Simplification of operational process and clarifying regarding the cash flow disclosure in Corporate Bond Database pursuant to review of Request for Quote (RFQ) Platform framework.
Summary
SEBI simplifies yield-to-price computation on the RFQ platform by mandating that cash flow dates be based on due dates rather than adjusted for day count conventions. Issuers are required to disclose cash flow schedules, including due and payment dates, in the centralized corporate bond database upon ISIN activation. These provisions apply to prospective issuances and existing listed securities with residual maturity, effective from August 18, 2025.
Text
cash flow dates regarding payment of interest/ dividend/ redemption for the securities traded on RFQ platform for the purpose for yield to price computation shall not be adjusted for day count convention and shall accordingly be based on the due date of payment as per the cash flow schedule and not as per the date of payment.
(9) Yield to Price computation In order to simplify the process of yield to price computation for non-convertible securities, cash flow dates regarding payment of interest/ dividend/ redemption for the securities traded on RFQ platform for the purpose for yield to price computation shall not be adjusted for day count convention and shall accordingly be based on the due date of payment as per the cash flow schedule and not as per the date of payment.
Cash flow schedule regarding payment of interest/ dividend/ redemption in the centralized corporate bond database at the time of activation of ISIN in the following format: Sr. No. Particulars Due Date Payment date as per day count convention 1 Payment of interest/ dividend/ redemption XXX XX In case of any change in the information pertaining to cash flow regarding interest/ dividend/ redemption during the tenure of the securities, the same shall be updated within one working day in the centralized corporate bond database.
The aforesaid disclosure requirement shall be applicable for prospective issuances of debt securities and for the residual maturity of the ISINs that are already listed.
This circular shall come into force with effect from August 18, 2025
The Stock Exchange(s)are directed to bring the provisions of this circular to the notice of the market participants and also disseminate the same on their websites and make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above directions in coordination with one another to achieve uniformity in approach.
This Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 55 (1) of the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021 to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Simplification of operational process and clarifying regarding the cash flow disclosure in Corporate Bond Database pursuant to review of Request for Quote (RFQ) Platform framework.. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.