Review of provisions pertaining to Electronic Book Provider (EBP) platform for debt securities: The key changes include mandatory use of the EBP platform for private placements of debt securities, non-convertible redeemable preference shares (NCRPS), and municipal debt securities with issue sizes of Rs 20 crore or more (including cumulative tranches). Issuers such as REITs, SM REITs, and InvITs may also opt to use the platform voluntarily.
— Issuers must now submit the Placement Memorandum and term sheet at least two or three working days before the issue opens, depending on their prior use of the platform. New disclosures include details on green shoe options, anchor investor allocations (with percentage limits based on credit ratings), and pro-rata allotment methods. Timelines for obtaining in-principle approvals and completing the listing process have been standardized.