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of <h1>SEBI Updates Disclosure Norms for Municipal Debt Securities: Clear Offer Documents, Financial Details, and Risk Factors Required.</h1> The Securities and Exchange Board of India (SEBI) mandates comprehensive disclosures in offer documents and placement memorandums for municipal debt securities. Issuers must provide updated information, including the issuer's general information, capital structure, objectives, financial details, and legal matters. The documents should be clear, free from unsubstantiated forward-looking statements, and consistent in style. Specific details include financial statements, borrowing details, risk factors, project information, and government approvals. Issuers must ensure investor grievances are addressed and undertake to submit necessary documents to debenture trustees. The disclosures aim to provide investors with adequate information for informed decision-making.
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