Perpetual securities compliance: instruments with RBI authorisation and discretionary loss absorbing features must follow Chapter V listing rules. Instruments are subject to Chapter V only if the issuer has RBI permission, the instruments form part of non-equity regulatory capital, they are perpetual debt or perpetual non cumulative preference shares or similar, and they include issuer/RBI discretion over events such as conversion, write off, deferment/skipping of payments, early recall or change of terms. Stock exchanges and depositories must amend rules, disseminate the circular, raise stakeholder awareness and monitor compliance; the circular takes immediate effect.