Date: 2026-07-25Category: Extra OrdinaryState: Union GovernmentCountry: India
In the notification of the Securities and Exchange Board of India, No SEBI LAD NRO GN 2026 305 dated July 1, 2026 published in the Gazette of India, Extraordinary
**Executive Summary**
This corrigendum, issued by the Securities and Exchange Board of India (SEBI) on July 23, 2026, corrects clerical and numbering errors in the SEBI (Issue and Listing of Municipal Debt Securities) (Amendment) Regulations, 2026. The document modifies the original notification dated July 1, 2026, affecting both the Hindi and English versions. Stakeholders are required to apply these corrections to ensure the accurate interpretation of the regulatory framework for municipal debt securities.
**Key Points / Main Content**
**Corrections to the Hindi Version**
* **Title and Punctuation:** Paragraph 2 is updated to include a numerical prefix for the "Securities and Exchange Board of India" title, and a semicolon is added to the end of paragraph 3(V)(a)(ii).
* **Procedural Clause Insertion:** In paragraph (7) of Schedule-IB, a new clause "(ड)" is inserted to define the procedures and timelines for the allotment and issuance of municipal debt securities; the subsequent clause is re-indexed as "(ढ)".
* **Bullet Point Standardization:** Across paragraphs (8) through (13), English alphabetical bullet points (e.g., "a", "b", "c") are replaced with the corresponding Hindi alphabetical sequence (e.g., "क", "ख", "ग") to maintain linguistic consistency.
**Corrections to the English Version**
* **Re-numbering of Schedule IB:** Under paragraph 3.XI, specifically within the inserted ‘Schedule IB’, several clause numbers are corrected to follow a logical sequence.
* **Clause 9.a Adjustments:** Clauses previously numbered (vi) through (x) are re-designated as clauses (i) through (v).
* **Clause 9.b Adjustments:** Clauses previously numbered (iv) through (vi) are re-designated as clauses (i) through (iii).
**Impact Analysis**
**Stakeholder: Municipal Debt Issuers**
**Impact**
Issuers are affected by the insertion of specific requirements regarding the "procedure and timing" of the allotment and issue of securities. Incorrect numbering in the original document could lead to compliance errors in filings.
**Action Required**
Issuers must update their regulatory reference materials to include the new clause in Schedule IB and ensure that all legal and offer documents reflect the corrected clause numbering.
**Stakeholder: Legal and Compliance Professionals**
**Impact**
These professionals rely on the precise wording and structure of SEBI regulations for advisory and audit purposes. The corrigendum rectifies errors that could have led to misinterpretation of specific provisions within Schedule IB.
**Action Required**
Compliance teams must cross-reference the original July 1, 2026, notification with this corrigendum to ensure internal compliance manuals and checklists are accurate.
Key Entities Referenced
Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) (Amendment) Regulations, 2026: The primary regulatory framework being corrected, which governs the process for municipal bodies to issue and list debt securities.
Securities and Exchange Board of India (SEBI): The statutory regulatory body responsible for overseeing the Indian securities market and the authoring authority of this notification.
Municipal Debt Securities: The specific financial instruments (bonds issued by local government bodies) that constitute the subject matter and scope of these regulations.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-29072026-274941
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CG-MH-E-29072026-274941
