For a PUBLIC ISSUE of non-convertible securities under the NCS Regulations, 2021, the issue is required to be, inter alia:

A public issue of non-convertible securities under the NCS Regulations, 2021 must comply with the prescribed issue process - a valid disclosure document (prospectus or the specified offer document), minimum subscription requirements, allotment within the stipulated period, and listing within the sanctioned timeline. Continuing obligations then attach to the listed debt. The framework ensures that public circularisation of debt is matched by full and timely disclosure to investors. Private placements have a separate, lighter regime. This mutual discipline protects the integrity of the public debt market.