The draft proposes to modify the conditions for issuing debt securities and non-convertible redeemable preference shares. The current regulation, permits these securities to be issued at a reduced face value of Rs. 10,000, but only if they are interest or dividend-bearing. It is proposed to allow zero-coupon instruments to be eligible for the reduced face value. This change would enable issuers to offer a wider range of investment products, as zero-coupon securities, which are issued at a discount and redeemed at par, are considered attractive to certain non-institutional investors. The comments/ suggestions from stakeholders are invited.