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 happens when a bond covenant is breached?
How SEBI requires debenture trustees to monitor covenant breaches, the six covenant categories in Annex VIA, the actions available, and the breach report.
What rights does a debenture trustee have?
SEBI codified debenture trustee rights in Regulation 15A, effective October 2025. Inspection powers, what a trustee can demand, and the trust property rule.
What is a liquidity window facility? SEBI rules
A liquidity window facility lets bondholders sell back to the issuer on fixed dates via a put option. The 10% floor, the one-year wait, and the disclosures.
What are market linked debentures? PP-MLD rules
Market linked debentures pay returns tied to an index or benchmark. SEBI's PP-MLD prefix, the Rs 100 crore net worth bar, and the weekly valuation duty.
The centralised database for corporate bonds
SEBI's centralised database for corporate bonds is hosted jointly by the depositories. Who fills which fields, who verifies them, and when it updates.
Nominee director: the debenture trustee's seat
A debenture trustee can put a nominee director on a defaulting issuer's board. The three trigger events, the Articles of Association duty, and who complies how.
What is the Settlement Guarantee Fund? LPCC repo
Debt issuers pay 0.5 basis points upfront into the LPCC's Settlement Guarantee Fund for corporate bond repo. Who collects it, when, and on what basis.
What is a debenture trust deed? SEBI format rules
A debenture trust deed binds the issuer to the debenture trustee. SEBI's specified format, the key summary sheet for deviations, and clauses that are void.
Retail individual investor: SEBI's new debt term
SEBI defined retail individual investor in the NCS Regulations in January 2026 and let debt issuers pay them incentives. The Rs 2 lakh test explained.
Liquidity window vs put option: how they differ
A liquidity window is built from put options but adds a 10% floor, fixed schedules, capped pricing and public disclosure. The differences, clause by clause.
Market linked debentures vs NCD: the differences
An MLD pays a market linked return, a plain NCD pays a stated coupon. Net worth bars, PP-MLD ratings, weekly valuation and disclosure duties compared.
How to read the corporate bond database
A field-level guide to SEBI's centralised corporate bond database: the three annexures, who verifies what, the update clocks, and where the timelines conflict.
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