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of <h1>Regulation 19 requires structured payment mechanisms and escrow accounts for municipal debt securities. Updated in 2019 for secured debentures.</h1> Regulation 19 of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 mandates issuers to establish a structured payment mechanism and maintain specific escrow accounts for debt servicing of municipal debt securities. This regulation was updated in 2019 to replace provisions related to the creation of security for secured debentures. Previously, it required secured debentures to be backed by a charge on sufficient assets or receivables, and unsecured debentures intended for listing needed a government guarantee or structured payment mechanism. The regulation also included conditions on the use of issue proceeds and asset encumbrances.
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