The Securities and Exchange Board of India (SEBI) on January 20, 2026, issued the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2026 to further amend the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021.
The following amendments have been stated:
• In regulation 2, sub-regulation (1), after the clause (gg) and before the clause (hh), the following clause shall be inserted, namely, -
“(gga) “retail individual investor” means an individual investor who applies or bids for debt securities for a value of not more than two lakhs rupees;”
• In regulation 31, the following proviso shall be inserted, namely, - “
Provided that nothing contained in this regulation shall preclude the issuer from offering an incentive in the form of additional interest or a discount to the issue price to senior citizens, women, serving and retired defence personnel, widows and widowers of defence personnel, retail individual investors or any other category of investors as may be specified by the Board from time to time:
Provided further that such incentive shall be available only to the initial allottee but not in case the debt securities are transferred/ transmitted post allotment.”
They shall come into force on January 20, 2026.
[Notification No. SEBI/LAD-NRO/GN/2026/296]
