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of <h1>Municipal debt issuers must meet SEBI's eligibility criteria, including surplus income or positive net worth, for public issues.</h1> Issuers of municipal debt securities must meet specific eligibility conditions for a public issue, as per SEBI regulations. The issuer must have surplus income in any of the preceding three financial years or meet other financial criteria set by SEBI. If the issuer is a body corporate under the Companies Act, 2013, it must not have a negative net worth in the same period. Special Purpose Vehicles raising funds for functions under Article 243W of the Constitution must ensure the financed entity meets these conditions. Additional requirements may be specified by SEBI over time.
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