Electronic Debt Bidding platform (EBP)

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

With a view to streamlining the procedures for issuance of debt securities through private placement, SEBI issued 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 provides framework for issuance of debt securities on Private Placement basis through an Electronic Book mechanism. Additionally, SEBI issued circular no. SEBI/HO/DDHS/DDHS-PoD-1/P/CIR/2025/0000000073 dated May 16, 2025 as amended from time to time, prescribing the Review of provisions pertaining to Electronic Book Provider (EBP) platform to increase its efficacy and utility.

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

Participants intending to avail themselves of the MSE-EBP facility are required to register with MSE by completing the prescribed registration documentation. Upon successful registration, access credentials are provided to the authorised personnel of the respective participant.