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4 1 101
OR III 41 4 iit 1,47ff titcto()

EMPLOYEES' PROVIDENT FUND ORGANISATION

(Ministry of Labour & Employment, Govt. of India)
eilcv-1 / Head Office
1-1Nrzi fqtit 1-1747, 14- Wi
lt V7I17, Rt ftMf- i 10 066
Bhavishya Nidhi Bhawan, 14, Bhikaiji Carna Place, New Delhi -110 066,

Dated: 30.12.10
No. Exm/Misc/CBT item/2008
rS*6
- 1 DIE
To
All Addl. CPFCs (Political States),
All Regional P.F. Commissioners - I,
In-charge of the regions.

Sub: Trades in Corporate Bonds by Provident Funds / Pension Funds.

Sir,
SEBI vide its various circulars has mandated compulsory reporting of
transactions in corporate bonds by such entities (Provident Funds / Pension
Funds) on authorized reporting platforms i.e. BSE, NSE or FIMMDA and to
ensure clearing and settlement of trades by such entities thrdugh the
authorized clearing corporations i.e. NSCCL or ICCL.

You are requested to ensure compliance of SEBI guidelines (copies

enclosed) by all the Exempted PF Trusts within your jurisdiction and report
compliance status by 28.2.2011. A certificate from each Exempted Trust
should be obtained that they have complied with the mandatory reporting
aspect of SEBI guidelines and sent to us by the said date 28.2.2011.
Yours faithfully,

Encl.: As above. (Dr. A. . Dubey)

Regional P.F. Commissioner - i (Compliance)
Copy to:
Sh. S. K. Dev Verman, Joint Secretary, Ministry of Labour w.r.t. DO
1.
Letter No. G-20031/1/2007-SS.II dated 13.12.10 - for kind
information please.
2. RPFC (NDC) - For uploading on the website

(Saurabh. Jagati)
Regional P.F. Commissioner -II (Exemption)
 i v4
-1-c-1311*

'altTn irci
Ar._ .-741A BARUA ,
Executive Director Securities and;; xchange
Board of India , i

• ; ,1
IMD/DF1/0Wa2067/2010
November 29, 201

Shri Sidharath Dev Verman,

Joint Secretary to Government of India,
Ministry of Labour and Employment,
Shram Shakti Bhavan,Rafi Marg,
New Delhi- 110001

I )(:)ill

Subject: :frades ki:,-A3orporate Bonds by Provident Funds/ Pension Funds

- In order to develop the corporate bond market SEBI, RBI and IRDA have mandted
that entities regulated by them shall (i) report their trades in corporate bonds to B$E/
NSE/ FIMMDA; and (ii) such specified entities shall settle trades compulsorily throuph
exchange clearing corporations i.e., National Securities Clearing Corporation Li ,ited
(NSCCL) and. Indian Clearing Corporation Limited (ICCL).

2. Provident Funds/ Pension Funds/ Pension schemes are important players in hthe
corporate bond market. While.their trades with RI31, SEBI or RDA regulated ent tiOs
nro covered by virtu() of Iho latter being required to wpod Moir iiido cal trireme, n !'
nitilullly ()I Lhtiii Ittilloti will r onlrlitin who nit , nol•inuilltilod by 11111/)II:I:II/1111?A 1111 .4,
tit ( t iopoitod Ltt
1
In order to ensure greater transparency in the corporate bond markets, to impfoVe.
!Akio dit'icovety iii d In► ioduceliskiiiliolont in bilateral settlement of transactions, Iti I`
ioquontod iht11 Minir.lry of may Goiltddor int...L.1111g tluitriblo dilectiont3.1u
authorities/corriniissionor responsible for Provident Funds/ PenSlon Fun,(11§/
Pension Schemes to errstir." ndatory reporting of transactions in corporate bonds
by such entities on authoriz: 'Ireporting platforms i.e. I3SE, NSE or FIMMDA and, to
ensure clearing and settivnetit of trades by such entities - through the authorised
clearing corporations i.e.NISQCL or ICCL.

/1. For your ready reference are enclosing relevant circulars issued by SEBI.

