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Eligibility Criteria


The security proposed for listing on the Debt segment of NSE should comply with the requirements as indicated hereunder:

Issuer Eligibility Criteria for Listing
  Public Issue / Private Placement
  Non-Structured product/ Non-Market Linked Debentures/ Commercial Papers Structured product / Market Linked Debentures
Corporates (Public limited companies and Private limited companies) 
  • Paid-up capital of Rs.10 crores; 
  • or

  • Market capitalisation of Rs.25 crores (In case of unlisted companies Net worth more than Rs.25 crores) 
  • Credit rating
  • Networth of 100 crores
  • Credit Rating prefix of ‘PP-MLD’ denoting Principal protected market linked debentures followed by the standardized rating symbols 
Public Sector Undertaking, Statutory Corporation established/ constituted under Special Act of Parliament /State Legislature, Local bodies/authorities
  • Credit rating
  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued
  • Networth of 100 crores
  • Credit Rating prefix of ‘PP-MLD’ denoting Principal protected market linked debentures followed by the standardized rating symbols 
  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued
Mutual Funds: Units of any SEBI registered Mutual Fund/scheme: Investment objective to invest predominantly in debt or Scheme is traded in secondary market as debt instrument
  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued 
  • Networth of 100 crores
  • Credit Rating prefix of ‘PP-MLD’ denoting Principal protected market linked debentures followed by the standardized rating symbols 
  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued
Infrastructure companies : Tax exemption and recognition as infrastructure company under related statutes/ regulations
  • Credit rating
  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued 
  • Networth of 100 crores
  • Credit Rating prefix of ‘PP-MLD’ denoting Principal protected market linked debentures followed by the standardized rating symbols 
  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued
Financial Institutions as defined under Companies Act including Industrial Development Corporations
  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued
  • Credit rating
  • Networth of 100 crores

    Credit Rating prefix of ‘PP-MLD’ denoting Principal protected market linked debentures followed by the standardized rating symbols 

  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued
Banks
  • Scheduled banks
  • Net worth of Rs.50 crores or above 
  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued
  • Networth of 100 crores
  • Credit Rating prefix of ‘PP-MLD’ denoting Principal protected market linked debentures followed by the standardized rating symbols 
  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued
Real Estate Investment Trust (REITs) or Infrastructure Investment Trusts (InvITs)  
  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued 
  • Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued 
  Securitised Debt Instruments / Security Receipts
Special Purpose Distinct Entity or Trust as defined under SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008. Qualifies for listing under the respective Acts, Rules or Regulations under which the securities are issued 

An Issuer shall ensure compliance with SEBI circulars/guidelines and any other law, guidelines/directions of Central Government, other Statutory or local authority issued on regulating the listing of debt instruments from time to time.

Download SEBI circulars (.zip)

Updated on: 18/11/2020
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