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          <h1>Issuers must dematerialize municipal debt securities per Regulation 4C of SEBI's 2015 regulations.</h1> Regulation 4C of the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015 mandates that issuers must arrange with a SEBI-registered depository for the dematerialization of municipal debt securities they intend to issue. This requirement aligns with the Depositories Act, 1996, and its associated rules and regulations. This provision was inserted through a notification dated September 27, 2019.

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