SEBI Operational Circular for Debenture Trustees


The Securities and Exchange Board of India (SEBI) has issued the Operational Circular for Debenture Trustees. This circular was issued on 31st March, 2023 and has come into effect from 1st April, 2023.

A single operational circular has been prepared by consolidating all applicable circulars to remove inconsistencies and repetitions through consequent changes.

For ease of reference, each chapter of this operational circular contains footnotes corresponding to the respective erstwhile circulars. The terms ‘Issuer’ and ‘listed entity’ have been used interchangeably in this operational circular.

Debenture Trustees are directed to comply with the conditions laid down in this circular. Additionally, it is reiterated that Debenture Trustees shall have necessary systems and infrastructure in place for implementation of this circular. The Board of Directors of the Debenture Trustee shall be responsible for ensuring compliance with these provisions.

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