Issuer definition for municipal debt securities expands to municipalities, statutory bodies, SPVs and corporates set up to raise funds. The definition of Issuer for municipal debt securities covers municipalities, statutory bodies, boards, corporations, authorities, trusts, agencies established or notified by law, and Special Purpose Vehicles notified by government, on the condition they undertake one or more constitutionally entrusted municipal functions; it also deems pooled finance structures and company-law corporates to be issuers when set up by government to raise funds for persons performing those municipal functions.