SEBI master-circular SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/0000000103 · 11 Jul 2025
Official title
Master Circular for listing obligations and disclosure requirements for Non-convertible Securities, Securitized Debt Instruments and/ or Commercial Paper
Summary
Check the official recordThis Master Circular consolidates all existing SEBI circulars issued until June 30, 2025, regarding listing obligations and disclosure requirements for issuers of Non-convertible Securities, Securitized Debt Instruments, and Commercial Paper. It mandates that issuers and recognized stock exchanges comply with the specified conditions, maintain necessary systems for implementation, and monitor compliance. The circular supersedes previous operational circulars while preserving actions taken under them. It provides standardized formats for financial reporting, audit reports, disclosure of audit qualifications, utilization of issue proceeds, and corporate governance. Issuers must submit financial information, audit reports, and compliance statements to stock exchanges and publish them on their websites as per the timelines and formats defined in the respective chapters.
What you must do
Key dates
Who is affected
Thresholds
Exceptions
If you do not comply
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