The Securities Exchange Board of India on December 17, 2021 has revised Operational Circular for issue and listing of Non-convertible Securities, Securitized Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper. The operational circular provides a chapter-wise framework for the issuance, listing and trading of Non-convertible Securities, Securitized Debt Instruments, Security Receipts, Municipal Debt Securities or Commercial Paper.
The framework is revised to direct that during Listing of Commercial Paper, Where an issue is made by an issuer who has been in existence for less than three years, a disclosure that the issue is open for subscription only to Qualified Institutional Buyers shall be made.
