CIRCULAR
HO/17/11/12(3)2025-DDHS-POD1/ I/144/ 2025 November 25, 2025
To,
All Registered Debenture Trustees,
Issuers who have listed and/ or propose to list debt securities, and
Recognized Stock Exchanges
Dear Sir/ Madam,
Sub: Timeline for submission of information by the Issuer to the Debenture Trustee(s)
1. In terms of the provisions of Regulations 15(1)(s) and 15(1)(t) of the SEBI (Debenture
Trustees) Regulations 1993 (‘DT Regulations’), DT shall carry out due diligence on a
continuous basis.
2. Chapter II of the Master Circular for Debenture Trustees dated August 13, 2025 (‘DT
Master Circular’)1 has specified the manner in which the DT shall carry out due diligence
for creation of security at the time of issuance of debt securities. Further, Chapter VI of
the DT Master Circular has, inter-alia, specified that the issuer and the Debenture Trustee
shall ensure that the terms and conditions relating to periodical monitoring are
incorporated in the debenture trust deed.
3. In order to enable the DTs to perform their function efficiently and in a timely manner, the
issuer shall submit the reports/ certificate to the Debenture Trustees as follows:
Reports/ Certificate Periodicity
Security cover Certificate (in the format as
Quarterly basis within 60 days
specified in Annex-VA to DT Master Circular)
from end of each quarter except
A statement of value of pledged securities
last quarter when submission is to
A statement of value for Debt Service Reserve
be made within 75 days.
Account or any other form of security offered
Net worth certificate of guarantor in case debt
Half yearly basis within 60 days
securities are secured by way of personal
from end of each half-year.
guarantee)
Financials/value of guarantor prepared on
basis of audited financial statement etc. of the Annual basis within 60 days from
guarantor (secured by way of corporate end of each financial year.
guarantee)
Once in three years within 60
Valuation report and title search report for the
days from the end of the financial
immovable/ movable assets, as applicable.
year.
1 Master Circular no. SEBI/HO/DDHS-PoD-1/P/CIR/2025/117;
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4. The provisions of this circular shall come into effect from quarter ended December 31,
2025.
5. 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 DT Regulations, 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)
Regulations, 2021, to protect the interest of investors in securities and to promote the
development of, and to regulate, the securities market.
6. This circular is available on the website of the Securities and Exchange Board of India at
www.sebi.gov.in under the category “Legal” and under the drop down “Circulars”.
7. This circular is issued with the approval of the competent authority.
Yours faithfully,
Divya Hamirbasia
Deputy General Manager
Department of Debt and Hybrid Securities
Tel No. - 022-2644-9293
Email ID - divyah@sebi.gov.in
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