Municipal Bonds

On Sunday, market regulator Securities and Exchange Board of India (Sebi) allowed municipal bodies in India to issue debt securities which could also be listed. According to Sebi, its regulations relating to municipality bonds will provide a "framework governing the issuance and listing of bonds by municipalities and will enable the investors to make an informed investment decision before investing in the bonds issued by such entities".Globally, municipality bonds, also called `muni', are issued to finance capital expenditures like construction of roads, schools, etc. within the administrative limits of these bodies.

 

Sebi regulations also set disclosure rules for these bonds and could also facilitate listing of privately placed municipal bonds. These regulations confirm to the government's guidelines for issuing tax-free bonds by municipalities.

Sebi rules said all municipal bonds should have a mandatory credit rating, which should be of investment grade in case of public issuances, these bonds should have a three-year tenure and banks or financial institutions should be appointed as monetary agencies which will prepare periodic reports on the issuer.

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