Reduction in denomination now permits zero coupon and coupon-bearing debt securities on private placement with fixed maturity. Issuers may privately place non-convertible debt securities or non-convertible redeemable preference shares at a reduced face value where the instruments either pay periodic coupon/dividend or are zero coupon debt securities, provided they have fixed maturities and no structured obligations; all other NCS Master Circular provisions remain unchanged and the amendment applies to private placement issues proposed for listing from the date of the circular.