Tax-free bond issuance: authorised entities may issue secured non-convertible bonds subject to eligibility, tenure, PAN and interest ceiling rules. Authorisation permits specified entities to issue tax-free, secured, redeemable, non-convertible bonds in FY2015-16 subject to conditions: eligible investor classes, mandatory PAN for subscribers, tenures of ten, fifteen or twenty years, ceiling coupon rates linked to a FIMMDA reference G sec yield with rating- and investor-segment specific spreads, capped issue expenses, public issue and private placement procedural rules including book-building and allotment at best price, requirement to submit a repayment financing plan to the Ministry of Finance, competitive selection of merchant bankers, registration of holdings for tax benefit, and compliance with Companies Act and SEBI debt regulations.