Flock blog
Reading regulatory filings, sourced and dated.
Plain-English guides to the public filings Flock tracks: 13F reports, NSE and BSE shareholding patterns, bulk and block deals, and FII/DII flows. Every claim links to its source. Research, not advice.
What is a certificate of deposit (CD)?
A certificate of deposit is a negotiable, unsecured usance promissory note a bank issues for up to one year under RBI's 2021 Directions. Not advice.
What is an issuing and paying agent (IPA)?
An issuing and paying agent is the scheduled commercial bank that routes, certifies and reports every commercial paper issuance under RBI's 2024 Directions.
What is F-TRAC?
F-TRAC is the CCIL trade repository where commercial paper, CDs and short-term NCD issuances, trades, buybacks and defaults are reported. Not investment advice.
Commercial paper vs NCD: what actually differs
Commercial paper vs NCD: one is unsecured and 7 days to a year, the other is secured by definition under RBI rules. Why the word NCD means two things.
Commercial paper vs certificate of deposit
Commercial paper vs certificate of deposit: companies issue one, only banks issue the other. Tenor, denomination, reporting and buyback rules compared.
Municipal debt securities vs NCD
Municipal debt securities vs NCD: two SEBI rulebooks, one backed by escrowed civic revenue and the other by a company's assets. What differs. Not advice.
How to read a municipal bond disclosure
How to read a municipal bond disclosure in India: the Schedule V periodic filings, escrow accounts, trustee duties and rating changes under SEBI's 2015 rules.
Public issue vs private placement of municipal bonds
Public issue vs private placement of municipal bonds: a 75% subscription floor and a SEBI-reviewed offer document, or 200 investors at Rs 10 lakh each.
What is a securitised debt instrument (SDI)?
What is a securitised debt instrument? An SDI is a note issued by a trust against a pool of loans or receivables, listed under SEBI's SDI Regulations. Not advice.
What is a special purpose distinct entity (SPDE)?
What is a special purpose distinct entity? The SPDE is the trust that buys a loan pool and issues securitised debt instruments under SEBI's rules. Not advice.
What is the minimum retention requirement (MRR)?
The minimum retention requirement makes an originator keep a slice of every pool it securitises: 10 percent, or 5 percent in defined cases. SEBI Reg 30B. Not advice.
What is the minimum holding period in securitisation?
The minimum holding period is how long an originator must hold a loan before securitising it: 3 months up to 2 years tenor, 6 months beyond. SEBI Reg 30C. Not advice.
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