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<h1>Regulation 86: Listed Entities Cannot Alter Securitized Debt Structures Without Exchange Approval; Must Ensure Timely Payments.</h1> Regulation 86 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandates that a listed entity with securitized debt instruments must not alter the instrument's structure, such as coupon or redemption terms, without stock exchange approval. The entity must ensure timely payment of interest and principal, maintain credit enhancement, and transfer unclaimed funds to the Investor Protection and Education Fund after seven years. Redemption should be on a pro rata basis unless specified otherwise. The entity remains listed until maturity, redemption, or delisting, subject to stock exchange discretion.