Issuer

An issuer is any entity — a corporation, government body, financial institution, or special purpose vehicle — that offers securities for sale to investors in the primary market to raise capital. In equity markets, issuers are companies that float IPOs, FPOs, or rights issues to raise equity capital. In the debt market, issuers include corporations that issue NCDs (Non-Convertible Debentures), the central and state governments that issue G-Secs and State Development Loans (SDLs), and municipalities that issue municipal bonds. The issuer's creditworthiness — assessed through credit ratings by agencies such as CRISIL, ICRA, CARE, and India Ratings — is a primary determinant of the yield demanded by investors. Under Indian securities law, issuers are responsible for the accuracy and completeness of all disclosures made in the offer documents and are subject to SEBI enforcement action for misrepresentation, non-disclosure, or violation of listing obligations. The issuer-investor relationship is governed by the terms of the offer document and the applicable SEBI regulations.