Convertible debt securities which are convertible into equity securities may be listed only if such equity securities are (or will become at the same time):—

(1) a class of listed equity securities; or
(2) a class of equity securities listed or dealt in on another regulated, regularly operating, open stock market recognised by the Exchange.

However, the Exchange may list convertible debt securities in other circumstances if it is satisfied that holders have the necessary information available to form an opinion concerning the value of the underlying equity securities to which such convertible debt securities relate. This rule does not apply to an issue of convertible debt securities by a State or a Supranational.