Description

BSE issues revised operational guidelines for the BSEBOND Electronic Book Provider platform, effective November 17, 2025, introducing changes to anchor investor allocation, pro-rata allotment, and expanded scope for private placements.

Summary

BSE has issued updated operational guidelines for participation on BSEBOND (Electronic Book Provider platform) effective November 17, 2025. These revisions follow SEBI circular SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/0000000073 dated May 16, 2025, which reviewed EBP platform provisions to increase efficacy and utility. The guidelines introduce significant changes to anchor investor allocation mechanisms, allotment procedures, and expand the platform’s scope to include optional access for securitised debt instruments, security receipts, CPs, CDs, and units of REITs, SM REITs, and InvITs.

Key Points

  • Quantum of allocation to anchor investors now based on instrument rating, requiring confirmation on BSEBOND portal before 5 PM on T-1
  • Unconfirmed amounts by anchor investors will be added back to base issue size
  • Pro-rata allotment introduced when multiple bids exist at cut-off coupon/price/spread
  • Expanded optional access to EBP platform for private placement of securitised debt instruments, security receipts, CPs, CDs
  • REITs, SM REITs, and InvITs can now optionally access platform for private placement of units
  • Guidelines apply to all participants/market intermediaries registered on BSEBOND platform
  • Revisions to Chapter VI and Chapter VII of Operational Circular for Issue and Listing of Non-convertible Securities

Regulatory Changes

SEBI Framework Updates:

  • Based on SEBI circular dated May 16, 2025 reviewing EBP platform provisions
  • Modifications to NCS Regulations, 2021 implementation on BSEBOND platform

Anchor Investor Allocation Changes:

  • Allocation quantum now tied to instrument rating
  • Mandatory confirmation requirement by 5 PM on T-1 day
  • Automatic reallocation of unconfirmed amounts to base issue

Allotment Methodology:

  • Introduction of pro-rata basis allotment for multiple bids at cut-off levels
  • Detailed illustration provided in Annexure-B of guidelines

Platform Scope Expansion:

  • Optional access extended to:
    • Commercial Paper (CP)
    • Certificate of Deposits (CD)
    • Securitised debt instruments
    • Security receipts
    • Units of REITs, SM REITs, and InvITs

Compliance Requirements

Mandatory Compliance:

  • All transactions opening for bidding on BSEBOND from November 17, 2025 onwards must follow revised guidelines
  • All private placements of debt securities and NCRPS as per SEBI NCS Regulations, 2021
  • Municipal debt securities as per SEBI (Issue and Listing of Municipal Debt Securities) Regulations 2015
  • Single issues of Rs. 20 crore or more (inclusive of green shoe option)

Anchor Investor Requirements:

  • Confirm allocation quantum based on instrument rating
  • Submit confirmation on BSEBOND portal before 5 PM on T-1
  • Non-confirmation results in automatic reallocation

Participant Requirements:

  • All registered participants and market intermediaries on BSEBOND must comply
  • Follow updated KYC and enrolment processes
  • Adhere to revised bidding parameters and procedures

Issuer Requirements:

  • Comply with updated disclosure and documentation requirements
  • Follow revised timelines for BSEBOND process
  • Issuers of securitised instruments, CPs, CDs, REITs, SM REITs, and InvITs may optionally access platform

Important Dates

  • May 16, 2025: SEBI issued circular SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/0000000073
  • November 14, 2025: BSE issued updated operational guidelines
  • November 17, 2025: Revised guidelines become effective for all transactions opening for bidding on or after this date
  • T-1 Day, 5:00 PM: Deadline for anchor investors to confirm allocation quantum on BSEBOND portal

Impact Assessment

Market Participants:

  • All registered participants and intermediaries on BSEBOND platform must adapt to new operational procedures
  • Enhanced transparency through rating-based anchor allocation
  • Improved fairness through pro-rata allotment mechanism

Issuers:

  • Mandatory compliance for debt securities and municipal debt issuances of Rs. 20 crore or more
  • New optional access for wider range of instruments (CPs, CDs, securitised debt, REIT/InvIT units)
  • Greater flexibility in accessing EBP platform for various instrument types

Anchor Investors:

  • Additional responsibility to confirm allocation by T-1, 5 PM
  • Allocation now dependent on instrument rating
  • Risk of losing allocation if confirmation not provided on time

Operational Impact:

  • Platform URL remains: https://bond.bseindia.com/
  • Updated procedures for issue initiation, bidding, and settlement
  • Enhanced disclosure requirements and documentation standards
  • Changes to operating hours and issue parameters

Broader Market Impact:

  • Increased efficacy and utility of EBP platform as intended by SEBI
  • Potential for higher participation in debt market through streamlined processes
  • Greater standardization of private placement procedures
  • Enhanced investor protection through improved allocation mechanisms

Impact Justification

Major operational changes to BSE's debt issuance platform affecting all market intermediaries and issuers using BSEBOND for private placements of debt securities, municipal debt, and other instruments with mandatory compliance from November 17, 2025