Notification No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated October 29, 2025
Applicable Act/Rule: Securities and Exchange Board of India Act, 1992
Applicable Section/Rule: Regulation 55 of SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021
SEBI has consolidated all circulars related to the issue and listing of Non-Convertible Securities (NCS), Securitised Debt Instruments (SDI), Security Receipts, Municipal Debt Securities, and Commercial Paper into a single comprehensive Master Circular.The new Master Circular replaces previous SEBI circulars covering operational and procedural aspects under the SEBI NCS Regulations, 2021
The Master Circular compiles and supersedes prior directions concerning public issues and private placements of NCS, SDI, municipal debt instruments, and related securities. It covers:
Issuers, stock exchanges, depositories, and intermediaries must disseminate, implement, and monitor compliance with this Master Circular. All previously issued circulars on this subject stand rescinded but actions taken earlier remain valid.
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