SEBI/HO/DDHS/DDHS -PoD -1/P/CIR/2025/0000000073 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/DDHS/DDHS -PoD -1/P/CIR/2025/0000000073 To, Issuers who have listed and/ or propose to list Non-convertible Securities (NCS) , NCRPS , Municipalities having listed bonds; Registered Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs), Small & Medium REITs (SM REITs) having listed units and/or proposing to list its units; Recognised Stock Exchanges; Registered Depositories; Recognised Clearing Corporation; Registered Credit Rating Agencies, Debenture Trustees, Merchant Bankers, Registrars to an Issue and Share Transfer Agents and Bankers to an Issue, Stock Brokers, Depository Participants, and other relevant market participants Madam/ Sir, Subject: Review of provisions pertaining to Electronic Book Provider (EBP) platform to increase its efficacy and utility In order to increase the efficacy and utility of the EBP platform and have a review of various feedback received on the primary issuance of various securities on a private placement basis, SEBI had set up a working group. It may be mentioned that the Master circular no. SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated May 22, 2024 in its Chapter VI – " Electronic Book Provider platform", Chapter VII – " Standardization of timelines for listing of securities issued on a private placement basis" and Chapter XV – " Reporting of primary issuances" of (hereinafter referred as "Master circular") prescribes provisions related to the EBP platform. May 16, 2025 Based on the recommendations of the working group , due public consultations & feedback received and internal deliberations and evaluation of the recommendations and feedback , certain provisions of the Master circular no. SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated May 22, 2024, specifically in the Chapter VI and Chapter VII , are hereb