Eligibility criteria for trustees

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....ised debt instruments or seek listing for such securitised debt instruments unless - (a) it is constituted as a special purpose distinct entity; (b) all its trustees are registered with the Board under 3[the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993]; and (c) it complies with all applicable provisions of these regulations and the Act 4[:] 5[Provided&nbsp....

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.... Omitted vide F. No. SEBI/LAD-NRO/GN/2025/247 dated 05-05-2025 before it was read as,  "(2) The requirement of obtaining registration shall not apply to the following persons, who may act as trustees of special purpose distinct entities, namely:- (a) any person registered as a debenture trustee with the Board; (b) any person registered as a securitisation company or a reconst....

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....h the provisions of their respective Acts. 1[(e) any scheduled commercial bank other than a regional rural bank; (f) any public financial Institution as defined under clause (72) of section 2 of the Companies Act, 2013; and (g) any other person as may be specified by Board] 2[(2A) An applicant seeking registration to act as a trustee shall,- (a) have a networth of not less than two crore....

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....Agriculture and Rural Development established by the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981).] (3) An application for registration shall be made by the trustee to the Board in Form A of Schedule I along with non-refundable application fees as specified in Schedule II. (4) Any application which is not complete in all respects and does not conform to the instru....