MANU/SMIS/0026/2022
Ministry : Securities and Exchange Board of India
Department/Board : Department of Debt and Hybrid Securities
Circular No. : SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/158
Date : 24.11.2022
Notification/ Circulars Referred : CIR/IMD/DF1/60/2017 dated June 19, 2017 MANU/SDIP/0003/2017;SEBI/HO/DDHS/CIR/P/134/2019 dated November 13, 2019 MANU/SDIP/0008/2019
Citing Reference:
CIR/IMD/DF1/60/2017 dated June 19, 2017 MANU/SDIP/0003/2017 Referred
SEBI/HO/DDHS/CIR/P/134/2019 dated November 13, 2019 MANU/SDIP/0008/2019 Referred
To,
All Issuers who have listed/ propose to list municipal debt securities;
All Recognized Stock Exchanges;
All Registered Depositories;
Registered Credit Rating Agencies, Debenture Trustees, Merchant Bankers
Madam/ Sir,
Disclosures and compliance requirements for Issuance and Listing of Municipal Debt Securities under SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015, which fall within the definition of "green debt security"
1. SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 (ILMDS Regulations) and circulars issued thereunder, provide the framework for issuance and listing of municipal debt securities. SEBI has also specified the continuous disclosure and compliance requirements to be complied with by issuers of Municipal Debt Securities1.
2. The ILMDS Regulations do not define 'green debt security'.
3. It is pertinent to mention that Regulation 2(1)(q) of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 (NCS Regulations), defines "green debt security". Further, Chapter IX of the Operational Circular dated August 10, 2021 , inter alia, provides the initial and continuous disclosure requirements for entities issuing/proposing to issue green debt securities.
4. S........