SEBI has issued a circular regarding Review of provisions pertaining to the Electronic Book Provider (EBP) platform to increase its efficacy and utility.
The following has been stated
Mandatory Use of EBP Platform
Private placement of Debt securities,NCRPS, Municipal debt securities is mandatory through EBP if:
Single issue (with or without green shoe) ≥ ₹20 crore;
Shelf issues with cumulative tranches ≥ ₹20 crore/year;
Subsequent issues after reaching ₹20 crore cumulatively in a year.
Voluntary access is allowed for: Securitized debt instruments,Security receipts,Commercial papers (CPs), Certificates of Deposit (CDs),Private placement by REITs, InvITs, SM REITs.
Placement Memorandum & Term Sheet Timelines
Existing issuers: Submit 2 working days prior to issue opening.
First-time issuers: Submit 3 working days prior to issue opening.
Disclosure Requirements
Include issue size, green shoe option (max 5 times base size),
Disclose prior year’s green shoe utilization details.
Allotment Rules
Pro-rata allotment for bids at the same cut-off coupon/price/spread,
Annexure VI A provides illustrations for:
Uniform yield allotment,
Multiple yield allotment.
Anchor Investor Framework
Allocation caps based on credit rating:
| Rating | Max Anchor Portion (%) of base issue |
| AAA/AA+/AA/AA- | 30% |
| A+/A- | 40% |
| Others | 50% |
Applicable – Issuers who have listed and/ or propose to list Non-convertible Securities (NCS), NCRPS, Municipalities having listed bonds; Registered Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs), Small & Medium REITs (SM REITs) having listed units and/or proposing to list its units; Recognised Stock Exchanges; Registered Depositories; Recognised Clearing Corporation; Registered Credit Rating Agencies, Debenture Trustees, Merchant Bankers, Registrars to an Issue and Share Transfer Agents and Bankers to an Issue, Stock Brokers, Depository Participants, and other relevant market participants.
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