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BRIEF-India cenbank issues directions for commercial paper market
August 10, 2017 / 3:40 PM / 4 months ago

BRIEF-India cenbank issues directions for commercial paper market

Aug 10 (Reuters) -

* India cenbank issues directions for commercial paper (CP) market

* India cenbank: companies, financial institutions can issue CPs subject to some conditions

* India cenbank: no person can invest in CPs issued by related parties either in primary or secondary markets

* India cenbank: a CP shall be issued in minimum denomination of 500,000 rupees, at discount to face value

* India cenbank: eligible issuers shall obtain rating for CP from at least 2 rating agencies, adopt lower of two ratings

* India cenbank: banks, financial firms can provide certain credit enhancements for CPs

* India cenbank sets duties, obligations for issuers, issuing and paying agents, and rating agencies for CP market Source text for Eikon: (bit.ly/2ut7TlL) (Reporting by Rafael Nam)

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