Wilful defaulter designation bars public issue of non-convertible redeemable preference shares and mandates enhanced disclosures. The Regulations add a wilful defaulter definition and prohibit public issues of non-convertible redeemable preference shares where the issuer or its controllers/promoters/directors are restrained from market access, or where the issuer or any promoter or director is a wilful defaulter or has defaulted on interest or principal repayments for over six months. For private placement listings, specified disclosures about wilful defaulter status must be provided, prominently disclosed on the cover and presented as a separate identifiable chapter or section.