Listing obligations mandate standardised continuous disclosure and reporting for issuers of non-convertible and securitised debt instruments. Consolidates SEBI circulars into a Master Circular for issuers of listed Non-convertible Securities, securitised debt instruments and commercial paper, prescribing effective compliance measures: standardised formats for financial and audit reporting, procedures for disclosure of audit qualifications, use of proceeds statements, mandatory reporting of defaults and securitisation pool and loan level disclosures, corporate governance reporting for high value debt issuers, related party transaction protocols, sanctioning framework for non compliance and procedures for transfer and claiming of unclaimed amounts.