Review of Regulatory Compliance, Periodic Reporting and Contents of Trust Deed
Summary
This circular mandates Debenture Trustees to submit quarterly compliance reports in a revised electronic format to SEBI. It requires the Board of Directors to review these reports and record observations on deficiencies and corrective measures. Additionally, it declares any trust deed clauses that limit DT obligations or conflict with regulations as null and void.
Text
Debenture Trustees (DTs) are required to furnish quarterly report in electronic form in the prescribed format in terms of SEBI Circulars No. 1(98-99) dated September 01, 1998, DT Circular No. 2(1999-2000) dated April 19, 1999, MIRSD/DPS-2/DT/Cir-2/2004 dated March 09, 2004 and Cir No. MIRSD/DPS- 2/DT/Cir-14/2008 dated May 06, 2008.
The board of directors of DT shall, henceforth, review the report and record its observations on (i) the deficiencies and non-compliances, and (ii) corrective measures initiated to avoid such instances in future.
Accordingly, in supercession of the circulars mentioned in Para 1, with effect from half year ending March 2012, the Compliance Officer of the DT shall send the report in the revised format to SEBI at dt@sebi.gov.in on half yearly basis within three months of the expiry of the half year.
Further, according to Circular no. MIRSD/DT/10/2011 dated June 20, 2011, DTs are required to report the changes in their status or constitution. The same information has now been incorporated in the revised format.
It may be noted that such clauses in the existing or new trust deeds shall not be applicable and shall stand null and void.
Source: SecMarx — Review of Regulatory Compliance, Periodic Reporting and Contents of Trust Deed. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.