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Date: 2025-04-29 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 11, sub section 2 of section 11A and section 30 of the Securities and Exchange Board of India Act

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

## Report on SEBI Listing Obligations and Disclosure Requirements Second Amendment Regulations, 2025 **1. Executive Summary:** This report analyzes the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Second Amendment Regulations, 2025 based on the official gazette notification. This amendment focuses on disclosure requirements for securitized debt instruments. Key changes mandate specific disclosures by special purpose distinct entities or their trustees regarding litigations and servicing obligation defaults. These amendments aim to enhance transparency and protect investor interests in the securitized debt market. **2. Introduction:** This report aims to provide an informative overview of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Second Amendment Regulations, 2025. The analysis is based solely on the text provided in the official gazette notification. **3. Policy Overview:** * **Original Policy Being Amended:** Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. * **Core Objective(s) as stated or inferred:** The overarching objective of the original policy, inferred from this amendment, is to ensure proper listing obligations and disclosure requirements for companies listed on stock exchanges, promoting transparency and investor protection. **4. Background and Rationale:** The amendment likely addresses perceived gaps or inadequacies in the existing disclosure framework for securitized debt instruments. The *specific* amendments related to SCORES registration and disclosures regarding litigations and servicing defaults suggest a need for greater oversight of these instruments, likely stemming from concerns about investor risk and market stability. This amendment aims to increase transparency around potential risks associated with originator, servicer, and servicing obligations. **5. Key Provisions / Changes:** This amendment introduces the following key changes to the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015: * **Amendment 1:** Regulation 13, sub-regulation 2 is amended to include a proviso stating: "Provided 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." * **Effect:** This change allows SCORES (SEBI Complaints Redress System) registration to be handled at the trustee level for all special purpose distinct entities in securitized debt instrument cases. This potentially streamlines the complaint redressal process for investors in such instruments, as the trustee acts as a central point of contact. * **Amendment 2:** In Schedule III, Part D, after clause 9, the following clauses are inserted: * **Clause 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." * **Effect:** This mandates annual disclosure of any ongoing litigations or significant developments involving the originator, servicer, or other relevant parties that could negatively affect investors. This aims to provide investors with timely information about potential risks. * **Clause 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." * **Effect:** This requires annual disclosure of any defaults related to servicing obligations by the servicer. This provision enhances transparency regarding the performance and reliability of the servicer. **6. Target Audience and Stakeholders:** The primary target audience and stakeholders affected by these amendments are: * Special purpose distinct entities involved in securitization * Trustees of securitized debt instruments * Originators and servicers of securitized debt instruments * Investors in securitized debt instruments * Stock Exchanges * Securities and Exchange Board of India (SEBI) **7. Implementation Aspects (Inferred):** * **Responsible agency/bodies:** The Securities and Exchange Board of India (SEBI) is the primary regulatory body responsible for implementing and enforcing these amendments. Special purpose distinct entities and their trustees are responsible for adhering to the new disclosure requirements. * **Timelines or procedures:** The amendments come into force on the date of their publication in the Official Gazette (April 29, 2025, as indicated in the text). The new disclosure requirements (clauses 10 and 11) necessitate annual reporting by the entities or their trustees to the stock exchange. * Specifically related to these changes, the compliance should be within a year and annually. **8. Expected Outcomes / Impact of Changes:** The likely intended outcomes of these specific amendments are: * **Increased transparency:** Enhanced disclosure requirements related to litigation and servicing defaults will improve transparency in the securitized debt market. * **Improved investor protection:** Providing investors with timely information about potential risks will empower them to make more informed investment decisions. * **Streamlined complaint redressal:** Allowing SCORES registration at the trustee level will simplify the complaint resolution process. * **Enhanced market stability:** By addressing concerns regarding transparency and risk, these amendments will contribute to a more stable and efficient securitized debt market. **9. Conclusion:** The SEBI Listing Obligations and Disclosure Requirements Second Amendment Regulations, 2025 introduces important changes aimed at strengthening disclosure norms for securitized debt instruments. By mandating specific disclosures regarding litigations, servicing defaults, and streamlining SCORES registration, these amendments are expected to enhance transparency, protect investor interests, and contribute to the overall stability of the Indian securities market.

