SEBI Issues SEBI (Issue And Listing Of Non-Convertible Securities) (Amendment) Regulations, 2026

SEBI by way of notification dated 20.01.2026, has notified the SEBI (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2026¹ ("NCS Amendment Regulations") to amend the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021.

The NCS Amendment Regulations introduce the following key changes:

1. A new definition has been inserted defining "retail individual investor" as an individual investor who applies or bids for debt securities for a value of not more than INR 2 Lakhs.
2. NCS Amendment Regulations also permit issuers to offer incentives in the form of additional interest or a discount to the issue price to the following categories of investors, namely, senior citizen, women, serving and retired defence personnel, widows and widowers of defence personnel, retail individual investors, and any other category of investors as may be specified by SEBI from time to time. However, such incentives shall be available only to the initial allottee and shall not be applicable in case the debt securities are transferred or transmitted post allotment.

The NCS Amendment Regulations came into force from 20.01.2026.

Footnote

1 Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) (Amendment) Regulations, 2026.

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