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<h1>SEBI Master Circular Streamlines Non-Convertible Securities Guidelines, Merges Previous Regulations into SEBI NCS Regulations 2021.</h1> The Master Circular issued by the Securities and Exchange Board of India (SEBI) consolidates regulations and guidelines for the issuance and listing of non-convertible securities, securitized debt instruments, security receipts, municipal debt securities, and commercial paper. It merges previous regulations, including the SEBI ILDS Regulations, 2008, and SEBI NCRPS Regulations, 2013, into the SEBI NCS Regulations, 2021. The circular outlines procedural and operational aspects, supersedes previous circulars, and mandates compliance from stock exchanges, depositories, and other stakeholders. It also requires dissemination of its provisions, system updates, and stakeholder awareness. The circular is effective from August 16, 2021.