The NCS Regulations govern issuance and listing of non-convertible securities (such as debentures) by issuers in India. They require issuers to execute a trust deed with a debenture trustee within defined timelines and format.

In the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, ─
(1) in regulation 18,
(a) in sub-regulation (1),
(i) after the words “execute the trust deed” and before the words “within such timelines”, the words “in such format and” shall be inserted;
(ii) the symbol “.” shall be substituted with the symbol “:”;
(b) after sub-regulation (1), the following shall be inserted as a proviso, namely, –
“Provided that in case of any deviation from the format specified for the trust deed, the debenture trustee may accept such deviations if a key summary sheet capturing the deviations along with the rationale for the same is provided by the issuer in the General Information Document/ Key Information Document or Shelf Prospectus.”;
(c) in sub-regulation (4), the words and symbols “Such trust deed shall consist of two parts: (a) Part A containing statutory/standard information pertaining to the debt issue. (b) Part B containing details specific to the particular debt issue.” shall be omitted.