Master Circular – Guidelines for Issue of Commercial Paper

IDMD.PCD. 04/14.01.02/2013-14

July 1, 2013

All market participants

Dear Sir/Madam,

Master Circular – Guidelines for Issue of Commercial Paper

Commercial Paper (CP), an unsecured money market instrument issued in the form of a promissory note, was introduced in India in 1990 with a view to enable highly rated corporate borrowers to diversify their sources of short-term borrowings and provide an additional instrument to the investors.

2. A Master Circular incorporating all the existing guidelines/instructions/ directives on the subject has been prepared for reference of the market participants and others concerned. It may be noted that this Master Circular consolidates all the instructions/guidelines/notifications contained in the circulars listed in the Appendix in so far as they relate to guidelines for issue of CP. This Master Circular has been placed on RBI website at

Yours faithfully

(K. K. Vohra)
Pr. Chief General Manager

Encl.: As above


Click here to download the Master Circular


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