Secondary market transparency for privately placed corporate debt: exchange trading limited to qualified institutional and high net worth investors. Listed companies issuing debt on private placement must provide initial and continuing disclosures under Schedule II, SEBI disclosure guidelines and the listing agreement (with web-only disclosure permitted for securities in a standard denomination); obtain an investment grade rating from a SEBI-registered agency; appoint a SEBI-registered debenture trustee; issue and trade securities in demat form; sign a separate listing agreement; and ensure all non-spot trades occur on exchange platforms with trading restricted to qualified institutional investors and high networth individuals. Intermediaries associating with such issuances are accountable and must furnish periodic reports to SEBI.