SEBI Unveils Key Amendments for Subsequent Listing of NCDs

Brief Overview:

Key amendments have been introduced for subsequent listing of listed debt securities (“NCDs”) pursuant to an amendment in SEBI (Listing Obligations and Disclosure Requirements), 2015. 

Technical Details:

 1)   The summary of the amendment prescribed by the Securities and Exchange Board of India (“SEBI”) for listed entities is as follows:
(a)   A listed entity which has NCDs listed on a stock exchange, shall list all subsequent NCDs proposed to be issued on or after 01st January 2024;
(b)   A listed entity whose subsequent issues of unlisted NCDs made on or before 31st December, 2023 are outstanding on the said date, may list the NCDs on the stock exchange; and
(c)   A listed entity which proposes to list NCDs on the stock exchange on or after 01st January 2024, shall list all its outstanding unlisted NCDs previously issued on or after 1st January 2024 within 3 (three) months from the date of listing of the proposed NCDs.
2)   The following securities are exempt from the above provisions:
(a)   NCDs issued pursuant to an agreement between a listed entity and multilateral institutions;
(b)   NCDs issued pursuant to an order of a court / tribunal / regulatory requirement stipulated by a financial sector regulator (RBI, IRDAI and PFRDA) subject to certain conditions;
(c)   Bonds issued under Section 54EC (Capital gains not be charged on investment in certain bonds) of the Income Tax Act, 1961.
3)   The listed entity proposing to issue NCDs in accordance with (B) above shall be required to disclose to the stock exchanges all key terms of such securities, including embedded options, security offered, interest rates, charges, etc.
For further details, please see:

For any queries / clarifications, please feel free to ping us and we will be happy to chat

● Ms. Apurva Kanvinde (

Mr. Smit Parekh (
●  Mr. Mannan Gala (

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