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ARTICLE · 18 DECEMBER 2020

SEBI Supplements The Application Process For Public Issues Of Debt Securities By Introducing The UPI Mechanism

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The Circular mandates the adding on of the UPI mechanism as an optional application feature for those debt public issues which open for subscription on or after 1 January 2021.

IndiaFinance and Banking
Sudhir Bassi
Sudhir Bassi
Aayush Mohata
Aayush Mohata
Adrika Dhawan
Adrika Dhawan
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Keeping in line with its focus to streamline the debt public issue process, across the gamut of securities, SEBI issued a circular on 23 November 2020 (Circular), introducing the Unified Payments Interface (UPI) mechanism as an additional mode for making online applications for public issues of various debt securities such as debentures, non-convertible redeemable preference shares, securitised debt instruments and municipal debt securities. The Circular mandates the adding on of the UPI mechanism as an optional application feature for those debt public issues which open for subscription on or after 1 January 2021.

Salient features of the Circular

(i) In addition to applications through the Applications Supported by Blocked Amount (ASBA) mode (Self-Certified Syndicate Banks (SCSB) ASBA or Syndicate ASBA), investors can make application for up to INR 2 lakhs through UPI mechanism: (i) offered through a web /app interface of stock exchanges; and (ii) through

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