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Modifications to Chapter IV of the Master Circular for Debenture Trustees dated August 13, 2025

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....ties, Recognized Stock Exchanges, and Recognized Depositories Dear Sir/ Madam, Sub: Modifications to Chapter IV of the Master Circular for Debenture Trustees dated August 13, 2025 1. Chapter IV of the Master Circular for Debenture Trustees dated August 13, 2025 [Master Circular no. SEBI/HO/DDHS-PoD-1/P/CIR/2025/117;] ('DT Master Circular'), inter-alia, specifies provisions in respec....

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...., a 'Recovery Expense Fund' (REF) shall be created by issuer which shall be used by Debenture Trustee under guidelines provided below." 3.2. The paragraph 2 is modified as under: "Manner of utilization of Recovery Expense Fund: 2.1. In the event of default, the Debenture Trustee/ Lead Debenture Trustee may get reimbursed from the REF for all the related activities for enforcem....

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....tain prior consent of the holders of the debt securities and shall inform the same to the Designated Stock Exchange. 2.3. Debenture Trustee shall inform the Designated Stock Exchange to release the amount from the REF and submit an independent auditor's certificate regarding the expenses incurred to the Stock Exchange, which shall be verified by the Stock Exchange before release of the am....

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...." 4. The remaining provisions of Chapter IV of the DT Master Circular remain unchanged. 5. The provisions of this circular shall come into effect immediately. 6. This circular is issued in exercise of powers conferred under Section 11(1) of Securities and Exchange Board of India Act, 1992, Regulation 2A of the SEBI (Debenture Trustees) Regulations 1993, Regulation 101 of the SEBI (Listing....

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