Commercial Papers (CPs) in India are regulated by Reserve Bank
of India (RBI) and governed by the RBI directions (RBI CP
Directions) which lays down the eligibility requirements,
disclosure norms, rating and documentation procedures. Further, the
Fixed Income Money Market and Derivatives Association of India
(FIMMDA) prescribes standard procedures and documentation for
issuance of CPs in compliance with guidelines issued by FIMMDA on 5
October 2017 (FIMMDA Operational Guidelines).
With an intention of broadening investor participation in CPs,
the Securities and Exchange Board of India (SEBI) has allowed
listing of CPs by releasing a new framework for listing of CPs
dated 22 October 2019 (SEBI CP Circular). The SEBI CP Circular
provides for disclosure norms for listing of CPs as well as the
continuous disclosure obligations. The disclosure framework has
been based on the recommendations of Corporate
Bonds & Securitization Advisory
Committee, chaired by Shri H.R.
