Putting in place disclosure norms for municipal bonds, the Securities and Exchange Board of India (SEBI) has asked municipalities to disclose all price-sensitive information and financial results to the stock exchanges. Municipalities proposing to issue debt securities on a private placement basis will have to make certain disclosures to the stock exchanges. This includes financial as well as non-financial information. The issuer will have to inform the exchanges of its intention to raise funds through debt securities and will have to enter into a simplified listing agreement with the exchanges where it proposes to list the securities. Every credit rating will need to be reviewed at least once a year by the registered credit rating agency.