Public issue eligibility requires surplus income and non negative net worth for corporate issuers, plus any additional Board conditions. Regulation 5 conditions public issuance of municipal debt securities on financial eligibility: the issuer must demonstrate surplus income in any one of the immediately preceding three financial years or satisfy alternative financial criteria prescribed by the Board; corporate issuers under company law must not have negative net worth in any of those years; where a corporate municipal entity or Special Purpose Vehicle raises funds for a person entrusted under Article 243W, the person being financed must meet the clause (a) requirements. The Board may specify additional conditions from time to time.