1/P/CIR/2024/128 September 24, 2024 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR 1/P/CIR/2024/128 September 24, 2024 SEBI/HO/DDHS/DDHS -PoD - To, Issuers who propose to list debt securities, non-convertible redeemable preference shares, municipal debt securities or securitised debt instruments; Recognised Stock Exchanges; Registered Merchant Bankers; Registered Stock Brokers; Depositories and Registered Depository Participants; Registered Bankers to an Issue; Registered Registrars to an Issue and Share Transfer Agents; and Self Certified Syndicate Banks (SCSBs) Madam/ Sir, Subject: Usage of UPI by individual investors for making an application in public issue of securities through intermediaries Chapter I (Application process in case of public issues of securities and timelines for listing) of the Master Circular no. SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated May 22, 2024, (hereinafter referred as 'Master Circular') issued by SEBI, prescribes provisions pertaining to application process in case of public issue of securities under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 and SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008. In order to streamline and align the process of applying in the public issue of debt securities, non-convertible redeemable preference shares, municipal debt securities and securitised debt instruments with that of public issue of equity shares and convertibles, it has been decided that all individual investors applying in public issues of such securities through intermediaries (viz. syndicate members, registered stock brokers, registrar to an issue and transfer agent and depository participants), where the application amount is upto Rs. 5 Lakh, shall only use UPI for the purp