(1) This Chapter shall be applicable to offer of securitised debt instruments to the public.
(2) Any reference in these regulations to offering securitised debt instruments to the public shall be construed as including a reference to offering them to any section of the public.
(3) No offer shall be treated as made to the public by virtue of sub-regulation (1), if the offer can properly be regarded, in all the circumstances –
(a) as not being likely to result, directly or indirectly, in the securitised debt instruments becoming available for subscription or purchase by persons other than those receiving the offer;
(b) otherwise as being the domestic concern of the persons making and receiving the offer.
(4) Notwithstanding sub-regulation (2), any offer of securitised debt instruments made to fifty or more persons in a financial year shall always be deemed to have been made to the public:
Provided that sub-regulation (3) applies only in respect of securitised debt instruments which belong to the same tranche and which are paripassuin all respects.
Explanation: For the purposes of sub-regulation (4), the term ―financial year‖ shall mean the period of twelve months commencing from the 1st day of April in any year.
Submission of draft offer document and filing of final offer document.