Debt and Municipal Issuers
Integrated module covering NCS, debt LODR, DT, CRA and security/charge.
NCS, debt LODR, DT, CRA and security/charge8 control pages
Reviewed by Ravi Sisodia · Last reviewed 24 July 2026
What this module covers
Debt and municipal-debt issuers raising non-convertible securities are governed by the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 — the “NCS Regulations” (amended as on 21 January 2026) — which consolidated and repealed the earlier separate 2008 debt-securities and 2013 non-convertible-redeemable-preference-shares regulations into one framework. A listed debt issuer also carries continuing obligations under the debt-specific chapter of the LODR Regulations. Every secured issue requires a debenture trustee, who must file a due-diligence certificate (in the formats set out in Schedule IV/IVA, covering both secured and unsecured issues) confirming the adequacy of the security created. A credit rating agency (CRA) rating is mandatory for most public debt issues, and the security/charge created for secured debt must be registered and monitored through the issue’s life, not just at the time of allotment.
The 8 control pages below turn this framework into operational checkpoints — confirming issuer eligibility and disclosure documents (P-01) through to inspection-readiness (P-08) — covering debt-LODR continuing disclosures, the debenture-trustee due-diligence certificate, CRA rating and the security/charge registration and monitoring trail.
Control pages
Governance and responsible persons
Onboarding, eligibility and due diligence
Funds, securities, custody and segregation
Valuation, pricing, fees and conflicts
Disclosure, reporting and website
Complaints, defaults and investor protection
Inspection, enforcement and evidence
Official sources
Current law status: the NCS Regulations are in force as of this review date, amended as on 21 January 2026. Verify for further amendments before relying on this page for a live compliance decision.