Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015

Chapter: I
PRELIMINARY
Regulation 1	:	Short title and commencement
Regulation 2	:	Definitions
Regulation 3	:	Applicability
Chapter: II
ELIGIBILITY AND CONDITIONS
Regulation 3A	:	Reference date
Regulation 4	:	Eligible issuers
Regulation 4A	:	In-principle approval
Regulation 4B	:	Credit Rating
Regulation 4C	:	Dematerialisation
Regulation 4D	:	Debenture trustee
Regulation 4E	:	Mandatory Listing
Chapter: III
REQUIREMENTS FOR PUBLIC ISSUE
Regulation 5	:	Eligibility Conditions for public issue
Regulation 6	:	Disclosures in the draft offer document and offer document
Regulation 6A	:	Appointment of Merchant Banker and other intermediaries
Regulation 7	:	Filing of draft offer document
Regulation 8	:	Mode of disclosure of offer document.
Regulation 9	:	Advertisements for public issues.
Regulation 10	:	Term sheet and application forms
Regulation 11	:	Minimum subscription.
Regulation 11A	:	Over subscription
Regulation 12	:	Utilization of issue proceeds.
Regulation 13	:	Underwriting.
Chapter: IV
MUNICIPAL DEBT SECURITIES ISSUED ON PRIVATE PLACEMENT BASIS
Regulation 14	:	Mandatory listing.
Regulation 14A	:	Preliminary Placement Memorandum
Regulation 15	:	Minimum subscription
Chapter: V
REQUIREMENTS FOR BOTH PUBLIC ISSUES AND PRIVATE PLACEMENT
Regulation 16	:	Electronic issuance
Regulation 17	:	Buy-back
Regulation 17A	:	Put or call option
Regulation 18	:	Prohibitions of mis-statements in the offer document or placement memorandum.
Regulation 18A	:	Utilization of issue proceeds
Regulation 18B	:	Issuer contribution
Regulation 19	:	Creation of Escrow Accounts
Regulation 20	:	Trust deed
Regulation 21	:	Redemption and roll-over
Regulation 22	:	Face value of municipal debt securities
Regulation 22A	:	Day count convention
Regulation 22B	:	Prohibition on payment of incentives
Chapter: VI
CONDITIONS FOR CONTINUOUS LISTING AND TRADING OF MUNICIPAL DEBT SECURITIES
Regulation 23	:	Continuous listing conditions.
Regulation 24	:	Accounting and audit.
Regulation 25	:	Trading and reporting of municipal debt securities
Chapter: VII
OBLIGATIONS OF INTERMEDIARIES AND ISSUERS
Regulation 26	:	Obligations of debenture trustee
Regulation 27	:	Obligations of the issuer and merchant banker
Chapter: VIIA
PROCEDURE IN CASE OF VIOLATION OF REGULATIONS
Regulation 27A	:	Directions by the Board
Chapter: VII-B
POWER TO RELAX STRICT ENFORCEMENT OF THE REGULATIONS
Regulation 27B	:	Exemption from enforcement of the regulations in special cases
Regulation 27C	:	Grievance Redressal Mechanism
Chapter: VIII
MISCELLANEOUS
Regulation 28	:	Sanction for violations [Omitted]
Regulation 29	:	Power to remove difficulties
Regulation 30	:	Power to relax strict enforcement of Regulations
SCHEDULE
SCHEDULE - I	:	DISCLOSURES IN THE OFFER DOCUMENT AND PLACEMENT MEMORANDUM
SCHEDULE - IA	:	Summary of Offer
SCHEDULE - II	:	FORMAT OF DUE DILIGENCE CERTIFICATE TO BE GIVEN BY THE LEAD MANAGER (S)/MERCHANT BANKER ALONG WITH DRAFT OFFER DOCUMENT/ PRELIMINARY PLACEMENT MEMORANDUM 52
SCHEDULE - III	:	FORMAT OF DUE DILIGENCE CERTIFICATE TO BE GIVEN BY THE DEBENTURE TRUSTEE BEFORE OPENING OF THE ISSUE
SCHEDULE - IV	:	FORMAT OF ISSUE ADVERTISEMENTS FOR PUBLIC ISSUES [See Regulation 9 (1)]
SCHEDULE - V	:	Periodic Disclosures to be made by Issuers