SEBI pushes transparency bid, simplifies operational process of cash flow disclosure in corporate bond database; details
The Securites and Exchange Board of India (SEBI) has announced simplified operational processes for cash flow disclosure in the corporate bond database, PTI reported on May 18.
This was announced in SEBI's latest circular, and comes after the capital markets watchdog reviewed a Request for Quote (RFQ) Platform framework.
Aimed at streamlining and simplifying the process of trade execution on the RFQ platform, yield-to-price will now be based on scheduled due dates, without applying any adjustments based on day count conventions. SEBI has made yield-to-price calculation on the RFQ platform easier. Now, only the due dates — and not the actual payment dates — mentioned in the cash flow schedule will be used for these calculations.
At present, yields on debt securities are calculated using more complex methods that consider actual payment dates and required day count adjustments.
In addition to simplifying yield calculations, the markets regulator has introduced a requirement for mandatory cash flow disclosures in the centralised corporate bond database.
This will require issuers to provide a detailed cash flow schedule — covering interest, dividend, or redemption payments — at the time of ISIN activation and after the securities are listed.
Further, to maintain transparency and accuracy, this information is to be regularly updated in the database.
SEBI has also mandated that any changes to the cash flow schedule must be updated within one working day.
SEBI's new regulations will be applicable to to existing ISINs for their remaining maturity, and to all new debt security issues starting August 18, 2025.
RFQ, which was launched on BSE and NSE in February 2020, is an electronic platform that enables multi-lateral negotiations to take place on a centralised online trading platform with straight-through processing of clearing and settlement to complete the trade.
A wide variety of debt securities are available for trading on the RFQ platform.
Key Takeaways SEBI is simplifying cash flow disclosure for corporate bonds to improve trading efficiency.
The new rules will apply to existing ISINs and all new debt issues starting August 2025.
RFQ platform will facilitate easier multi-lateral negotiations and trade executions.
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