SEBI proposes 17 ISIN cap for private placements, 12/5 split
SEBI is looking to shake up the way companies issue debt in India.
The regulator wants to raise the annual cap on ISINs (basically, unique codes for tracking bonds) from 14 to 17 for privately placed debt, making it easier for companies to manage and issue different types of bonds.
The new split would allow 12 ISINs for standard debt and five more for things like floating-rate or zero-coupon bonds.
SEBI proposes extra ISINs per 3000cr/15000cr
For bigger issuers, SEBI suggests extra ISINs for every ₹3,000 crore of outstanding plain vanilla debt maturing in a financial year past ₹15,000 crore, giving large players more room to work with.
There are also proposed exemptions for government-backed and ESG-linked bonds.
Plus, SEBI wants to make life simpler by dropping a rule that forced companies to list all outstanding unlisted debts issued after January 1, 2024, at once, a move many found expensive and complicated.
Instead, only new issuances would need mandatory listing.
Public feedback on these changes is open until August 31, 2026 as SEBI aims to boost market participation and keep things efficient.