Flock blog
Reading regulatory filings, sourced and dated.
Plain-English guides to the public filings Flock tracks: 13F reports, NSE and BSE shareholding patterns, bulk and block deals, and FII/DII flows. Every claim links to its source. Research, not advice.
Duties of a debenture trustee under SEBI rules
Regulation 15 lists 20 duties of a debenture trustee, from vetting the offer document to appointing a nominee director. SEBI rewrote the list in February 2025.
Can a debenture trustee outsource its work?
SEBI bars a debenture trustee from outsourcing core business activities and compliance functions, and keeps it fully liable for whatever a third party does.
Debenture trustee conflict of interest rules
A debenture trustee is paid by the issuer it monitors. SEBI's conflict guidelines, the Code of Conduct, and the half yearly certificate that tests compliance.
Pooled finance municipal bond: SEBI's 2026 SPV rule
A pooled finance municipal bond is issued by an SPV for several municipalities. SEBI's Regulation 5A, the two step escrow and the credit enhancement list.
Face value of a municipal bond: SEBI's 2026 rule
SEBI set the face value of a privately placed municipal bond at Rs 1 lakh or Rs 10,000 in August 2026. Why the Rs 10 lakh minimum subscription still stands.
ESG municipal debt securities: SEBI's 2026 route
SEBI opened an ESG label route for municipal bonds in July 2026 through Regulation 4F. Which rulebook the conditions come from and what a labelled issue owes.
Municipal bond investor incentive: SEBI Reg 22B
SEBI bans incentives for applying to a municipal bond issue, then carved out six investor categories in July 2026. Who qualifies and why it dies on transfer.
Pooled finance municipal offer document: Schedule IB
SEBI's Schedule IB sets what a pooled finance municipal offer document must disclose. The 13 heads, the constituent municipality tables and the QR code rule.
Schedule I vs Schedule IB: municipal bond disclosure
Schedule I vs Schedule IB under SEBI's municipal rules: a municipality disclosing its own accounts, or an SPV disclosing every constituent municipality too.
Municipal bond issue advertisement: SEBI Reg 9 rules
SEBI's Regulation 9 sets what a municipal bond issue advertisement may say and where it runs. The Schedule IV format and the 2026 electronic mode option.
SEBI municipal bond rules 2026: what changed
SEBI amended India's municipal bond rulebook in July 2026 and specified face value and escrow rules in August. Every change, with its date and source.
What is a Recovery Expense Fund? SEBI REF rules
A Recovery Expense Fund is 0.01% of issue size capped at Rs 25 lakh per issuer, held by a stock exchange. How SEBI's REF rules work and when it pays out.
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