SEBI/HO/DDHS/PoD1/P/CIR/2024/54 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

MASTER CIRCULAR SEBI/HO/DDHS/PoD1/P/CIR/2024/54 To , Issuers who have listed and/ or propose to list Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities or Commercial Paper 1 ; Recognised Stock Exchanges; Registered Depositories; Registered Credit Rating Agencies, Debenture Trustees, Depository Participants, Stock Brokers, Merchant Bankers, Registrars to an Issue and Share Transfer Agents, Bankers to an Issue; Sponsor Banks; Self -Certified Syndicate Banks; and National Payments Corporation of India Madam/ Sir, Sub: Master Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper Vide notification no. SEBI/LAD -NRO/GN/2021/39 dated August 09, 2021 , SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (hereinafter referred to as the SEBI NCS Regulations, 2021) were notified, pursuant to merger and repeal of the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (hereinafter referred to as the SEBI ILDS Regulations, 2008) and SEBI (Issue and Listing of Non-Convertible Redeemable Preference Shares) Regulations, 2013 (hereinafter referred to as the SEBI NCRPS Regulations, 2013) . Since the notification of the SEBI ILDS Regulations, 2008 and the SEBI NCRPS Regulations, 2013 and subsequent notification of SEBI NCS Regulations, 2021 , SEBI has issued multiple circulars covering procedural and operational aspects thereof . 1 Unless specified otherwise, all the chapters are applicable to an issue of Non-convertible securities; May 22, 2024 In order to enable the stakeholders to have an access to all the applicable circulars/ directions at one place, the provisions of the circulars issued till May 21