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    <description>Issuers of municipal debt securities must appoint a debenture trustee registered with the Board in accordance with the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, pursuant to Regulation 4D of the SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015.</description>
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      <description>Issuers of municipal debt securities must appoint a debenture trustee registered with the Board in accordance with the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, pursuant to Regulation 4D of the SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015.</description>
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