SEBI/HO/DDHS/DDHS - PoD - 1/P/CIR/2024/173 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/DDHS/DDHS - PoD - 1/P/CIR/2024/173 December 13, 2024 To, Issuers of listed non - convertible debt securities; Recognised Stock Exchanges; Registered Depositories Madam/ Sir, Subject: Relaxation from the ISIN restriction limit for issuers desirous of listing originally unlisted ISINs (outstanding as on December 31, 2023) (Modification to Chapter VIII of the Master Circular for issue and listing of Non -convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper) Regulation 62A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "LODR Regulations") mandates a listed entity (whose non-convertible debt securities are listed) to list all nonconvertible debt securities, proposed to be issued on or after January 1, 2024, on the stock exchange(s). Additionally, it provides an option to a listed entity, to list its outstanding unlisted non-convertible debt securities issued on or before December 31, 2023. Chapter VIII (Specifications related to ISIN for debt securities) of 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 , (hereinafter referred as ' NCS Master Circular' r' ) issued by SEBI, specifies provisions pertaining to maximum number of ISINs that can mature in a financial year in respect of private placement of debt securities . Clause 1 of Chapter VIII of NCS Master Circular reads as under: "In respect of private placement of debt securities, the following shall be complied with regard to ISINs, utilised to issue debt securities from April 1, 2023: 1.1A maximum number of fourteen ISINs maturing in any fi