Key Entities Referenced

NEW DELHI: The location where the Gazette of India was published. TUESDAY, APRIL 29, 2025: Date of the Gazette of India publication. VAISAKHA 9, 1947: Date of the Gazette of India publication according to the Indian national calendar. Securities Contracts Regulation Act, 1956: A legal act relevant to the regulations. Securities and Exchange Board of India Act, 1992: A legal act relevant to the regulations. Securities and Exchange Board of India: Regulatory body issuing the notification. SECURITIES AND EXCHANGE BOARD OF INDIA LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS SECOND AMENDMENT REGULATIONS, 2025: Title of the regulation being introduced by the notification. F. No. SEBILADNROGN2025244: File number associated with the notification. Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015: The original regulations being amended. Official Gazette: The gazette where the regulations' publication triggers their enforcement. Schedule III: A schedule within the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. Part D: A part of Schedule III within the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. SCORES: A registration system for securitised debt instrument. BABITHA RAYUDU: Executive Director at Securities and Exchange Board of India. Mumbai: Location of Securities and Exchange Board of India. Gazette of India: The official government gazette where notifications are published. Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi110064: Publisher of the document. Controller of Publications, Delhi110054: Publisher of the document.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-01052025-262826 xxxGIDHxxx CG-MH-E-01052025-262826 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण्ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 323] िई ददल्ली मगं लिार, अप्रलै 29, 2025/ििै ाख 9, 1947 No. 323] NEW DELHI, TUESDAY, APRIL 29, 2025/VAISAKHA 9, 1947 भारतीय प्रजतभजू त और जिजिमय बोड ड अजधसचू िा म ंबई, 29 अप्रैल, 2025 भारतीय प्रजतभजू त और जिजिमय बोड ड [सचू ीबद्धता (जलसस्ट्टंग) बाध्यताए ँऔर प्रकटीकरण अपक्षे ाए]ँ (दसू रा सिं ोधि) जिजियम, 2025 फा. स.ं सबे ी/एलएडी-एिआरओ/िीएि/2025/244.— बोड,ड प्रजतभूजत संजिदा (जिजियमि) अजधजियम, 1956 (1956 का 42) की धारा 31 के साथ पठित भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992 (1992 का 15) की धारा 11, धारा 11क की उप-धारा (2) तथा धारा 30 द्वारा प्रदाि की गई िजियों का प्रयोग करत े हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोड ड[सचू ीबद्धता (जलसस्ट्टंग) बाध्यताए ँऔर प्रकटीकरण अपेक्षाएँ] जिजियम, 2015 का और संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता ह,ै अथाडत,्- 1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2025 कहा िा सकेगा । 2834 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 2. ये जिजियम रािपत्र म ेंइिके प्रकाजित होिे की तारीख स ेलाग ूहोंग े । 3. भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] जिजियम, 2015 म,ें – (1) जिजियम 13 में, उप-जिजियम (2) म,ें जिम्नजलजखत परंत क िोडा िाएगा, अथाडत,् - “परंत यह दक जसक्योठरटाइज़्ड डैट इंस्ट्ूमेंट (प्रजतभतू ऋण जलखत) के मामल े म,ें स्ट्कोसड का पंिीकरण (रजिस्ट्रीकरण) “अलग से दकसी खास उद्देश्य से बिी एंठटठटयों” (स्ट्पेिल पपडस जडसस्ट्टंक्ट एंठटठटयों / जििेष प्रयोिि िाली स जभन्न एंठटठटयों) हते उिके न्यासी (रस्ट्टी) के स्ट्तर पर जलया िा सकेगा ।” (2) अि सूची-III में, भाग-घ में, खंड 9 के बाद, जिम्नजलजखत खंड िोडे िाएँग,े अथाडत,् - “(10) ओठरजििेटर (प्रारंभकताड) या सर्िडसर या लेिदेि (रांिक्े िि) से ि डे दकसी अन्य पक्ष के संबंध म ें यदद ऐसे कोई म कदमे चल रह ेहों तथा ऐसी कोई बडी घटिाए ँहुई हों जििका असर जििेिकों के जहतों पर पड सकि ेकी संभाििा हो, तो ऐसे म कदमों तथा ऐसी घटिाओं की िािकारी “अलग से दकसी खास उद्देश्य से बिी एंठटटी” (स्ट्पेिल पपडस जडसस्ट्टंक्ट एंठटटी) या उसके रस्ट्टी (न्यासी) द्वारा स्ट्टॉक एक्सचेंि को िार्षडक आधार पर दी िाएगी । (11) यदद सर्िडसर के स्ट्तर पर सर्िडससंग स े संबंजधत बाध्यताए ँ परू ी करि े के जसलजसल े म ें कोई चूक हो िाए, तो उसकी िािकारी “अलग से दकसी खास उद्देश्य से बिी एंठटटी” (स्ट्पिे ल पपडस जडसस्ट्टंक्ट एंठटटी) या उसके रस्ट्टी (न्यासी) द्वारा स्ट्टॉक एक्सचेंि को िार्षडक आधार पर दी िाएगी ।” बबीता राय डू, कायडपालक जिदेिक [जिज्ञापि-III/4/असा./55/2025-26] पाद ठटप्पण : 1. भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] जिजियम, 2015, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2015-16/013, द्वारा 2 जसतम्बर 2015 को भारत के रािपत्र म ें प्रकाजित हुए थे । 2. भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] जिजियम, 2015 तत्पश्चात्: क) 22 ददसम्बर, 2015 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2015, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2015-16/027, द्वारा ख) 25 मई, 2016 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2016, अजधसूचिा सं. सबे ी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016- 17/001, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 ग) 8 ि लाई, 2016 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2016, अजधसूचिा स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016- 17/008, द्वारा घ) 4 िििरी, 2017 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] (तीसरा संिोधि) जिजियम, 2016, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2016-17/025, द्वारा ङ) 15 फरिरी, 2017 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाए]ँ (संिोधि) जिजियम, 2017, अजधसूचिा सं. सेबी/एल.