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Partner at the Mumbai Office of Cyril Amarchand Mangaldas. Okram has a wide range of experience in structured finance, project finance and general banking matters. He can be reached at


In October 2022, the Securities and Exchange Board of India (“SEBI”) introduced several amendments to various chapters of its Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper, dated August 10, 2021 (“Operational Circular”), in response to certain representations received by it from various market participants. These modifications appear to be in line with SEBI’s continued efforts to improve the accessibility, fairness, and transparency of the debt securities market.Continue Reading Changes to SEBI’s framework on non-convertible debt securities: A Snapshot