The frequently asked questions (‘FAQs’) released by SEBI in relation to the circular dated April 21, 2016, pertaining to the electronic book mechanism (‘EBP Mechanism’) for issuance of debt securities on private placement basis, contain certain clarifications including:i.  For any issuance of debt securities on a private placement basis made after July 1, 2016, in case the issuer conducts multiple issuances in a financial year which are individually less than Rs 500 crores (approximately USD 76 million) but where the aggregate issue size in the same year crosses Rs 500 crores (approximately USD 76 million), the issuer is required to use the EBP Mechanism for any incremental private placement that takes the aggregate issue size in the year equal to Rs 500 crores (approximately USD 76 million) or above;ii.  For any issuance of debt securities on a private placement basis made after July 1, 2016, the EBP mechanism is applicable for such tranche issuance(s) that may individually be less than Rs 500 crores (approximately USD 76 million), but which are part of a shelf offer, including any green shoe option, is more than Rs 500 crores (approximately USD 76 million) in a single financial year; andiii.  In case of issues below Rs 500 (approximately USD 76 million) crores in a single financial year, where such issues have a single investor and the coupon rate is fixed, there is no requirement to mandatorily use the electronic book mechanism. However, arrangers acting as underwriters will not be considered as single investors in these cases.