Dear Sir\Madam,

SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, governs issue and listing of non-convertible securities, on a recognized stock exchange and provides for Electronic Book Provider platform (EBP platform), offering efficient and transparent price discovery mechanism.

Accordingly, in order to streamline procedure of issuance and applicability of EBP platform mechanism on the “NCDs portion” the following has been decided and made applicable for issues wherein the size of NCDs portion is above threshold prescribed under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021.

This circular shall be applicable for all issues of ‘NCDs with Warrants’ made under ICDR Regulations, 2018, on or after the date of this Circular.

The aforesaid circular is attached for reference.

Entities involved in the ‘NCDs with Warrants’ issue process are advised to ensure compliance with this circular.  

Ashok Kumar Singh   Assistant General Manager Listing Compliance

Nisha Mehta   Senior Manager Listing Compliance

August 16, 2021