ए.डी./एि.आर.ओ./ िी.एि./2016-17/029, द्वारा च) 6 माच,ड 2017 को भारतीय प्रजतभूजत और जिजिमय बोड ड (फीस का भ गताि और भग ताि का माध्यम) (संिोधि) जिजियम, 2017, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/037 [तारीख 29 माचड, 2017 को अजधसूजचत भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का भ गताि और भ गताि का माध्यम) (सिं ोधि) जिजियम, 2017, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/38 के साथ पठित], द्वारा छ) 9 मई, 2018 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2018, अजधसूचिा सं. एसईबीआई/एलएडी-एिआरओ/िीएि/2018/10, द्वारा ि) 30 मई, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./ 2018/13, द्वारा झ) 1 िूि, 2018 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँऔर प्रकटीकरण अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./ 2018/21, द्वारा ञ) 8 िूि, 2018 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँऔर प्रकटीकरण अपेक्षाएँ] (चौथा संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./ 2018/24, द्वारा ट) 6 जसतम्बर, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (पाँचिाँ संिोधि) जिजियम, 2018, अजधसूचिा स.ं सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2018/30, द्वारा ि) 16 ििम्बर, 2018 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] (छिा संिोधि) जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2018/47, द्वारा4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] ड) 29 माच,ड 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी एल.ए.डी.-एि.आर.ओ./िी.एि./2019/07, द्वारा ढ) 7 मई, 2019 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2019/12, द्वारा ण) 27 िूि, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँऔर प्रकटीकरण अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./ 2019/22, द्वारा त) 29 ि लाई, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] (चौथा संिोधि) जिजियम, 2019, अजधसूचिा सं. सेबी/एलएडी- एिआरओ/िीएि/2019/28, द्वारा थ) 26 ददसम्बर, 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (पाँचिाँ संिोधि) जिजियम, 2019, अजधसूचिा स.ं सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2019/45, द्वारा द) 10 िििरी, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2020, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./ 2020/02, द्वारा ध) 17 अप्रलै , 2020 को भारतीय प्रजतभूजत और जिजिमय बोड ड (रेग्यलू ेटरी सडैं बॉक्स) (संिोधि) जिजियम, 2020, स.ं सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा ि) 5 अगस्ट्त, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाए]ँ (दसू रा संिोधि) जिजियम, 2020, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2020/25, द्वारा प) 8 अिूबर, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2020, अजधसूचिा सं. सेबी/एल.ए.डी.- एि.आर.ओ./िी.एि./2020/33, द्वारा फ) 8 िििरी, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./ 2021/02, द्वारा ब) 5 मई, 2021 को भारतीय प्रजतभूजत और जिजिमय बोड ड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँ और प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./ 2021/22, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5 भ) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोड ड (रेग्यलू ेटरी सैंडबॉक्स) (संिोधि) जिजियम, 2021, सं. सेबी/एलएडी-एिआरओ/िीएि/2021/30, द्वारा म) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (तीसरा संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एलएडी-एिआरओ/िीएि/ 2021/35, द्वारा य) 13 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (चौथा संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ/ िी.एि./2021/42, द्वारा कक) 7 जसतम्बर, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] (पाँचिाँ संिोधि) जिजियम, 2021, अजधसूचिा सं. सेबी/एलएडी- एिआरओ/िीएि/2021/47, द्वारा खख) 9 ििम्बर, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाए]ँ (छिा संिोधि) जिजियम, 2021, अजधसूचिा स.ं सेबी/एलएडी-एिआरओ/ िीएि/2021/55, द्वारा गग) 24 िििरी, 2022 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2022, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2022/66, द्वारा घघ) 22 माच,ड 2022 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2022, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2022/76, द्वारा ङङ) 11 अप्रलै , 2022 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] (तीसरा संिोधि) जिजियम, 2022, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2022/79, द्वारा चच) 25 अप्रलै , 2022 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (चौथा संिोधि) जिजियम, 2022, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2022/80, द्वारा छछ) 25 ि लाई, 2022 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (पाँचिाँ संिोधि) जिजियम, 2022, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2022/88, द्वारा