SEBI’s norm for issuers of municipal bonds

On 12 Nov, the Securities and Exchange Board of India (Sebi) prescribed wider disclosures and compliances norms by the issuers of listed municipal bonds. As per the SEBI norms, listed entities should submit half-yearly unaudited financial results to the stock exchanges within 45 days of the end of the first half of the year and submit results for the financial year, within sixty days from the end of the financial year along with the audited report. Every credit rating of such issuer will be reviewed at least once a year, by a registered credit rating agency. Municipal bonds are debt instruments issued to finance its capital expenditures.