Master Circular for Debenture Trustees

This Master Circular rescinds the August 13, 2025 version and compiles existing circulars into a single document effective September 28, 2026. It mandates that Debenture Trustees segregate non-SEBI regulated activities into separate business units with distinct staff, records, and grievance mechanisms, requiring full implementation by October 27, 2026. The document establishes online registration via the SEBI Intermediary Portal, requires prior approval for changes in control, and outlines procedures for surrendering registration certificates and transferring business.

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MASTER CIRCULAR
HO/17/11/12(2)2026-DDHS-POD1/I/22420/2026 September 28, 2026

To,
All Registered Debenture Trustees,
Trustees Association of India (TAI)
United Trustee Association of India (UTAI)
All Registered Credit Rating Agencies,
Issuers who have listed and/ or propose to list Debt Securities and Municipal Debt Securities, Recognized Stock Exchanges, and Recognized Depositories Madam/ Sir, Sub: Master Circular for Debenture Trustees

For effective regulation of Debenture Trustees, Securities and Exchange Board
of India has been issuing various Circulars from time to time.
In order to enable Debenture Trustees and other market stakeholders to have
access to all applicable Circulars in the subject matter at one place, the Master Circular dated August 13, 2025 was issued. From the date of issuance of such Master Circular, substantial modifications have been carried out in such Master Circular, requiring issuance of separate Master Circular.
With the issuance of this Master Circular, the Master Circular dated August 13,
2025 shall stand rescinded. Notwithstanding such rescission, -

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Lineage: In force

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Timeline

This document supersedes: Extension of timeline for compliance with terms and conditions by Debenture Trustees for carrying out activities outside the purview of SEBI

Source: Securities and Exchange Board of India — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works