Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
Summary
This part contains Chapter I Preliminary of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 as amended up to July 8, 2026. It provides Regulation 1 on short title and commencement and Regulation 2(1) definitions for terms used in the regulations. Definitions introduced include Act, advertisement, Board, constitution document, credit enhancement, designated stock exchange, draft offer document, fugitive economic offender, general purposes, interest payment account, institutional investor and issuer. This part defines terms (m) to (zb) including municipal debt securities, municipality, private placement, public issue, shelf offer document, wilful defaulter and working day. It provides that undefined words shall have meanings assigned in the Act, Securities Contracts (Regulation) Act, 1956 or Depositories Act, 1996 and states applicability to public issuance and private placement intended to be listed. It inserts reference date 3A requiring satisfaction of conditions on filing dates and begins eligible issuers provision under regulation 4. This part prescribes eligibility conditions for issuers of municipal debt securities
Text
These regulations may be called the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015.
These regulations shall come into force on the date of their publication in the Official Gazette.
“Act” means the Securities and Exchange Board of India Act, 1992 (15 of 1992);
“advertisement” includes all forms of communication including notices, brochures, pamphlets, show cards, catalogues, hoardings, placards, posters, insertions in newspaper, cover pages of offer documents, pictures, films, etc., in any print media or electronic media or social media, radio, television programme;
"Board" means the Securities and Exchange Board of India established under section 3 of the Act;
“constitution document” shall mean the Central or State Act, Rules, Regulations or charter under which the issuer has been established or incorporated or notified;
“credit enhancement” shall mean any arrangement including subordination, insurance, letter of credit, over-collateralization, undertakings, guarantees, letter of comfort etc.;
“designated stock exchange” shall mean a recognized stock exchange in which securities of an issuer are listed or proposed to be listed and which is chosen by the issuer as a designated stock exchange for the purpose of a particular issue of municipal debt securities under these regulations;
“draft offer document” shall mean the draft offer document filed with the Board in relation to a public issue under these regulations;
“fugitive economic offender” shall mean an individual who is declared a fugitive economic offender under section 12 of the Fugitive Economic Offenders Act, 2018 (17 of 2018);
“general purposes” include such identified purposes for which no specific amount is allocated or any amount so specified towards general purpose or any such purpose by whatever name called, in the draft offer document or the offer document;
“interest payment account” shall mean the account wherein the interest amount due to be paid by the borrower/issuer is deposited.
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Source: SecMarx — Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.