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<h1>Regulation 9 mandates truthful, fair advertisements for municipal debt securities, disallowing misleading content or investment solicitation.</h1> Regulation 9 of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015, governs advertisements for public issues. Issuers may advertise in a widely circulated national daily before the issue opening date, ensuring disclosures align with Schedule IV. Advertisements must not be misleading, distorted, manipulative, or deceptive, and must remain truthful, fair, and clear without extraneous content. During the subscription period, promotional or educational advertisements must not reference municipal debt securities or solicit investments. Previous provisions urging investment based on offer documents and references to 'revenue bonds' have been omitted or substituted.