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Permitting non-scheduled Payments Banks to register as Bankers to an Issue

 Notice Date : 03 August 2021

Securities and Exchange Board of India



August 3, 2021

Recognized Stock Exchanges
Registered Depositories
Registered Stock Brokers
Registered Merchant Bankers
Registered Registrars to an Issue and Share Transfer Agents
Registered Depository Participants
National Payments Corporation of India
Non-scheduled Payments Banks who propose to seek registration as Bankers
to an Issue

Madam / Sir,

Sub: Permitting non-scheduled Payments Banks to register as Bankers to an Issue

1. SEBI vide notification dated July 30, 2021, amended the SEBI (Bankers to an Issue) Regulations, 1994 (BTI Regulations) thereby permitting such other banking company, as may be specified by the Board, from time to time, to carry out the activities of Bankers to an Issue (BTI), in addition to the scheduled banks.

2. In this regard, non-scheduled Payments Banks, which have prior approval from Reserve Bank of India, shall be eligible to act as a BTI subject to fulfilment of the conditions stipulated in the BTI Regulations.

3. Payments Banks registered as a BTI shall also be permitted to act as a Self-Certified Syndicate Bank subject to the fulfilment of the criteria laid down by the Board in this regard from time to time. The blocking/movement of funds from the investor to issuer shall only be made through the savings account of the investor held with the payments bank.

4. This circular is issued in exercise of powers conferred by Section 11(1) 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.

5. A copy of this circular is available on SEBI website at under the categories “Legal Framework -> Circulars”.

Yours faithfully,

Aradhana Verma
Deputy General Manager
Marker Intermediaries Regulation and Supervision Department
Tel. No. 022-2644 9633
Email ID:


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