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of <h1>SEBI clarifies Regulation 9C rules for debenture trustees' ring-fenced non-SEBI activities and investor protection disclosures</h1> SEBI specifies conditions under newly inserted Regulation 9C of the SEBI (Debenture Trustees) Regulations, 1993, governing activities of debenture trustees outside SEBI's regulatory purview. Debenture trustees may undertake fee-based, non-fund-based financial services through separate, ring-fenced business units operating at arm's length, with distinct staff (subject to Chinese Wall procedures), records, grievance redressal, disclosures, and marketing from SEBI-regulated activities. Activities regulated by other financial sector regulators must comply with those regulators' frameworks and be clearly disclosed. Trustees must provide upfront written disclosures to all stakeholders on the non-SEBI-regulated nature of such activities and the non-availability of SEBI investor protection, obtain acknowledgements, and report compliance, including in half-yearly reports. Trustees also regulated by the Reserve Bank of India must perform debenture trustee functions via separate business units.
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