Yours faithfully,

Ainan a Barua

1 55 7

Page 1 ' of 1

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400 051. Tel.: 00-91-22-26149000 )Arcot 2644 998 ,..Ali :

SI Ail lilinvnn, I lot. No: C4--A, "G" , 111,1(111

E.mail anantabOseb1.gov.in Web :-wviw.sebi.gov.In
Deputy General Manager
Investment ManageMent Department
Division of Funds - I

SEBUIMD/DOF-1/BOND/Cir-4/2009
October 16, 2009

Funds, Asset Management Companies (AMCs),

—
AD Foreign Institutional Investors/ sub-accounts (through custodians),
All Venture Capital Funds and Foreign Venture Capital Investors
All Portfolio Mangers, and
All Stock Exchanges

Dear Sirs,

Citiltrioil rind Soifioniont•of !radon hi Corporal() liondt$ Cletarhifil'

Corporations

1. SEBI vide circulars numbers SEBI/ CFD/DIUBOND/1/2006/12/12 dated

December 12, 2006, SEBI/CBM/ BOND/1/2007/02/03 dated March 01, 2007 and
letter dated July 27, 2007 to FIMMDA authorized BSE, NSE and FIMMDA to set
up and maintain reporting platforms to capture information related to trading in
corporate bonds. Subsequently, SEBI vide circular No.SEBUCBM/BOND/2/ 1

207/134dateApril,207uhozedBSEanNtsupd' Ij
maintain trading platforms for Corporate Bonds.

2. I I 10,1 111)W H101 (.100(.11111 IIn II , 1111 .111.1(.1(!ti In coipoirilo boodn 1.)(11woor fipeelflod'
foinitin invonliard taccon ► ln,

venture capitaltilunds, foreign venture capital, investors, portfolio. mangers, and.;

rogalatod .oritiOnn as spociliod by 1 -031 shall noc.ogruirily [in cloarod and Bottiod
11116;10n Inn . National :.;(10,11111m4 Clothing (.;ogioutillon ) or 1110
h Khali CIddilliti (ICUL).

3. The provisions of this circular shall be applicable to all corporate bonds traded
Over The Counter (OTC) or on the debt segment of Stock Exchanges on or after.
December 01, 2009. However, the provisions of this circular shall not be
applicable to trades in corporate bonds that are traded on the Capital Market
segment/ Equity Segment of the Stock Exchanges and are required to be settled
through clearing corporations/ clearing houses of Stock Exchanges.

Page 1 0 1
 /12
,..-,',;-f;fr-,--=:::,-7,-,:rgther terms of the past circulars, viz., No SEBI/ CFD/DIL/BOND/1/2006/12
O'' -.- March ,
dated Decelter 12, 2006 and No SEBI/CBM/ BOND/1/2007/02/03 dated
.„, ,
01, 2007,, And SEBUIMD/D0E-1/BOND/Cir-3/2009 dated July 31, 2009 remain
e"; unchanged. While clauSe IV(7) of SEBI Circular No.SEBUCBM/BOND/2/2007 .
/13/04 dated April 13, 2007 which allows bilateral clearing and settlement stands
modified accordingly, with effect from December 01, 2009, all other terms of the :
said Circular remain unchanged.

5. All transactions cleared and settled in towns of this circular will be subject to such
norms as may be specified by NSCCL and ICCL.

6. NSE and BSE are directed to:

(a) Make amendments to the listing agreement, bye- laws, rules and regulations
for the implementation of the above .decision with effect from December 01, ;:
2009, as may be applicable and necessary.
(b) Make necessary arrangements for smooth implementation of this circular.

7. All specified entities are advised to make necessary preparations for

implementation of thelarolisions of this circular.

8. All stock exchanges are advised to bring to the notice of all their members and to
disseminate the same on their respective websites for easy access to investors.

9. This circular is issued in exercise of powers conferred by sub-section (1) of

section 11 and section 11A of the Securities and Exchange Board of India Act,' , ; ,
, investors in securities and to promote the 192,toprec*insf
development of a491:;:to regulate the securities market. ,

10. This circular is available on SEBI website at www.sebi.gov.in under the

categories *".Legal Framework" and "Corp Debt Market".

Yon'

Maninder Cheema

Page 2 of 2
 Satya Ranjan Prasadrti
Deputy °uncial MannT, 3
. .49'1N

SEBI/CBM/BOND/1/2007/01/0 3
March 01, 2007

The Managing Director / Executive Director / Administrator

Of All Stock Exchanges

Dear Sirs,

Sub: Cons orate Bond Market — Re ortin•Platform to also be set u • b NSE

In order to implement the Union budget proposal on creation of a unified .1

I.
platform for trading of Corporate Bonds, SEBI vide circular No. SEBI/CFD/DIL/
Stock
f3OND/1 /2000/12/12 doted Pe•ombrif 12, 2000 n11111(07(10 lionibtly
Exchange Limited (OISE) to set up and maintain a copulate bond reporting
platform, to Capture ,.,all information related to trading in corporate bonds as
accurately and as close to execution as possible.

