SEBI has amended the Listing Obligations and Disclosure Requirements (LODR) Regulations to streamline compliance and enhance transparency related to securitised debt instruments. The focus is on disclosure obligations and centralised complaint resolution for special purpose distinct entities managed by trustees.

Details of Changes:

1. SCORES Registration at Trustee Level: Regulation 13(2) deals with Grievance Redressal Mechanism where listed entity shall ensure that it is registered on the SCORES platform or such other electronic platform or system of the Board as shall be mandated from time to time, in order to handle investor complaints electronically in the manner specified by the Board. A new proviso has been inserted under Regulation 13(2) wherein it has been specified that  in case of securitised debt instrument, SCORES registration may be taken at Trustee level for all special purpose distinct entities, they are trustee of.

2. Disclosures by special purpose distinct entity or Trustee as specified in Schedule III Part D: Schedue III Part D deals with disclosure of information having bearing or performance / operation of listed entity and /or price sensitive information for securitised debt instrument: Two new clauses have been added to the said Schedule III, Part D after clause 9 and are reproduced herein below:

(10) Outstanding litigations and material developments in relation to the originator or servicer or any other party to the transaction which could be prejudicial to the interests of the investors shall be disclosed by special purpose distinct entity or its trustee to the stock exchange on annual basis.

(11) Disclosure about defaults in connection with servicing obligations undertaken by servicer shall be disclosed by special purpose distinct entity or its trustee to the stock exchange on annual basis