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 470] िई ददल्ली, िजििार, िुलाई 25, 2026/श्रािण 3, 1948 ष 22, 1947
No. 470] NEW DELHI, SATURDAY, JULY 25, 2026/SHRAVAN 3, 1948 s 1947
भारतीय प्रजतभजू त और जिजिमय बोडड
िजु ि-पत्र
मुंबई, 23 िलु ाई, 2026
[म्यजु िजसपल ऋण प्रजतभजू तयों (म्युजिजसपल डैट जसक्यरू रटीज़) का जिगमड (इश्य)ू और इिकी सचू ीबिता] (सिं ोधि)
जिजियम, 2026
स.ं सबे ी/एलएडी-एिआरओ/िीएि/2026/314 .— भारतीय प्रजतभूजत और जिजिमय बोड ड (सेबी) की तारीख 1 िलु ाई,
2026 की अजधसूचिा स.ं सेबी/एलएडी-एिआरओ/िीएि/2026/305 (िो भारत के रािपत्र, असाधारण, भाग-III , खण्ड-
4 म ें प्रकाजित हुई थी) म,ें जिन्दी रूप म ें–
1. पैरा 2 के बाद ददए हुए िब्दों “भारतीय प्रजतभूजत और जिजिमय बोडड” को अंकों, जचह्ि तथा िब्दों “3. भारतीय
प्रजतभूजत और जिजिमय बोड”ड के रूप म ें पढा िाएगा ।
2. इस प्रकार बि े पैरा 3 म,ें -
I. पैरा (V)(क)(ii) म,ें अंत में जचह्ि “;” लगा हुआ पढा िाएगा ।
II. पैरा (XI) म,ें िई िोड़ी गई अिसु ूची-Iख म,ें-
5689 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(i) पैरा (5)(झ)(viii) म,ें अंत म ें ददए हुए िब्द तथा जचह्ि “ कारण” ” को िब्द तथा जचह्ि “कारण ।” के रूप
में पढा िाएगा ।
(ii) पैरा (7) में ददए हुए अंजतम खंड “(ड)” को खंड “(ढ)” के रूप में पढा िाएगा, और उससे पिले यि खडं
िोड़ा िाएगा - “(ड) यि बताया िाए दक म्युजिजसपल डैट जसक्यूररटीज़ के अलॉटमेंट और इश्यू के
मामले में क्या प्रदिया अपिाई िाएगी और यि कब-कब दकया िाएगा ।” ।
(iii) पैरा (8)(I) म ें दी हुई िम संख्याएँ “(a)”, “(b)”, “(c)” एि ं “(d)” िमिः “(क)”, “(ख)”, “(ग)” एि ं “(घ)”
के रूप में पढी िाएँगी ।
(iv) पैरा (8)(IV) में दी हुई िम संख्याएँ “a.”, “b.”, “c.”, “d.”, “e.”, “f.” एि ं “g.” िमिः “क.”, “ख.”, “ग.”,
“घ.”, “ङ.”, “च.” एि ं“छ.” के रूप म ेंपढी िाएगँ ी।
(v) पैरा (9) में दी हुई िम संख्याएँ “a.”, “b.”, “c.”, “d.”, “e.”, “f.”, “g.” एि ं “h.” िमिः “क.”, “ख.”, “ग.”,
“घ.”, “ङ.”, “च.”, “छ.” एि ं“ि.” के रूप में पढी िाएँगी।
(vi) पैरा (10) म ेंदी हुई िम संख्याएँ “a.” एिं “b.” िमिः “क.” एि ं “ख.” के रूप में पढी िाएँगी ।
(vii) पैरा (11) म ें दी हुई िम संख्याएँ “a.”, “b.”, “c.”, “d.”, “e.” एि ं “f.” िमिः “क.”, “ख.”, “ग.”, “घ.”,
“ङ.” एिं “च.” के रूप में पढी िाएँगी ।
(viii) पैरा (12) म ें दी हुई िम संख्याएँ “(a)”, “(b)” एि ं “(c)” िमिः “(क)”, “(ख)” एि ं “(ग)” के रूप म ें पढी
िाएँगी ।
(ix) पैरा (13) म ें दी हुई िम संख्याएँ “(a)”, “(b)”, “(c)”, “(d)”, “(e)” एि ं “(f)” िमिः “(क)”, “(ख)”,
“(ग)”, “(घ)”, “(ङ)” एि ं“(च)” के रूप में पढी िाएँगी।
बबीता रायुडू, कायडपालक जिदिे क
[जिज्ञापि-III/4/असा./239/2026-27]
SECURITIES AND EXCHANGE BOARD OF INDIA
CORRIGENDUM
Mumbai, the 23rd July, 2026
SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE AND LISTING OF MUNICIPAL DEBT
SECURITIES) (AMENDMENT) REGULATIONS, 2026
No. SEBI/LAD-NRO/GN/2026/314.— In the notification of the Securities and Exchange Board of India, No.
SEBI/LAD-NRO/GN/2026/305 dated July 1, 2026 published in the Gazette of India, Extraordinary, Part III, Section
4, in the English version –
1. In paragraph 3.XI, in inserted ‘Schedule IB’,
I. in paragraph 9.a,
(a) the numbering of clause (vi) shall be read as clause (i).
(b) the numbering of clause (vii) shall be read as clause (ii).
(c) the numbering of clause (viii) shall be read as clause (iii).
(d) the numbering of clause (ix) shall be read as clause (iv).[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
(e) the numbering of clause (x) shall be read as clause (v).
II. in paragraph 9.b,
(a) the numbering of clause (iv) shall be read as clause (i).
(b) the numbering of clause (v) shall be read as clause (ii).
(c) the numbering of clause (vi) shall be read as clause (iii).
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./239/2026-27]
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and Published by the Controller of Publications, Delhi-110054.