- SEBI raised the debt ISIN maturity limit from 14 to 17 per financial year
- Plain-vanilla debt ISINs increased from 9 to 12 under the new framework
- Structured and market-linked debt ISINs capped at 5 for issuers
SEBI has eased rules governing private-placement debt fundraising, raising the number of debt ISINs that can mature in a financial year to 17 from 14, giving large issuers greater flexibility to stagger redemptions and manage asset-liability mismatches.
The revised framework allows 12 ISINs for plain-vanilla debt securities, up from nine, while five ISINs will cover structured debt, market-linked debt, floating-rate bonds, zero-coupon bonds and Tier-II debt instruments. Issuers whose plain-vanilla debt maturities reach Rs.15,000 crore can unlock one additional ISIN for every further Rs.3,000 crore of maturities.
The change is particularly relevant for banks, NBFCs and large corporate borrowers, where concentrated maturities can increase refinancing and liquidity risks. SEBI said the relaxation is intended to facilitate fundraising and improve asset-liability management.
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ISINs for GoI-serviced/EBR bonds and ESG debt securities will be excluded from the calculation, providing issuers additional headroom. The framework also provides flexibility for issuers with only structured debt, market-linked debt, floating-rate bonds, zero-coupon bonds or Tier-II debt.
The revised framework takes immediate effect.
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