**Summary:**
SEBI Circular SEBIHOMIRSDCRADTCIRP2021561, issued on May 03, 2021, provides a relaxation in timelines for Debenture Trustees to comply with specific regulatory requirements due to challenges arising from the COVID-19 pandemic. This circular addresses representations received from Debenture Trustees regarding SEBI Circular No. SEBI HO MIRSD CRADT CIR P 2020230 dated November 12, 2020. The timelines for the quarter/half-year/year ending March 31, 2021, have been extended as follows:
* Submission of reports/certifications to Stock Exchanges (as per clause 2.1 of the November 12, 2020 circular): Extended to July 15th, 2021.
* Disclosures on the website (as per clause 4 of the November 12, 2020 circular) regarding:
* Monitoring of asset cover certificate and quarterly compliance report of the listed entity: Extended to July 15th, 2021.
* Monitoring of utilization certificate: Extended to July 15th, 2021.
* Status of information regarding breach of covenants/terms of the issue and action taken by the debenture trustee: Extended to July 15th, 2021.
* Status regarding maintenance of accounts maintained under supervision of the debenture trustee: Extended to July 15th, 2021.
* Reporting of regulatory compliance (as per clause 5 of the November 12, 2020 circular): Extended to May 31st, 2021.
This circular is issued under Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Regulation 2A of the Securities and Exchange Board of India Debenture Trustees Regulations, 1993.
For further information, contact Richa G. Agarwal, General Manager, Market Intermediaries Regulation & Supervision Department, at richag@sebi.gov.in or 912226449596.
Key Entities Referenced
SEBI: Securities and Exchange Board of India, the regulatory body issuing the circular.
Debenture Trustees: Entities registered with SEBI and subject to the regulations outlined in the circular.
SEBI Debenture Trustees Regulations, 1993: The primary regulations governing debenture trustees, as referenced in the circular.
Stock Exchanges: Recognized Stock Exchanges where debenture trustees are required to disclose information.
CoVID19 pandemic: The global pandemic that prompted the relaxation in regulatory timelines.
SEBI Circular No. SEBI HO MIRSD CRADT CIR P 2020230: A previous SEBI circular dated November 12, 2020, for which timelines are being extended.
Securities and Exchange Board of India Act, 1992: The act that confers powers to SEBI
March 31, 2021: The quarter/half year/year ending date for which the timeline extensions apply.
CIRCULAR
SEBI/HO/MIRSD/CRADT/CIR/P/2021/561 May 03, 2021
To,
All Debenture Trustees registered with SEBI
All Recognized Stock Exchanges
Dear Sir/ Madam,
Sub: Relaxation in timelines for compliance with regulatory requirements by Debenture
Trustees due to the CoVID-19 pandemic
1. As per SEBI (Debenture Trustees) Regulations,1993 as amended from time to time and
circulars issued thereunder, debenture trustees are required to perform periodical monitoring
and disclose various reports/documents/certificates on Stock Exchanges and on their
websites within prescribed timelines.
2. Representations have been received from debenture trustees with regard to relaxation in
timelines for complying with certain regulatory provisions of SEBI Circular No. SEBI/ HO/
MIRSD/ CRADT/ CIR/ P/ 2020/230 dated November 12,2020 (“Circular”).
3. After taking into consideration the representations received from debenture trustees and the
challenges arising out of the local restrictions placed by various state governments in wake
of CoVID-19 pandemic, it has been decided to extend the timelines for the following
regulatory requirements of the SEBI circular dated November 12,2020 for the quarter/half
year/ year ending March 31, 2021:
S.No. Regulatory requirements of SEBI circular dated Extended timeline
November 12,2020
Submission of reports/certifications to Stock Exchanges
1. July 15th,2021
as per clause 2.1 of circular
Following disclosures on website as per clause 4 of
circular:
i. Monitoring of asset cover certificate and quarterly
compliance report of the listed entity.
2. ii. Monitoring of utilization certificate July 15th,2021
iii. Status of information regarding breach of
covenants/terms of the issue, if any action taken
by debenture trustee
iv. Status regarding maintenance of accounts
maintained under supervision of debenture trustee
Reporting of regulatory compliance as per clause 5 of
3. May 31st, 2021
circular
Page 1 of 24. This circular is issued in exercise of the powers conferred upon SEBI under Section 11 (1) of
the Securities and Exchange Board of India Act, 1992 read with the provisions of Regulation
2A of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 to
protect the interest of investors in securities and to promote the development of, and to
regulate, the securities market.
Yours faithfully,
Richa G. Agarwal
General Manager
Market intermediaries Regulation & Supervision Department
Email id: richag@sebi.gov.in
Phone: +91-22-26449596
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