SEBI notifies Issue and Listing of Non-Convertible Securities (Amendment) Regulations, 2023

February 2023

The Securities and Exchange Board of India (SEBI) has notified the Issue and Listing of Non-Convertible Securities (Amendment) Regu­lations, 2023. SEBI strengthened the framework for green bonds by introducing the concept of blue and yellow bonds as new modes of sustainable finan­ce. It has notified the inclusion of specific subcategories (blue and yellow bonds) within the definition of green debt security. Blue bonds comprise funds raised for sustainable water management including clean wa­t­er and wa­ter recycling, and the sustain­able mari­time se­c­tor inclu­d­ing su­s­tainable shipping, sustainable fishing, fully traceable sustainable seafood, ocean energy and ocean mapping. Yellow bonds compri­se fun­ds raised for solar energy generation and the associated upstream and downstream industries. The regulatory framework defines green debt se­curities as debt securities issued for raising funds that are to be utilised for projects or assets falling under certain categories.