The proposals include mandatory disclosures where municipal debt securities are issued for refinancing existing loans, including details of lenders, interest rates and repayment schedules. It also proposes restricting use of issue proceeds for working capital to 25% of the issue size and requiring project specific disclosures. It suggests a detailed framework for pooled finance vehicles formed by multiple municipalities, including escrow mechanisms, credit enhancements and additional disclosure requirements. The proposals also include specifying face value and trading lot norms, permitting incentives such as additional interest or discounts for certain investor categories, introducing ESG municipal debt securities, and defining “working day” under the regulations. The feedback/comments from stakeholders are invited.