1/P/CIR/2024/129 September 26, 2024

CIRCULAR 1/P/CIR/2024/129 September 26, 2024 SEBI/HO/DDHS/DDHS -PoD - To, Issuers who propose to list debt securities or non-convertible redeemable preference shares; 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: Reduction in the timeline for listing of debt securities and Nonconvertible Redeemable Preference Shares to T+3 working days from existing T + 6 working days (as an option to issuers for a period of one year and on a permanent basis thereafter such that all listings occur on a T+3 basis) Para 12 of 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, interalia specifies that the listing of debt securities and Non-convertible Redeemable Preference Shares (NCRPS) issued through public issue process shall be completed within T+6 working days from the date of closure of the issue . Regulation 37 (2) of SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 ("NCS Regulations") applicable to public issues of debt securities and NCRPS, requires issuers to refund the application moneys in an event of failure to list such securities within specified timelines. The same is reproduced below: "I "In the event of failure to list such securities within such days from the date of closure of issue as may be specified by the Board (scheduled listing date), all application moneys received or blocked in the public issue shall be refunded or

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