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Revision in Chapter-XIV of Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper- (Securities and Exchange Board of India) (22 Mar 2022)


Capital Market

1. Chapter-XIV of the Operational Circular no. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, issued by SEBI, stipulates provisions mandating stock exchanges and depositories to jointly create, host and maintain a Centralized Database of corporate bonds, held in demat form. Annex-XIV-A to the said chapter, inter-alia, provides the list of data fields to be submitted by the issuer to depositories, at the time of allotting the ISIN.

2. The Market Data Advisory Committee (MDAC), a standing committee constituted by SEBI, comprising of representatives from stock exchanges, depositories and other market participants, examined the existing industry classification structures, across sectors, and developed a revised harmonised four level industry classification framework for adoption by all stakeholders and for all relevant processes/purposes in Indian securities market. A standarised framework will help bring about uniformity in the classifications being used across sectors as on date.

3. Accordingly, the following amendments are being made to Chapter-XIV (Centralized Database for corporate bonds/debentures) of the Operational Circular and annexures thereof:

A. Paragraph 2.2 b) shall stand modified as follows:

"Post listing of securities, issuer shall submit information in the requisite fields as provided in Annex-XIV-B to any of the stock exchanges where their securities are listed on a periodical basis (within 30 days from the end of the financial year) and/or 'as and when' basis (event based), as applicable. The stock exchange shall indicate the format of filing to the issuers in this regard."

B. Clause 8. b) (Type of Issuer-Based on nature of business) of paragraph B. (Issuer/instrument classification) of Annex-XIV-A shall be deleted.

C. Clause 9 (Based on sector of business) of Annex-XIV-A shall be replaced with the table given in the Annex to this circular.

4. The provisions of this circular shall be applicable to all issuances of debt securities, which open, on or after April 1, 2022.

5. The Circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 55 (1) of the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021 to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.


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