The SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 were framed principally to:

The NCS Regulations, 2021 consolidated the scattered earlier frameworks governing the ISSUE and LISTING of non-convertible securities - including the erstwhile regulations on NCDs and other non-convertible securities - into a single modern regime. They prescribe eligibility, credit-rating and disclosure standards, implementation of the issue, listing conditions, and the continuing obligations of listed debt issuers. Equity shares are governed by the separate ICDR regime, mutual funds by their own regulations, and government bond rates by the government. The NCS framework thereby rationalises corporate-debt market access.