The Securities and Exchange Board of India (SEBI) on June 30, 2023, issued the Master Circular for listing obligations and disclosure requirements for Non-Convertible Securities, Securitized Debt Instruments, and/ or Commercial Paper.
The purpose of this circular is to ensure effective regulation of the corporate bond market and to provide issuers and other market stakeholders with access to all relevant circulars in one place
This circular shall come into force on August 01, 2023, unless otherwise mentioned in the circular
The following has been stated namely: -
• This Master Circular is a collection of the relevant existing circulars, with adjustments as needed. This circular goes over the stipulations in these circulars chapter by chapter.
• it states that the circulars indicated in Annex -1 have been superseded by this master circular.
• The Recognized Stock Exchanges, Issuers, and other stakeholders are directed to perform the following functions namely: -
(i) Comply with the conditions laid down in this circular;
(ii) bring the provisions of this circular to the notice of listed entities/ issuers of listed Non-Convertible Securities, Securitised debt instruments, and/ or Commercial Paper;
(iii) disseminate the provisions of the circular on their website;
(iv) put in place the necessary systems and infrastructure for the implementation of this circular;
(v) monitor compliance with the provisions of the circular;
(vi) make consequential changes to their respective bye-laws, if any.
(vii) communicate and create awareness among the stakeholders
• This Circular is available on the SEBI website at www.sebi.gov.in under the category, Legal > Circulars.
[Circular No. SEBI/HO/DDHS/PoD1/P/CIR/2023/108]
