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of <h1>Trust Deeds for Municipal Debt Must Follow SEBI Guidelines; Private Placements Require Compliance with Section 71 of Companies Act, 2013.</h1> A trust deed for municipal debt securities must be executed by the issuer in favor of a debenture trustee, incorporating clauses specified in the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993. For private placements by bodies corporate under the Companies Act, 2013, additional clauses from section 71 and related rules are required. The trust deed must not limit liabilities or obligations of trustees or issuers, restrict statutory provisions, or indemnify negligence. Proceeds from the issue cannot be used until the trust deed is executed. These requirements were updated in a 2019 notification.
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