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of <h1>Issuers Must List Municipal Debt Securities on Recognized Stock Exchanges per Regulation 4A; Primary Exchange Required</h1> Regulation 4A of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 mandates that an issuer must apply to one or more recognized stock exchanges for listing securities. If applications are made to multiple exchanges, the issuer must designate one as the primary exchange. For any subsequent issues, the issuer can select a different primary exchange, provided it complies with the regulation. This provision was inserted through a notification dated September 27, 2019.
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