HO/17/11/24(1)2026-DDHS-POD1/I/18526/2026 dated August 11, 2026, amended operational aspects of the framework for municipal debt securities under the SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015. For privately placed municipal debt securities, the face value may be Rs. 10,000 face value must have fixed maturity and no structured obligations, while the trading lot must equal the face value. HO/17/11/24(1)2026-DDHS-POD1/I/18526/2026 | Dated: August 11, 2026To,All Issuers who have listed/ propose to list municipal debt securities (listed entities)All Recognized Stock Exchanges,All Recognized Depositories,All Registered Merchant BankersMadam/ Sir,Subject: Amendment to SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015 (“ILMDS Regulations”)1. Accordingly, the following is being specified in respect of the face value of municipal debt securities issued on private placement basis:i.