Electronic Debt Bidding platform (EBP)

The Electronic Debt Bidding Platform (MSE-EBP) is intended to facilitate greater efficiency and transparency in the price discovery process for debt issuances undertaken on a private placement basis, while also reducing the time and costs associated with such issuances.

With a view to streamlining the procedures for the issuance of debt securities through private placement, SEBI Circular No. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/0000000073 dated May 16, 2025, as amended from time to time, provides for the review of provisions relating to the Electronic Book Provider (EBP) platform with a view to enhancing its efficacy and utility. Additionally, SEBI Master Circular No. SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated October 15, 2025, as amended from time to time, prescribing the Operational Circular for the Issue and Listing of Non-Convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper. Chapter VI of the Operational Circular sets out the framework for the issuance of debt securities on a private placement basis through the Electronic Book Mechanism.

The use of an Electronic Book Provider platform is mandatory for issuers undertaking an issue of ₹20 crore or more, including the green shoe option, if any. However, issuers may also utilise the EBP platform for issues having a size of less than ₹20 crore.

Participants intending to avail themselves of the MSE-EBP facility are required to register with the Metropolitan Stock Exchange of India Limited (MSE) by completing the prescribed registration documentation. Upon successful registration, access credentials are provided to the authorised personnel of the respective participant, enabling them to access and utilise the MSE-EBP platform.