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SEBI Reduces Timeline for Listing Debt Securities

Published on December 03, 2022
Current Context: The Securities and Exchange Board of India (SEBI) reduced the timeline for listing debt securities issued through private placement.
SEBI Reduces Timeline for Listing Debt Securities
  • It has been reduced by SEBI from T+4 days to T+3 days, where T refers to the issue closure date.
  • The reduction of the timeline has been done to boost the availability of securities for trading by investors and new guidelines will come into effect from 01st January 2023.
  • SEBI specified the steps involved in pre and post-listing, along with various deadlines, both via the Electronic Book Provider (EBP) platform and otherwise.
  • As per the EBP mechanism, the issuer who intends to list municipal-debt securities and non-convertible securities must obtain in-principle approval from the stock exchange before the date on which the placement memorandum and term sheet are presented to the EBP.
  • For the bidding to be done on T-day, the announcement of start and close times of the EBP platform must be announced by the issuer on or before T-1.
  • Further, the issuer has to obtain the International Securities Identification Number (ISIN) from a depository before applying to another depository for admission of debt issuance by T+1.
  • Following that, a credit confirmation letter will be sent to the issuer by the depositories on or before T+1, and T+2, and the issuer must apply listing of debt securities by T+3.
  • SEBI was established in 1992 with its headquarters in Mumbai. The current Chairperson of the body is Madhabi Puri Buch.


Q.1 Which of the following reduced the timeline for listing debt securities issued through private placement?
b. RBI

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