Most people will read SEBI's October 07 circular as a debt-market relaxation. I read it as a governance signal. Eligible listed issuers (those regulated by SEBI, RBI, IRDAI or PFRDA, with AA- or better ratings) can now privately place ₹10,000 face-value debt without appointing a merchant banker. That saves time and cost. Look at the second condition, though: the issuer must have no pending fines or penalties from SEBI or the stock exchanges under the LODR Regulations. For yea