On October 18, 2024, the Securities and Exchange Board of India (SEBI) issued a circular clarifying the use of 3-in-1 accounts for filing applications for public issue of debt securities, non-convertible redeemable preference shares, municipal debt securities, and securitized debt securities. This clarification responds to comments received on the need to explicitly specify the use of these accounts, which combine online trading, demat and banking services into one. According to the circular, investors can continue to use 3-in-1 accounts to submit bid and request forms online, in addition to other existing modes outlined in previous SEBI circulars, including the May 2024 main circular. and the September 2024 update. These guidelines aim to simplify and improve the application process for public offerings. SEBI has issued this clarification as part of its regulatory powers to protect investors and regulate the securities market. The full circular is available on the SEBI official website.

Securities and Exchange Board of India

Circular no. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2024/142 Dated: October 18, 2024

HAS,
Issuers offering to list debt, non-convertible and redeemable securities
preferred stock, municipal debt securities or securitized debt securities;
Recognized scholarships;
Registered merchant bankers;
Registered Stock Brokers;
Depositories and registered depositary participants;
Bankers recorded at a broadcast;
Registrar agents registered with share issue and transfer agents; And
Self-Certified Syndicated Banks (SCSB)

Madam/Sir,

Subject: Clarification regarding the use of 3 – In – 1 type of account to apply for a public issue of securities

1. Paragraph 2 of Chapter I (Application procedure in the event of a public issue of securities and listing deadlines) of Main Circular no. SEBI/HO/DDHS/PoD1/P/CIR/2024/54 dated 22 May 2024 (hereinafter referred to as “Main Circular”) issued by SEBI, prescribes the provisions relating to the application process in case of public issue of securities under SEBI (Issue and Listing of Non-Convertible Securities Regulations, 2021, SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 and SEBI (Issue and Listing of Securitized Debt Instruments and Security Receipts) Regulations, 2015 ), 2008.

2. SEBI has received feedback that there is a need to explicitly specify the use of 3 in 1 accounts for applying for public issue of debt securities, non-convertible redeemable preference shares, debt securities municipal and securitized debt securities.

3. Accordingly, it is clarified that in addition to the existing modes of application for public issue of securities as specified in paragraph 2 of the aforesaid main circular and notwithstanding the provision specified in paragraph 2 of SEBI circular SEBI/HO/DDHS / DDHS-PoD-1/P/CIR/2024/128 dated September 24, 2024, investors can continue to submit the Request for Offer and Request for Offer form online using the linked online trading function , demat and bank account (3 in 1 type). accounts).

4. This circular is issued in exercise of the powers conferred under section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 55(1) of the SEBI Regulations ( issue and listing of non-convertible securities). , 2021, Regulation 29 of the SEBI (Issue and Listing of Municipal Debt Instruments) Regulations, 2015 and Regulation 48 of the SEBI (Issue and Listing of Securitized Debt Instruments and Security Receipts) Regulations, 2008 to protect interests securities investors and promote the development and regulation of the securities market.

5. This circular is available on sebi.gov.in under the link “Legal → Circulars”.

Yours faithfully,

Rohit Dubey
General manager
Debt and Hybrid Securities Department
+91-022 2644 9510
(email protected)