Disclosure of default on loans and debt securities required, with prompt stock exchange reporting and quarterly updates. Listed issuers must disclose within one working day at the first instance any Default-non payment of interest or principal on the due date-relating to listed debt instruments, commercial paper, MTNs, FCCBs, loans from banks and financial institutions, and ECBs. Disclosures must follow prescribed templates detailing issuer, date and nature of obligation, lender or instrument specifics, date and amount of default with instalment/interest breakup, gross principal affected, total issuance or borrowings and other particulars. Quarterly, outstanding defaults as of quarter end must be reported within seven days, and defaults must also be notified to credit rating agencies.