TaxTMI 
TaxTMI 
Definitions.
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....ns a certificate of registration granted to a trustee under 15[the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993]; 16[(da) "control" shall have the meaning assigned to it in clause (e) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;] (e) "clean-up call option" means an option retained and exercisable by the originator to purchase the debt or receivables assigned to a special purpose distinct entity, if the residual value of such debt or receivables falls below a specified percentage of the price at which it was assigned; (f) "credit enhancement" means any arrangement intended to decrease the likelihood of default on the securitised debt instruments, including subordination, insurance, letter of credit, over-collateralisation, undertakings and guarantees; (g) "debt" or "receivables" means any right that generates or results into a cash flow and includes- (i) mortgage debt ; 17[ii. any financial asset originated by an originator regulated by the Reserve Bank of India: Provided that the special purpose distinct entity shall ensure that....
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....e Board: Provided that all such debts or receivables shall arise from written contractual obligations or written contracts: Provided further that no other debt or receivable (including unlisted debt securities or other securities or instruments or assets) shall be permitted to be an underlying for a securitised debt instrument: Provided further that re-securitisation and synthetic securitisation shall not be permitted.] 18[(viii)] any financial asset within the meaning of clause (l) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (h) 2["investor" - (i) with respect to "securities debt instrument" means any person holding any securitised debt instrument which acknowledges the interest of such person in the debt or receivables assigned to the special purpose distinct entity; and (ii) with respect to "security receipts" means a qualified buyer holding security receipts which acknowledges the interest in the financial asset assigned to the issuer;"] (i) 3["issue" means an - (i) offer of securitised debt instruments by a special purpose distinct entity....
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....sale of security receipts by an existing investor(s) of such security receipts to other qualified buyers;] 8[(mb) "qualified buyer" shall have the same meaning assigned to it in clause (u) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;] (n) "recognised stock exchange" means any stock exchange which is recognised under section 4 of the Act; (o) "regulated activity", in relation to a special purpose distinct entity, means any of its activities which are regulated by the Board under the Act and these regulations and includes making a public offer of securitised debt instruments, making disclosures in connection with such issue, the performance of obligations relating to public offer or listing and redemption of such instruments, management and administration of the schemes under which such instruments are issued, valuation and maintenance of accounts which have a bearing on value of such instruments, and any other related activity as may be specified by the Board; (p) 9["scheme" means a scheme for issue of securitised debt instruments in accordance with these regulations or for issue ....
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....ing days of the Board. 13[(2) Words and expressions not defined in these Regulations, but defined in or under the Act or the Securities and Exchange Board of India Act, 1992 (15 of 1992) or the regulations made thereunder or the Companies Act, 2013 (18 of 2013) or the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) or any applicable rules or regulations made by the Reserve Bank of India from time to time, or any statutory modification or re-enactment thereof, shall have the same meaning as have been assigned to them by or under those enactments, unless the context requires otherwise.] ************* NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2018/26 dated 26-06-2018 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/2018/26 dated 26-06-2018 before it was read as, "(h) "investor" means a person holding any securitised debt instrument which acknowledges the interest of such person in the debt or receivables assigned to the special purpose distinct entity;" 3. Substituted vide Notification No. SEBI/LAD-NRO/GN/2018/26 dated 26-06-2018 ....