ARTICLE · 20 OCTOBER 2025

Consolidation Meets Clarity: Decoding SEBI's 2025 Master Circular On Debt Securities

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In an effort to enhance regulatory precision and operational efficiency within India's rapidly expanding debt capital market, the Securities and Exchange Board of India (SEBI) promulgated a revised Master Circular on October 15, 2025, ...

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Prakshi Singh Rao

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In an effort to enhance regulatory precision and operational efficiency within India's rapidly expanding debt capital market, the Securities and Exchange Board of India (SEBI) promulgated a revised Master Circular on October 15, 2025, entitled "Master Circular for Issue and Listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper" (Circular No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/137). This extensive document amalgamates all preceding directives and guidelines pertinent to the issuance and listing of these financial instruments, integrating revisions from circulars issued up to June 30, 2025. For issuers, investors, intermediaries, and regulatory authorities, this Master Circular functions as a comprehensive reference point, nullifying redundant provisions from prior notifications while safeguarding established rights and ongoing obligations.

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