Relaxation in timelines for compliance with regulatory requirements by Debenture Trustees due to the CoVID-19 pandemic

Last updated: 04 May 2021

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The Securities and Exchange Board of India (SEBI) has extended the deadlines for Debenture Trustees to comply with certain regulatory requirements. This decision comes in response to challenges faced by trustees due to COVID-19 pandemic restrictions. The extended timelines apply to submissions of reports and certificates to stock exchanges, website disclosures, and regulatory compliance reporting.

Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/CRADT/CIR/P/2021/561 May03,2021 To, All Debenture Trustees registered with SEBI AllRecognizedStockExchanges DearSir/Madam, Sub: Relaxationintimelinesforcompliancewithregulatoryrequirements byDebentureTrustees duetotheCoVID-19pandemic 1. As perSEBI (Debenture Trustees) Regulations,1993as amended from time to time andcirculars issued thereunder, debenture trustees are required to perform periodical monitoring an

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FAQ :

SEBI has extended the timelines due to representations received from debenture trustees and the challenges arising from local restrictions imposed by state governments in wake of the COVID-19 pandemic.

The extended requirements include the submission of reports/certifications to Stock Exchanges, website disclosures such as monitoring of asset cover certificate and quarterly compliance report, monitoring of utilization certificate, status of information regarding breach of covenants/terms of issue, and status regarding maintenance of accounts. Reporting of regulatory compliance has also been extended.

The new deadline for submission of reports/certifications to Stock Exchanges as per clause 2.1 of the circular is July 15th, 2021.

The disclosures on the website, including monitoring of asset cover certificate, quarterly compliance report, utilization certificate, breach of covenants status, and maintenance of accounts status, are now due by July 15th, 2021.

The reporting of regulatory compliance as per clause 5 of the circular is now due by May 31st, 2021.