Security cover format and trustee monitoring rules revised: quarterly certified coverage, valuation standards, disclosure timelines, and REF verification strengthened. SEBI revises the security cover certificate format and related processes: issuers must produce quarterly certificates with statutory auditor certification of book values, provide market values or justified carrying values, include separate standalone and consolidated tables where third party/group assets are used, and add a column for debt not backed by assets. Debenture Trustees must quarterly certify market values after due diligence, document reasons for reductions, ensure disclaimers do not impair debenture holder rights, and may appoint a lead trustee for pari passu charges. Standard formulas for exclusive and pari passu cover ratios and UDIN requirements are prescribed.