SEBI issues Master Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper

The Securities and Exchange Board of India (“SEBI”) has issued Master Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper incorporating the various circulars issued till October 15^th, 2025.

Various formats as prescribed under circulars issued up to October 15^th, 2025 have been consolidated under this Master Circular.

For ease of reference, the Master Circular has been hyperlinked below.

For regulatory updates and update-related services, drop a mail at inquiries@lexplosion.in.

Note: The provisions of the relevant circulars issued after the Master Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper dated May 22, 2024 have already been covered in Komrisk. However, necessary modifications regarding ‘Name of Law’ and Provision references will be made shortly.

Source: SEBI