Discuss the obligations and duties of Electronic Book Provider in relation to issuance of debt securities.

The recognized stock exchange and depository are identified to act as an Electronic Book Provider (EBP). In order to streamline the procedures for issuance of debt securities on private placement basis and enhance transparency to discover prices, SEBI has laid down a framework for issuance of debt securities on private placement basis through an electronic book mechanism. The obligations and duties of the EBP: EBP shall ensure that all details regarding issuance is updated on the website of the EBP. EBPs shall together ensure that the operational procedure is standardized across all EBP platforms and the details of such operational procedure are disclosed on their website. Where an issuer has disclosed estimated cut-off yield/range to the EBP, the EBP shall ensure its electronic audit trail and secrecy. All EBPs shall ensure coordination amongst themselves and also with depositories so as to ensure that the cooling off period for issuers and debarment period for investors is adhered to. EBP shall ensure that bidding is done. The EBP shall be responsible for accurate, timely and secured bidding process of the electronic bid by the bidders. The EBP shall be responsible for addressing investor grievances arising from bidding process. EBP shall ensure that the pay-in of funds towards allotment of securities, placed through EBP platform, are done through clearing corporation mechanism.