SEBI has decided to give International Securities Identification Number (ISIN) for an IPO of debt securities only on the date of commencement of trading on exchanges.
Earlier, this was applicable only to equity securities. It was introduced after the IPO scam to prevent misuse of ISIN using off-market transfers. Depositories have been directed to freeze new securities arising out of FPOs (follow-on public offers), rights and bonus issues and preferential allotment under a temporary ISIN.
Only on receipt of final listing/ trading permission from exchanges, depositories can assign the pre-existing ISIN for these securities and make them available for trading, said SEBI.
This would be done by debiting the number of securities under the temporary ISIN and crediting them in the pre-existing ISIN.