SEBI ammended valuation rules of Perpetual Bonds:

After the intervention of Finance Ministry, the Securities and Exchange Board of India on Monday amended valuation rule of Perpetual Bonds. In a circular issued by Sebi, it said that the deemed residual maturity of Basel III additional tier- 1( AT1) bonds will be 10 years till 31st March 2022. 

The circular mentioned that the period will be increased to 20 and 30 years over the subsequent six months. From April 2023 onwards the residual maturity of AT1 bonds will become 100 years from the date of issuance of bond.

The circular added “Further, if the issuer does not exercise call option for any ISIN then the valuation and calculation of Macaulay Duration shall be done considering maturity of 100 years from the date of issuance for AT 1 bonds and Contractual Maturity for Tier 2 bonds, for all the ISINs of the issuer”. 


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