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<h1>Issuers must file draft offer documents for municipal debt securities with SEBI and stock exchanges via lead managers.</h1> No issuer can make a public issue of municipal debt securities without filing a draft offer document with the Securities and Exchange Board of India (SEBI) and the designated stock exchange through a lead manager. The lead manager must submit a certificate confirming an agreement with the issuer and a due diligence certificate. SEBI may request changes to the draft within 21 days, and the document must be publicly available for comments for 15 days. The lead manager must report public comments and make necessary changes. Offer documents must be available on relevant websites, and due diligence certificates must be submitted before the public issue opens.