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

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.... 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 respect of Recovery Expense Fund (REF). 2. While the DT Master Ci....

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....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 enforcement/ legal proceedings including but not limited to obtaining various consents from deben....

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....nated 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 amount from the REF to the DT. 2.4. The Designated Stock Exchange shall release the amount lying in ....

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....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 Obligations and Disclsoure Requirements) Regulations, 2015, and Regulation 55 of the SEBI (Issue and Listing of Non-Convertible Securities) R....