CIRCULAR
SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/128 September 24, 2024
To,
Issuers who propose to list debt securities, non-convertible redeemable
preference shares, municipal debt securities or securitised debt instruments;
Recognised Stock Exchanges;
Registered Merchant Bankers;
Registered Stock Brokers;
Depositories and Registered Depository Participants;
Registered Bankers to an Issue;
Registered Registrars to an Issue and Share Transfer Agents; and
Self Certified Syndicate Banks (SCSBs)
Madam/ Sir,
Subject: Usage of UPI by individual investors for making an application in public
issue of securities through intermediaries
1. Chapter I (Application process in case of public issues of securities and timelines
for listing) of the Master Circular no. SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated
May 22, 2024, (hereinafter referred as ‘Master Circular’) issued by SEBI,
prescribes provisions pertaining to application process in case of public issue of
securities under SEBI (Issue and Listing of Non-Convertible Securities)
Regulations, 2021, SEBI (Issue and Listing of Municipal Debt Securities)
Regulations, 2015 and SEBI (Issue and Listing of Securitised Debt Instruments
and Security Receipts) Regulations, 2008.
2. In order to streamline and align the process of applying in the public issue of debt
securities, non-convertible redeemable preference shares, municipal debt
securities and securitised debt instruments with that of public issue of equity shares
and convertibles, it has been decided that all individual investors applying in public
Page 1 of 2
issues of such securities through intermediaries (viz. syndicate members,
registered stock brokers, registrar to an issue and transfer agent and depository
participants), where the application amount is upto Rs. 5 Lakh, shall only use UPI
for the purpose of blocking of funds and provide his/ her bank account linked UPI
ID in the bid-cum-application form submitted with intermediaries.
3. Further, individual investors shall continue to have the choice of availing other
modes (viz. through SCSBs and Stock Exchange Platform) for making an
application in the public issue.
4. The provisions of this circular shall be applicable to public issues of debt securities,
non-convertible redeemable preference shares, municipal debt securities and
securitised debt instruments opening on or after November 01, 2024.
5. The Circular is issued in exercise of the powers conferred under Section 11(1) of
the Securities and Exchange Board of India Act, 1992 read with Regulation 55 (1)
of the SEBI (Issue and Listing of Non-convertible Securities) Regulations, 2021,
Regulation 29 of SEBI (Issue and Listing of Municipal Debt Securities) Regulations,
2015 and Regulation 48 of SEBI (Issue and Listing of Securitised Debt Instruments
and Security Receipts) Regulations, 2008 to protect the interest of investors in
securities and to promote the development of, and to regulate the securities
market.
6. This Circular is available at www.sebi.gov.in under the link “Legal  Circulars”.
Yours faithfully,
Rishi Barua
Deputy General Manager
Department of Debt and Hybrid Securities
+91-022 2644 9673
rishib@sebi.gov.in
Page 2 of 2