A new definition of ‘retail individual investor’ has been inserted, limiting such status to individuals applying or bidding for debt securities up to Rs 2 lakh. Also, a proviso has been added to Regulation 31 allowing issuers to offer incentives, such as additional interest or a discount on issue price, to specified categories including senior citizens, women, serving and retired defence personnel, widows and widowers of defence personnel, retail individual investors, and other categories as notified. Crucially, the regulation clarifies that these incentives are restricted to the initial allottee and will not apply if the securities are subsequently transferred or transmitted.