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of <h1>Issuers Must Contribute 20% of Project Costs for Municipal Debt Securities Under Regulation 18B, SEBI 2015.</h1> Regulation 18B of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 mandates that issuers must contribute at least twenty percent of the project costs for each issuance of municipal debt securities. This contribution must come from the issuer's internal resources or grants, which can be in cash or kind. This requirement applies to both public issues and private placements. The regulation was amended and inserted by a notification dated September 27, 2019.
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