It has now been decided that the National Stock Exchange of India Limited
(NSE) may also . set . up and maintain a similar reporting platform for corporate
bonds with immediate effect on 'terms and conditions laid out in the aforesaid
• SEBI circular.

III. For the purpose, the following shall be implemented with immediate effect:

1. Trades executed by the members of BSE or NSE shall be reported on the

would host
reporting platforms of their respective stock exchanges dv ho
such information on their websites. As regaids Over the Counter (OTC)
on
trades, the parties concerned shall have the freedom to report hitdeals
the platform bf either BSE or NSE.

BSE and NSE shall co-ordinate among themselves to a su that the

infdtoiation reported with BSE and NSE is aggregated, dhecAced for.
redundancy and disseminated on their websites in a homogenous manner.

Information disseminated on the websites of BSE and NSE shall .display the
3.
following essential data: Issuer Name, Maturity Date, Current Coupon, Last
Price Traded, Last Amount Traded, Last Yield (annualized) Traded,
Weighted Average Yield Price, Total Amount Traded and tie Rating of the
Bond and any other additional information as the stock exchanges think fit.

Further, the following additional details shall be made available through

4.
hyperlink: Ratings including the last change where possible, Call/ P ,

V., ft

QL
 Option Dates, Record Date, Next Coupon Date, Step up Coupons, Day
Count Convention, Floating Benchmark if applicable and the spread over
the Benchmark and any other instrument specific material information.

5. The Fixed Income Money Market and Derivatives Association of India

(FIMMDA) which at present is bringing out a daily valuation report of all
Central Government Securities, had proposed setting up of a reporting
platform for corporate bonds and also to provide similar value added
dissemination on Corporate Bonds. Till such time that FIMMDA sets up
such a platform, it shall disseminate information made available on bond
trading by the two exchanges with appropriate value addition. In this
regard, BSE and NSE are directed to extend their co-operation to FIMMDA.

IV. Applicability

The reporting shall be made for all trades in listed debt secijrities issued by,
all instituti such as Banks, Public Sector Undertakings, Municipal
Corporationebodies corporate and companies.

Cuipuitilti Dumb ;Milli ho ilittclo by 011 poi tion(ti)

2. 111(1
dealing in such. corporate bonds irrespective of whether they are SEBI
regtstered intermediaries or otherwise.

Pursuant to the launch of the corporate bond reporting platform at NSE,

reporting may be made to either platform of BSE or NSE but not to both for
the same transaction. Although, reporting may be done at either of the
exchange platforms, BSE and NSE shall ensure that all the relevant details
are disseminated by both the stock exchanges on their websites and shall
ensure that there is no segregation of data between the exchanges on the
basis of its reporting origin. •

V. Direction to Stock Exchanges

All Stock Exchanges ofe directed to:

a. Make necessary amendments to the listing agreement, bye- laws, rules and
regulations for the implementation of- the above decision immediately, as :-
may be applicable and necessary.

b.- Bring the provisions of this circular to the notice of the entities in both equity
and debt segments, member brokers, clearing -
members of the Exchange
the
i-And also to disseminate the same on the website for easy access to
investors: and

Page 2 of 3
 c. Communicate to SEBI, the status of implementation of the provisions of this
circular in the Monthly Development Report from the month of April, 2007.

VI. This circular is issued in exercise of powers conferred by sub-section (1) of

Section 11 of the Securities and Exchange Board of India Act, 1992, to protect
the interests of investors in securities and to promote the development of, and
to. regulate the securities market. The provisions of the earlier circulars
NaSEBI/MRD 4ATI36I2003/30/09 dated September 3:, 2003, Circular
No. SEBI/
tI/MR r #5 E/i1746/2003 dated December 22, 2003;'ancf'Circular
tsf..O.S
06/12/12 dated December 12, 2006 in iii:far as they are
C?D/ L /B0 ib , ..
,

inconsistent wik11-01 provisions of the instant circular shall:stand'superceded.

: ...

VII.:'ThiS circular is ava Ole.on SEBI website at www.sebisrov.in .

