SEBI amends Regulation 62A to mandate listing of subsequent issuances of non-convertible debt securities by specified entities, enhancing secondary market liquidity.
SEBI Mandates Listing of Subsequent NCD Issuances
In a significant move to improve transparency and liquidity, SEBI has amended Regulation 62A through its Third Amendment Regulations, 2026, requiring specified listed entities to list subsequent issuances of non-convertible debt securities (NCDs).
The amendment targets companies that have already established a public debt program, obliging them to list follow-on NCD issues on recognized stock exchanges. The rule excludes private placements within exemptions under Regulation 2(1)(c) of the LODR Regulations.
This reform is expected to benefit retail investors by enabling price discovery and exit options. Legal advisors must ensure that issuance documents include listing commitments, and compliance officers should integrate this requirement into the debt issuance calendar. The change reinforces SEBI’s push for deeper corporate bond markets.
Citations
- SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2026