The SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 govern the issue and listing of:

The SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 consolidate the framework for issuance and listing of debt securities such as debentures and bonds, and other non-convertible securities. They prescribe eligibility, disclosures, credit-rating requirements, and continuing obligations for listed debt. Equity shares are governed by separate ICDR regulations, mutual funds by the mutual-fund regulations, and sovereign gold bonds are government instruments. Since IndianOil regularly raises capital through debt instruments, the NCS framework is directly relevant. Understanding the debt-versus-equity regulatory separation avoids easy error.