• ,

Yours faithfully, •

Satya Ranjan Prasad

u.4

Page 3 013
 MITT 7411 Paraq
0,pnly Ono, Mandy,
Pinn 119 111111 I Coipniation Finance Depadinent
F44,4 ea tkr4,119. 1U 1 1! Division of Issos and Listing
Phone: 141 22 2414, 9300 Erne,

SEBI/CFD/DIUBOND/1/2006/12/12
December 12, 2006

• The Managing Director / Executive Director / Administrator

Of All Stock Exchanges

Dear Sirs,

Sub: Cor • orate Bond Market — Launch of Re ortin Platform

SEBI had issued circular No.SEBUMRD/SEAT/36/2003/30/09 dated September

30, 2003 stipulating the conditions to be complied in respect of private
placement of debt securities. These conditions governed three aspects, viz.,
issuance, listing and trading of privately placed debt securities. Subsequently,
circular No.SEBUMRD/SEJAT/46/2003 dated December 22, 2003 was issued
which included clarifications on the circular issued earlier in the matter.

II. In order to implement the Union budget proposal on creation of a unified

platform for trading of Corporate Bonds, it has been decided to establish, in the
first phe, a system to capture all information related to trading in corporate
bonds as • accurately and as close to execution as possible through an
authorized reporting platform. In the second phase of development, it is
proposed to permit recognized stock exchanges having nationwide access to
set up a corporate bond trading platform to enable efficient price discovery and
reliable clearing and settlement in a gradual manner.

W. It has been decided that Bombay Stock Exchange Limited would be setting til)
and maintaining a corporate bond reporting platform as envisaged in the first
phase. For the purpose, the following shall be implemented with effect from
January 1, 2007:

1. The term 'Corporate Bonds' for this purpose shall include all listed debt
securities issued by institutions such as Banks, Public Sector Undertakings,
Municipal Corporations, bodies corporate and companies.

issuers, intermediaries and contracting parties shall be granted access

to the corporate bond reporting platform for reporting of trades. Where
transactions are executed through the intermediary, reporting responsibility
shall lie with the intermediary. If executed' otherwise, reporting will be made
either through an authorized intermediary or directly by the contracting
parties.
 .,,000 or above are
3. All transactions in corporate bonds of the value of Rs100
required to be reported to the corporate bond platform. The transactions
Shall be reported within 30 minutes of closing the deal. The:information on
settlement shall be reported by the parties involved in the transaction within
1 trading day from completion of the settlement.
$.
4.. The Bombay Stock Exchange Limited (BSE) shall ensure that the
Corporate Bond' Reporting platform for the purpose shall be available from
•
10.00 am to 5.30 pm on all trading days.

5. The access to the platform for the purpose of reporting Will be given to all
market intermediaries who approach BSE for the purpose. The connectivity
to the non-members of the Exchange would be enabled through Virtual
Private Network (VPN).

• 6. The BSE shallpopulate

po the data reported on their platform on their website
on a real time basis for information of investors/public.
.

.•.7. Since the platform is purely for reporting purposes, the stock exchange
. shall have no role or liability for settlement of these trades. The
intermediaries/ contracting parties shall settle the trades bilaterally.

8. Issuers are required to disclose/ update regularly all material information

such, as rating obtained on the instruments and the rating migrations as and
whe n they take place, record date, reasons for record date, put/call option
dates, units exercised under put/call option etc, failing which action may be
initiated #gainst the issuer and/or its directors/promoters.

IV. Applicability .

a t. •
rp,To ,j..i,pg shall be made for all trades in listed debt securities issued by
institutions such as Banks, Public Sector Undertakings, Mic unipal
_e
Corporations, bodies corporate and companies.

. 2. The reporting of trades in Corporate Bonds shall be made by all person(s)

dealing in such corporate bonds irrespective of whether they are SEBI
registered intermediaries or otherwise.

V. Direction to Stock Exchanges

All Stock Exchanges are directed to:

a. Make necessary amendments to the listing agreement, bye- laws, rules an

regulations for the implementation of the above decision immediately,
may be applicable and necessary.
 b. Bring the provisions of this circular to the notice of the entities in both equity
and debt segments, member brokers, clearing members of the Exchange
and also to disseminate the same on the website for easy' access to the
investors; and

c. Communicate to SEBI, the status of the implementation of the provisions of

this circular in Section I I item no. 13 of the Monthly Development Report
,

from the month of January, 2007.

tit

itn..er- This circular is issued in exercise ofpowers conferred by sub-section (1) of

Section 11 of the Securities and Exchange Board of India Act, 1992, to protect
the interests of investors in securities and to promote the development of and r,
to regulate the securities market. The provisions of the earlier circulars,
No.SEBUM RD/SE/AT/36/2003130/09 dated September 30, 2003 and Circular
No.SEBUMRD/SE/AT/46/2003 dated December 22, 2003 in so far as they are
inconsistent with the provisions of the instant circular shall stand superceded.

VII. This circular is available on SERI website at www.sebi.qov.in .

Yoursfaithly,

r
•
Paragtas,u

•
3