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SEBI has taken steps to improve the application process for public issuance of debt securities. Under this, individual investors have been asked to use only UPI (Unified Payment Interface) to ‘block’ funds for investment up to Rs 5 lakh through market intermediaries.
New Delhi. Market regulator Sebi on Tuesday took steps to improve the application process for public issuance of debt securities. Under this, individual investors have been asked to use only UPI (Unified Payment Interface) to ‘block’ funds for investment up to Rs 5 lakh through market intermediaries. The Securities and Exchange Board of India (SEBI) also said in the circular that investors will continue to have the option to use other methods like applying through self-certified syndicate banks or stock market platform to apply.
These provisions will be applicable to public issues of debt securities from November 1. The move is aimed at streamlining the application process for public issues of debt securities, non-convertible redeemable preference shares, municipal debt securities etc. and making it in line with the application process in case of public issues of equity shares.
SEBI said, “It has been decided that individual investors will use UPI to ‘block’ funds for investments up to Rs 5 lakh through market intermediaries (registered stock brokers, depository participants, etc.). In addition, they are required to provide UPI ID linked to their bank account in the bid-cum-application form submitted with the intermediaries. SEBI last week amended the rules to streamline the process of public issuance of debt securities. The aim is to accelerate access to funds for issuers of such issues.
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