SEBI has notified the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) (Amendment) Regulations, 2025, effective from May 5, 2025, amending the 2008 Regulations.

1. Regulation 2 (1) –

1.1 New Insertion

• “(aa) “advertisement” shall have the meaning assigned to it in clause (c) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;”;
• “(da) “control” shall have the meaning assigned to it in clause (e) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
• “(ja) “minimum holding period” means the minimum period for which a originator shall hold the debt or receivable before the same is assigned to a special purpose distinct entity for the purpose of securitisation;”

1.2 Amended definitions: Clause (d) and (g) are amended (please refer the official notification from the link given below)

2. Chapter II – The heading “Registration of Trustees” shall be substituted with the words “Trustees”.

3. Regulation 4 – Sub-Regulation (1) is amended and sub-regulations (2), (2A), (3), (4) and (5) shall be omitted.

4. Regulations 5, 6, 7 and 8 – omitted

5. Regulation 10(3) – Amended

6. New Insertion –

“Mandatory periodic disclosure requirements

10A. (1) The originator shall provide the periodic reports to the trustee regarding the performance of the underlying asset pool, atleast on a quarterly basis.”

7. Regulation 11 – Sub-regulations (2) and (3) are amended and following Sub-regulations are inserted after clause (c) of Sub-regulation (3):

“(4) The trustees shall be accountable for, and be the custodian of, the funds and property of the respective schemes and shall hold the same in trust for the benefit of the unitholders in accordance with these regulations and the provisions of trust deed.

(5) The trustee shall ensure that the trust property is properly protected, held and administered by proper persons and by an appropriate number of such persons.

(6) The trustee shall abide by the Code of Conduct as specified in Schedule III.

(7) The trustee shall abide by the provisions of the Act and these regulations in respect of the regulated activities carried on by the special purpose distinct entity.”

8. New Insertion –

“Submission of periodic information to the Board 11B.

(1) A special purpose distinct entity and the trustee shall furnish information to the Board on a half yearly basis, in the manner as may be specified.

(2) The Board may specify the format of the disclosure and may specify additional instructions and disclosure requirement for facilitating automated supervision and automated processing of data related to securitised debt instrument as part of the continuous disclosure requirements.”

For further amendments, please consider following official notification: