Description

NSE implements revised operating guidelines for EBP platform following SEBI's May 2025 circular to increase platform efficacy and utility.

Summary

NSE has issued revised operating guidelines for its Electronic Book Provider (EBP) platform effective August 18, 2025, following SEBI’s circular dated May 16, 2025. The guidelines consolidate provisions related to EBP platform operations and aim to increase the platform’s efficacy and utility for debt securities issuance.

Key Points

  • Revised operating guidelines for NSE-EBP platform based on SEBI Master Circular SEBI/HO/DDHS/PoD1/P/CIR/2024/54
  • Platform applicable for private placement of debt securities, NCRPs, and municipal debt securities
  • Participant categories include Issuers, Arrangers, QIBs, non-QIBs, and Custodians
  • Registration available at https://www.nse-ebp.com/ebp/rest/login
  • Minimum thresholds: Single issue ≥ Rs. 20 crore, shelf issues cumulatively ≥ Rs. 20 crore annually

Regulatory Changes

  • Implementation of SEBI’s May 16, 2025 modifications to increase EBP platform efficacy
  • Consolidation of applicable circulars for non-convertible securities, securitized debt instruments, security receipts, municipal debt securities, and commercial paper
  • Updated eligibility criteria and participant definitions

Compliance Requirements

  • All EBP participants must comply with revised operating guidelines
  • Issuers must furnish undertakings and documents as specified by NSE
  • Participants must be enrolled or eligible as per SEBI definitions
  • Compliance with SEBI NCS Regulations 2021 and Municipal Debt Securities Regulations 2015

Important Dates

  • August 18, 2025: Revised guidelines become effective
  • August 14, 2025: Circular issuance date

Impact Assessment

Medium impact on debt market participants using NSE-EBP platform. The revision aims to streamline operations and improve platform utility for debt securities issuance. Participants will need to familiarize themselves with updated guidelines and ensure compliance with revised procedures. The changes primarily affect operational processes rather than fundamental market structure.

Impact Justification

Operational guideline revision affecting debt market participants and issuers using EBP platform