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<h1>SEBI Clarifies Disclosure Rules for Convertible and Non-Convertible Debt Securities, Superseding Previous Circulars.</h1> The circular clarifies the applicability of SEBI regulations and circulars regarding initial and continuous disclosures for convertible and non-convertible debt securities. It supersedes previous circulars and outlines that non-convertible debt securities, whether public or privately placed, must adhere to the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008. Convertible debt securities must follow disclosure norms applicable to equity or other instruments as per SEBI guidelines. The clarifications apply to information memoranda or offer documents prepared after the circular's issuance. Merchant bankers and stock exchanges must ensure compliance and inform relevant parties.