The Securities and Exchange Board of India has issued a master circular consolidating all applicable debenture trustee circulars as of September 28, 2026. It replaces the August 13, 2025 master circular following substantial intervening modifications and brings the requirements into a single chapter-based framework for debenture trustees, debt issuers, credit rating agencies, stock exchanges and depositories. The framework covers registration, due diligence and security creation, covenant and security cover monitoring, disclosures, investor grievance handling, defaults and remedies, regulatory reporting, outsourcing and conflicts of interest. It also incorporates the requirement for debenture trustees to segregate activities outside SEBI’s remit into separate business units, with implementation due by October 27, 2026. Actions taken, pending applications, accrued obligations, penalties and enforcement proceedings under the rescinded circular remain valid under the corresponding provisions.
2026-09-28Securities & Exchange Board of India
Securities and Exchange Board of India consolidates updated debenture trustee framework in new master circular
The Securities and Exchange Board of India has consolidated its updated debenture trustee requirements into a new master circular, replacing the August 13, 2025 version. The framework covers trustees’ registration, due diligence, security and covenant monitoring, defaults and other operational obligations, including the October 27, 2026 deadline for segregating activities outside SEBI’s remit.