Notification No. NSDL/CIR/II/39/2025 dated October 23, 2025
Applicable Act/Rule: SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021 and allied regulations
The Securities and Exchange Board of India (SEBI) issued a consolidated Master Circular on October 15, 2025, covering the regulatory framework for issuance and listing of Non-convertible Securities (NCS), Securitised Debt Instruments, Security Receipts, Municipal Debt Securities, and Commercial Paper.
In line with SEBI’s circular, the National Securities Depository Limited (NSDL) has issued this directive to all Issuers and Registrar & Transfer Agents (RTAs) to ensure uniform compliance with the updated Master Circular.
The Master Circular consolidates prior instructions, rationalises procedural requirements, and outlines disclosure norms, listing procedures, and reporting obligations for issuers. RTAs have been advised to disseminate the circular to their client companies to ensure that all issuances and listings of debt and securitised instruments are in line with the new consolidated framework.
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