Brief Overview:
Provisions pertaining to Electronic Book Provider (“EBP”) platform have been amended by The Securities and Exchange Board of India (“SEBI”).
Technical Details:
A brief overview of amendments is provided below:
1) Amendments effective immediately from the date of the circular i.e., May 16, 2025:
(a) Threshold for mandatory EBP has been reduced to INR 20 Crores (which was earlier INR 50 Crores) for private placements of debt securities, Non-Convertible Redeemable Preference Shares (“NCRPS”) and municipal debt securities.
(b) Optional access to EBP Platform for issuers having threshold lower than INR 20 Crores.
2) Amendments effective from August 16, 2025:
(a) The first-time issuers on EBP are required to submit the placement memorandum and term sheet at least 3 working days prior to the issue opening date (as against the current requirement of 5 days) and the existing issuers are required to submit at least 2 working days prior to the issue opening date.
(b) The issuer can reserve a portion of the issue size for anchor investors, depending on the credit rating of the instrument, i.e.,
(i) up to 30% for AAA/ AA+/AA/AA-;
(ii) 40% for A+/ A-; and
(iii) 50% for other credit ratings.
(c) The anchor investors shall provide electronic confirmation on the EBP platform 1 day prior to the issue opening date and non-confirmation shall result in re-allocation of the anchor portion to the base issue size.
3) Amendments effective from November 16, 2025:
(a) The allotment will be made on a pro-rata basis when multiple bids are received at the cut- off coupon and/ or price.
(b) Optional access to EBP Platform:
(i) Private placement of securitised debt instruments, security receipts, commercial papers, or certificates of deposit.
(ii) Private placement of Real Estate Investment Trusts (“REITs”), Small and Medium Real Estate Investment Trusts (“SM REITs”) and Infrastructure Investment Trusts (“InvITs”).
JC Takeaway:
This amendment aims to enhance transparency, efficiency, and participation in private placements of securities.
For further details, please see:
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