(1)The issuer making public issues of municipal debt securities or seeking listing of municipal debt securities issued on private placement basis, shall comply with the conditions of listing specified in Schedule V of these regulations including continuous disclosure and other requirements specified by the Board from time to time.(2)Where the issuer is a body corporate to whom the Companies Act, 2013 applies, onethird of its Board shall comprise of independent directors, as defined in section 149 of the Companies Act, 2013.(3)Any change in rating shall be promptly disseminated in such manner as the stock exchange where such securities are listed may determine from time to time.(4)The issuer, the respective debenture trustees, and stock exchanges shall disseminate all information and reports regarding municipal debt securities including compliance reports filed by the issuers and the debenture trustees, to the investors and the general public by placing them on their websites.(5)The information referred to in sub-regulation (3) shall also be placed on the websites of the debenture trustee, the issuer and the stock exchanges.]
