Trust deed requirements prevent clauses limiting trustee liability and bar use of proceeds until execution. Trust deed requirements for municipal debt securities mandate execution in favour of the debenture trustee and inclusion of clauses from Schedule IV and, for companies, the clauses required under section 71 and related rules for private placements. Issue proceeds may not be utilised until the trust deed is executed. The deed must not contain clauses that limit or extinguish trustee or issuer obligations to investors, waive applicable securities or depository law or Board regulations, or indemnify trustees or issuers against loss from their negligence or omission.