1. Overview & Applicability
Notification Reference: SEBI Notification No. SEBI/LAD-DOP/2026/329 dated October 12, 2026.
Regulation Title: Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2026.
Effective Date: Immediate (w.e.f. October 14, 2026, upon publication in the Official Gazette).
2. Key Regulatory Amendments
Mandatory Listing of Subsequent NCD Issuances [Regulation 62A(1)]:
Any listed entity whose non-convertible debt securities are listed on or after October 14, 2026, must list all subsequent non-convertible debt securities issued by it on the recognized stock exchange(s).
The requirement applies automatically to all future NCD issuances following the initial debt listing.
Omission of Sub-regulations 62A(2) and 62A(3):
Sub-regulation (2) Omitted: Removes provisions concerning unlisted NCDs issued on or before December 31, 2023.
Sub-regulation (3) Omitted: Eliminates the specific three-month compliance timeline for listing previously unlisted outstanding NCDs.
3. Action Points for the Board / Management
Debt Capital Raising Strategy: Ensure that all future planned issuances of Non-Convertible Debt Securities (NCDs) factor in the mandatory stock exchange listing obligation prior to execution.
Procedural Compliance: Coordinate with legal advisers, debenture trustees, and market intermediaries to incorporate mandatory exchange listing requirements into draft offer documents and issuance documentation for subsequent NCD tranches.
