Privately placed municipal debt securities may have a face value...

Privately placed municipal debt securities may have a face value of either Rs. One Lakh or Rs. Ten Thousand; securities issued at Rs. Ten Thousand must have fixed maturity and no structured obligations, and their exchange trading lot must equal face value. These requirements do not apply to public issues. Pooled finance vehicles or SPVs must implement a two-step escrow arrangement through constituent-municipality accounts and maintain an interest payment account and sinking fund account, including one year's interest obligation throughout the securities' tenure. Permitted credit enhancement includes cash collateral, state program equity, devolutions, guarantees and other suitable structures. Listed municipalities must submit half-yearly unaudited results within 60 days and annual audited results within 90 days, with immediate effect.