Introduction:
BSEBOND platform, the Electronic Book Platform (“EBP”) has been launched on July 01, 2016 in line with SEBI circular no: CIR/IMD/DF1/48/2016, dated 21 April, 2016 for bidding of debt securities issued on private placement private basis. It is a user-friendly platform that aims to help the market participants for better price discovery and transparency in the overall process of fund raising.
History:
BSEBOND platform was further upgraded as entailed in SEBI Circular no. SEBI/HO/DDHS/CIR/P/2018/05 issued by SEBI on January 5, 2018 and SEBI Circular no. SEBI/HO/DDHS/CIR/P/2018/122 issued on August 16, 2018.
Furtherance to this, the platform was aligned with Issue and Listing of Non-Convertible Securities Regulations, 2021 (hereinafter referred to as the SEBI NCS Regulations, 2021) issued by SEBI vide notification no. SEBI/LAD-NRO/GN/2021/39 dated August 09, 2021 and the operational circular: SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, titled “Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper”.
SEBI NCS Regulations, 2021, also encompasses issuance of PDIs, PNCPS, PCPS, RNCPS, and instruments of similar nature which are essentially non-equity regulatory instruments, forming part of a Bank’s or NBFC’s capital, issued as per RBI stipulations and listed under Chapter V of the SEBI NCS Regulations, 2021, irrespective of the issue size.
Recent EBP Framework:
SEBI vide its circular no. SEBI/HO/DDHS/ DDHS_Div1/P/CIR/2022/00139 dated October 10, 2022; titled “Review of provisions pertaining to Electronic Book Provider platform” has introduced revisions in the EBP framework.
The usage of EBP (January 1, 2023 onwards) is applicable for private placements of debt securities in primary market with an issue size of Rs 50 Crs and above, inclusive of green shoe option and securities as specified as per applicability norms in the aforementioned circular. However, issuers have the option to use the electronic book mechanism for private placement of debt securities in primary market even if the issue size is less than Rs. 50 Crs.
Participants like Issuers, Arrangers, Custodians, Investors – (Qualified Institutional Buyers “QIBs” and Non- QIBs) can participate on the platform. All participants can get registered on the platform via a simple online process. Post registration, the access credentials will be shared with the authorised personnel of the participants.
Operating Guidelines :
Operating Guidelines for participation on BSEBOND platform (Updated as on 17th April,2023)
| Review of provisions pertaining to Electronic Book Provider platform |
10.10.2022 |
 |
| Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper |
10.08.2021 |
|
| Issuance,
listing and trading of Perpetual Non-Cumulative Preference
Shares (PNCPS) and Innovative Perpetual Debt Instruments
(IPDIs)/ Perpetual Debt Instruments (PDIs) (commonly referred
to as Additional Tier 1 (AT 1) instruments) |
06.10.2020 |
|
Electronic
book mechanism for issuance of securities on private placement
Basis- Clarifications
|
16.08.2018 |
|
| Revised circular for Electronic book mechanism for issuance of securities on private placement basis |
05.01.2018 |
|
| FAQ on Electronic Book Mechanism for Debt Securities |
22.07.2016 |
|
| Circular for Electronic Book Mechanism for private placement of debt securities |
21.04.2016 |
|
| Operational Guidelines for participation on BSEBOND platform ( Updated as on April 17,2023) |
17.04.2023 |
|
| Operational Guidelines for participation on BSEBOND platform ( Updated as on December 28,2022) |
28.12.2022 |
|
| Operating Guidelines for Issuance of Securities on Private Placement basis through Electronic Book Mechanism (as on May 23, 2022) |
23.05.2022 |
|
| Operational
Operational Guidelines for issuance of Securities on Private Placement basis through an Electronic Book Mechanism |
16.08.2021 |
|
| Operational
Guidelines for issuance of Additional Tier 1 (AT 1) instruments)
through Electronic Book Mechanism |
12.10.2020 |
|
| Updated Operational Guidelines for issuance of Securities on Private Placement basis through an Electronic Book Mechanism |
28.09.2018 |
|
| Role
and Responsibilities of Participants of BSEBOND (Electronic
Book Platform) |
23.05.2018 |
|
| Revised
timings for funds settlement process for bids placed on
Electronic Book Provider (EBP) platform. |
24.04.2018 |
|
| Operational Guidelines for issuance of Securities on Private Placement basis through an Electronic Book Mechanism |
28.03.2018 |
|
| Launch of Electronic Bidding Mechanism for issuance of Debt securities on Private Placement – "BSE-BOND" |
30.06.2016 |
|
|