Description

Revised operational guidelines for BSE's Electronic Book Provider platform with changes to anchor investor allocation and confirmation processes.

Summary

BSE has updated the operational guidelines for participation on BSEBOND (Electronic Book Provider platform) following SEBI circular dated May 16, 2025. The revised guidelines introduce changes to anchor investor allocation processes and confirmation procedures, effective from August 18, 2025 for transactions opening for bidding from August 20, 2025 onwards.

Key Points

  • Quantum of allocation to anchor investors based on instrument rating must be confirmed on BSE BOND portal before 5 PM on T-1
  • Unconfirmed anchor investor amounts will be added back to the base issue size
  • Guidelines apply to all participants and market intermediaries registered on BSEBOND platform
  • Platform accessible at https://bond.bseindia.com/

Regulatory Changes

  • Updated Chapter VI and Chapter VII of the Operational Circular for Issue and Listing of Non-convertible Securities
  • Revised anchor investor confirmation process with specific timing requirements
  • Enhanced allocation mechanism for base issue size adjustment

Compliance Requirements

  • All registered participants must follow updated operational guidelines
  • Anchor investors must confirm allocation before 5 PM on T-1
  • Mandatory use for private placement of debt securities ≥ Rs. 20 crore
  • Optional use for commercial paper, certificates of deposit, and smaller debt issues

Important Dates

  • Guidelines issued: August 14, 2025
  • Effective date: August 18, 2025
  • Applicable to transactions opening for bidding: August 20, 2025 onwards
  • Anchor confirmation deadline: 5 PM on T-1

Impact Assessment

The updated guidelines will streamline the anchor investor allocation process and improve efficiency of the BSEBOND platform. Market participants involved in debt securities issuance will need to adjust their operational procedures to comply with the new confirmation timelines and allocation mechanisms.

Impact Justification

Affects operational procedures for debt securities issuance on BSE's EBP platform