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of <h1>Section 30B: Pooled Investment Vehicles Can Borrow, Issue Debt Securities per SEBI Rules; Trustees Not Personally Liable.</h1> Section 30B of the Securities Contracts (Regulation) Act, 1956, outlines provisions for pooled investment vehicles registered with the Securities and Exchange Board of India (SEBI). These vehicles, whether trusts or otherwise, can borrow and issue debt securities as per SEBI regulations. They can provide security interests to lenders under facility documents. In case of default, lenders may recover amounts and enforce security interests against trust assets, without personal liability on trustees. Remaining trust assets post-recovery are distributed proportionately to unit holders. These provisions were inserted by the Finance Act, 2021, effective from April 1, 2021.
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