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<h1>Issuers must conduct quarterly independent valuations and biannual credit ratings, declaring NAV within 15 days post-quarter.</h1> An issuer with listed security receipts must ensure quarterly valuation by an independent valuer on March 31, June 30, September 30, and December 31, with the net asset value (NAV) declared within fifteen days post-quarter. Additionally, the issuer must comply with the Reserve Bank of India's requirements for obtaining a credit rating of security receipts biannually and declare the NAV thereafter. In quarters requiring both external valuation and credit rating, the issuer must disclose the lower of the two NAVs. These regulations were amended by SEBI in 2018.