NSE Lists First Municipal Bonds on the Debt Securities Platform | CORPORATE ETHOS

NSE Lists First Municipal Bonds on the Debt Securities Platform

By: | July 7, 2018
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The municipal bonds of Indore Municipal Corporation (IMC) has earned the distinction of being the first-ever municipal bonds to be listed on the Debt Platform of the National Stock Exchange (NSE). IMC was ranked as the cleanest city in the country.

Indore Municipal Corporation received an overwhelming response with an oversubscription of 1.26 times. On the development of the Debt Capital Market, NSE has demonstrated its commitment and now has become the preferred choice amongst blue chipped companies,leading bank and state owned companies. NSE-EBP is the most versatile platform with bespoke parameters offering the best in class functionalities including reporting and in-principle approvals. Majority of the PSU issuers are active on the NSE-EBP portal because of its flexibility and feature richness.

Speaking at the occasion, Shri Shivraj Singh Chouhan, Hon Chief Minister, Madhya Pradesh said, “We have plans to tap bond market for the development of infrastructure in the state. NSE’s practise of hand holding is helping municipal corporations a lot with regards bond issuances. We are expecting atleast 3 more issuances of Municipal Corporate Bonds from MP in next 3 to 4 months, namely Bhopal, Jabalpur and Gwalior.”

Mr. Vikram Limaye, MD & CEO, NSE said, “On the development of the Debt Capital Market, NSE has demonstrated its commitment. It’s a pleasure for me individually, and all of us at the National Stock Exchange to have our first ever listing of any Municipal Bond on our debt market segment. NSE-EBP now has become the preferred choice amongst blue chip companies, leading bank and state owned companies. NSE-EBP is the most versatile platform with bespoke parameters offering the best in class functionalities including reporting and inprinciple approvals. Majority of the PSU issuers are active on the NSE-EBP portal because of its flexibility and feature richness.”

Madhya Pradesh is home to large infrastructure projects and is fast becoming a hub for emerging listed corporates. Over 18 companies have been listed on the SME platform over the past two years. The Swachh Survekshan has declared Indore as the cleanest city of India in 2018.

Indore Municipal Corporation will be the third in the country to issue the municipal bond for implementation of the Central government scheme – AMRUT and Swacch Bharat Mission.

Shri Shivraj Singh Chouhan, Hon Chief Minister of Madhya Pradesh along with Smt. Malini Lakshman Singh Gaud, Mayor- Indore, Shri Vivek Agrawal, Principal Secretary to Chief Minister, Shri Asheesh Singh, Municipal Commissioner and Shri Vikram Limaye, MD&CEO, NSE formally rang a gong signifying the listing of the Municipal Bonds of IMC on the NSE.