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October 2026
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SEBISEBI sets the ISIN cap for privately placed debt at seventeen maturing in a financial year, with extra ISINs above ₹15,000 crore: Circular HO/17/11/24(8)2026-DDHS-POD1/I/23125/2026
17 ISINs a financial yearRule changeSEBI has replaced paras 1.1 to 1.3 of the ISIN provisions of its NCS Master Circular to increase the maximum number of ISINs maturing in a financial year for debt securities issued on private placement basis. An issuer is now allowed seventeen ISINs maturing in any financial year: twelve for plain vanilla debt and five for structured, market linked, floating rate, zero coupon and Tier II instruments, plus six more for section 54EC capital gains bonds. The change took effect immediately on 7 October 2026.
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SEBISEBI lets certain listed, regulated issuers skip the merchant banker for ₹10,000 face value privately placed debt rated AA- or above: Circular HO/17/11/24(7)2026-DDHS-POD1/I/23122/2026
Rated AA- or aboveReliefSEBI has relaxed the rule that an issuer must appoint at least one merchant banker when it privately places debt securities or non-convertible redeemable preference shares at a face value of ₹10,000. An issuer may now go without a merchant banker if it meets five conditions together, covering its regulator, listing record, default history, the security offered and a rating of at least AA-. The change took effect immediately on 7 October 2026.
August 2026
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SEBISEBI proposes a mandatory colour-coded Credit Risk-o-Meter for debt securities in offer documents, advertisements and bond platforms; comment window closed on 3 September 2026
Credit Risk-o-Meter: draftComments invitedA SEBI consultation paper issued on 13 August 2026 proposes that issuers and Online Bond Platform Providers must display a “Credit Risk-o-Meter” — a six-level colour-coded scale mapped to credit ratings from AAA to D — in offer documents, abridged prospectuses, private placement memoranda, advertisements and OBPP web and mobile platforms. Comments were due by 3 September 2026; the window has closed.
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SEBIMunicipal bonds: SEBI sets face value at ₹1 lakh or ₹10,000 for private placements, adds a two-step escrow for pooled finance vehicles and gives more time for financial results
Face value ₹1 lakh or ₹10,000ReliefFollowing the July 2026 amendment to the municipal debt securities regulations, SEBI has specified operational norms by a circular of 11 August 2026. Privately placed municipal debt securities are to have a face value of ₹1 lakh or ₹10,000; pooled finance vehicles get a two-step escrow mechanism and a list of credit enhancement options; municipalities get 60 days for half-yearly and 90 days for annual results.
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