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ARTICLE · 02 SEPTEMBER 2026

Greater Flexibility For Debt Issuers: SEBI Proposes Changes To ISIN Limits And Debt-Listing Requirements

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On 10 August 2026, the Securities and Exchange Board of India (SEBI) issued a consultation paper titled “Review of provisions related to ISIN for Debt Securities” (Consultation Paper), proposing the following key changes.

IndiaFinance and Banking
Rajeev Vidhani
Rajeev Vidhani
Manas Pandey
Manas Pandey
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1.       Overview

On 10 August 2026, the Securities and Exchange Board of India (SEBI) issued a consultation paper titled “Review of provisions related to ISIN for Debt Securities” (Consultation Paper), proposing the following key changes:

  1. an increase in the limit on the number of International Securities Identification Numbers (ISINs) that may mature in a financial year in respect of privately placed debt securities; and
  2. relaxation of the requirement for an issuer that lists its non-convertible debt securities (Non-Convertible Securities) for the first time to retrospectively list its existing outstanding unlisted Non-Convertible Securities issued after January 2024.

The Consultation Paper is open for public comments until 31 August 2026. The proposed amendments will take effect only upon SEBI issuing the final circular and making the corresponding amendments to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

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