an aim to protect the interest of investors, capital markets regulator Securities and Exchange Board of India (SEBI) has strengthened the role of debenture trustees, asking them to independently evaluate and monitor the asset cover. The decision comes as several defaults were seen in the debt markets. To give this effect, SEBI has amended debenture trustee norms and Issue and Listing of Debt Securities Regulations, the regulator said in two separate notifications. Under the new norms, debenture trustees (DTs) would exercise independent due diligence of the assets on which charge is being created. Before creating a charge on the security for the debentures, DTs will exercise independent due diligence to ensure that such security is free from any encumbrance or that it has obtained the necessary consent from other charge-holders if the security has an existing charge.

Asia Law Offices advised a major transnational strategic collaboration between its client, UAE-Based Pharmax Pharmaceuticals, and Swiss pharma major Acino Pharmaceuticals.

ALO represented Pharmax in the structuring and closure of entire transaction documents of the significant collaboration.

The collaboration framework extends to licensing, manufacturing, and supply of Acino formulations within the gastroenterology and the cardiovascular space throughout the Middle East and Africa.