िि) 14 ििम्बर, 2022 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] (छिा संिोधि) जिजियम, 2022, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2022/103, द्वारा6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] झझ) 5 ददसम्बर, 2022 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (सातिाँ संिोधि) जिजियम, 2022, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2022/109, द्वारा ञञ) 17 िििरी, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2023, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2023/117, द्वारा टट) 7 फरिरी, 2023 को भारतीय प्रजतभूजत और जिजिमय बोड ड (फीस का भ गताि और भग ताि का माध्यम) (संिोधि) जिजियम, 2023, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2023/121, द्वारा िि) 14 िूि, 2023 को भारतीय प्रजतभजू त और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताए ँऔर प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2023, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./ िी.एि./2023/131, द्वारा डड) 3 ि लाई, 2023 को भारतीय प्रजतभूजत और जिजिमय बोड ड (जििाद स लझाि े की िैकजल्पक व्यिस्ट्था) (संिोधि) जिजियम, 2023, सं. सेबी/एलएडी-एिआरओ/िीएि/2023/137, द्वारा ढढ) 23 अगस्ट्त, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाए]ँ (तीसरा संिोधि) जिजियम, 2023, अजधसूचिा सं. सेबी/एलएडी-एिआरओ/ िीएि/2023/149, द्वारा णण) 19 जसतम्बर, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (चौथा संिोधि) जिजियम, 2023, अजधसूचिा सं. सेबी/एलएडी-एिआरओ/ िीएि/2023/151, द्वारा तत) 9 अिूबर, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (पाँचिा ँ संिोधि) जिजियम, 2023, अजधसूचिा स.ं सेबी/एलएडी-एिआरओ/ िीएि/2023/155, द्वारा थथ) 20 अिूबर, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाए]ँ (छिा संिोधि) जिजियम, 2023, अजधसूचिा स.ं सेबी/एलएडी-एिआरओ/ िीएि/2023/158, द्वारा दद) 21 ददसम्बर, 2023 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपक्षे ाएँ] (सातिाँ संिोधि) जिजियम, 2023, अजधसूचिा सं. सेबी/एलएडी-एिआरओ/ िीएि/2023/161, द्वारा धध) 17 मई, 2024 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2024, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2024/177, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 7 िि) 10 ि लाई, 2024 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (दसू रा संिोधि) जिजियम, 2024, अजधसूचिा सं. सेबी/एलएडी-एिआरओ/ िीएि/2024/189, द्वारा पप) 12 ददसम्बर, 2024 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाए]ँ (तीसरा संिोधि) जिजियम, 2024, अजधसूचिा सं. सेबी/एलएडी-एिआरओ/ िीएि/2024/218, द्वारा फफ) 28 माच,ड 2025 को भारतीय प्रजतभूजत और जिजिमय बोडड [सूचीबद्धता (जलसस्ट्टंग) बाध्यताएँ और प्रकटीकरण अपेक्षाएँ] (संिोधि) जिजियम, 2025, अजधसूचिा सं. सेबी/एलएडी-एिआरओ/िीएि/2025/239, द्वारा संिोजधत हुए थे । SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 29th April, 2025 SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) (SECOND AMENDMENT) REGULATIONS, 2025 F. No. SEBI/LAD-NRO/GN/2025/244 - In exercise of the powers conferred by section 11, sub-section (2) of section 11A and section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 31 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, namely,- 1. These regulations may be called the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2025. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, ─ (1) In regulation 13, sub-regulation (2), the following proviso shall be inserted, namely,- “Provided 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) In Schedule III, in Part D, after clause 9, the following clauses shall be inserted, namely, - “(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.” BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./55/2025-26] Footnotes: 1. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 were published in the Gazette of India on 2nd September 2015 vide No. SEBI/LAD-NRO/GN/201516/013.8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 2. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, were subsequently amended on: a) December 22, 2015 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2015 vide notification no. SEBI/LAD-NRO/GN/2015-16/27. b) May 25, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016 vide notification no. SEBI/LAD-NRO/GN/ 2016-17/001. c) July 8, 2016 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2016 vide notification no. SEBI/ LAD-NRO/GN/2016-17/008. d) January 4, 2017 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2016 vide notification no. SEBI/ LAD-NRO/GN/201617/025. e) February 15, 2017 by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2017 vide notification no. SEBI/LAD/NRO/GN/2016-17/029. f) March 6, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017 vide Notification No. LAD-NRO/GN/2016- 17/037 read with March 29, 2017 by Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017 vide notification no. SEBI/LAD/NRO/GN/2016-17/38. g) May 9, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/10. h) May 30, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/13. i) June 1, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/21. j) June 8, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/24. k) September 6, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/30. l) November 16, 2018 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2018 vide notification no. SEBI/LAD-NRO/GN/2018/47. m) March 29, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2019 vide notification no. SEBI/LAD-NRO/GN/2019/07. n) May 7, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2019, vide notification no. SEBI/ LAD-NRO/GN/2019/12. o) June 27, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2019, vide notification no. SEBI/ LAD-NRO/GN/2019/22. p) July 29, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2019, vide notification no. SEBI/ LAD-NRO/GN/2019/28.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 9 q) December 26, 2019 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2019, vide notification no. SEBI/ LAD-NRO/GN/2019/45. r) January 10, 2020 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2020, vide notification no. SEBI/ LAD-NRO/GN/2020/02. s) April 17, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020 vide no. SEBI/LAD-NRO/GN/2020/10. t) August 5, 2020 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2020, vide notification no. SEBI/ LAD-NRO/GN/2020/25. u) October 8, 2020 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2020, vide notification no. SEBI/ LAD-NRO/GN/2020/33. v) January 8, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2021, vide notification no. SEBI/ LAD-NRO/GN/2021/02. w) May 5, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2021, vide notification no. SEBI/ LAD-NRO/GN/2021/22. x) August 3, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide notification no. No. SEBI/LAD-NRO/GN/2021/30. y) August 3, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021, vide notification no. SEBI/ LAD-NRO/GN/2021/35. z) August 13, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2021, vide notification no. SEBI/ LAD-NRO/GN/2021/42. aa) September 7, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2021, vide notification no. SEBI/ LAD-NRO/GN/2021/47. bb) November 9, 2021 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2021, vide notification no. SEBI/ LAD-NRO/GN/2021/55. cc) January 24, 2022 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2022, vide notification No. SEBI/LAD-NRO/GN/2022/66. dd) March 22, 2022 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2022, vide notification No. SEBI/LAD-NRO/GN/2022/76. ee) April 11, 2022 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2022, vide notification No. SEBI/LAD-NRO/GN/2022/79. ff) April 25, 2022 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2022 vide notification No. SEBI/LAD-NRO/GN/2022/80. gg) July 25, 2022 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2022 vide notification No. SEBI/LAD-NRO/GN/2022/88. hh) November 14, 2022 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2022 vide notification No. SEBI/LAD-NRO/GN/2022/103.10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] ii) December 05, 2022 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Seventh Amendment) Regulations, 2022 vide notification no. SEBI/LAD- NRO/GN/2022/109. jj) January 17, 2023 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/117. kk) February 7, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2023 vide notification no. SEBI/LAD- NRO/GN/2023/121. ll) June 14, 2023 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/131. mm) July 3, 2023 by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD–NRO/GN/2023/137. nn) August 23, 2023 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/149. oo) September 19, 2023 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/151. pp) October 09, 2023 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fifth Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/155. qq) October 20, 2023 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/158. rr) December 21, 2023 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Seventh Amendment) Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/161. ss) May 17, 2024 by the Securities and Exchange Board of India Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2024 vide notification No. SEBI/LADNRO/GN/2023/177. tt) July 10, 2024 by the Securities and Exchange Board of India Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/189. uu) December 12, 2024 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024, vide notification No. SEBI/LAD-NRO/GN/2024/218. vv) March 28, 2025 by the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2025, vide notification No. SEBI/LAD-NRO/GN/2025/239. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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