Review of provisions pertaining to specifications related to International Securities Identification Number (ISIN) for debt securities issued on private placement basis

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.... Municipal Debt Securities and Commercial Paper (CP) dated August 10, 2021 as amended from time to time ('Operational Circular') 1. Chapter VIII of the above referred Operational Circular deals with specifications related to ISIN for debt securities. 2. In continuation to the measures taken to deepen and boost the liquidity in the corporate bond market and based on the trends observed in the market pursuant to the issuance of circulars dated June 30, 2017 and March 28, 2018 [Now repealed; relevant provisions incorporated as Chapter VIII of Operational Circular], capping of ISINs has reduced fragmentation in the primary market and enhanced liquidity in the secondary market. Thus, it has been decided to further cap the number of ISINs mat....

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....d/ market linked debt securities, the maximum number of ISINs allowed to mature in a financial year shall be nine." 4. Other provisions of Chapter VIII (Specifications related to ISIN for debt securities) of the aforementioned Operational Circular shall remain unchanged. The above threshold may be reviewed periodically to further reduce fragmentation in the corporate bond market. 5. The provisions of this circular shall be applicable to ISINs utilised to issue debt securities from April 1, 2023. The newly capped limits shall not be applicable to ISINs utilised for issuance of debt securities upto March 31, 2023 and maturing in later years. 6. Further, with respect to the debt securities issued on or after April 01, 2023, all the ISINs co....