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          <h1>Municipal debt issuers must appoint SEBI-registered debenture trustees per 2019 amendment to 2015 regulations.</h1> The issuer of municipal debt securities must appoint a debenture trustee who is registered with the Securities and Exchange Board of India (SEBI) as per the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993. This requirement was inserted into the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015, through a notification issued on September 27, 2019.

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