A company proposes a public issue of secured redeemable debentures to be listed on the stock exchange. Under the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, the company must, before such issuance:

The NCS Regulations, 2021 require a company proposing a public issuance of non-convertible securities (such as debentures) to obtain a CREDIT RATING for the issue from a credit rating agency registered with SEBI, and the securities are ordinarily required to maintain an investment-grade rating as a condition of listing. The regulations also mandate issuer eligibility, disclosures via the prospectus, allotment and listing timelines, and continuing obligations. The credit-rating requirement is a hallmark of the Indian corporate-debt regime, protecting investors through an independent assessment of credit risk.