SEBI reviews Chapter IX of NCS Operational Circular


The Securities and Exchange Board of India (SEBI) has issued a notification regarding the Review of Chapter IX of the NCS Operational Circular. This Chapter is called the Green Debt Securities of the Operational Circular for the issue and listing of Non-Convertible Securities (NCS), Securitised Debt Instruments (SDI), Security Receipts (SR), Municipal Debt Securities and Commercial Paper (CP).

This notification of review was issued on 6th February, 2023 and shall come into force for all issues of green debt securities launched on or after 1st April, 2023.

The notification revises the following:

  1. Initial disclosure requirements for issue and listing of green debt securities
  2. Continuous disclosure requirements for listed green debt securities
  3. Responsibility of the issuer

The notification also provides the format for disclosure of major elements of Business Responsibility and Sustainability Reporting (BRSR)

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