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          <h1>Municipal debt securities must be underwritten by SEBI-registered underwriters with full disclosure per 2015 regulations.</h1> A public issue of municipal debt securities can be underwritten by an underwriter registered with the Securities and Exchange Board of India (SEBI). In such cases, the offer document must include adequate disclosures regarding the underwriting arrangements. This provision is part of the SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015, with the term 'municipal debt securities' having replaced 'revenue bonds' following a 2019 amendment.

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