Mandating periodic disclosure requirements- Securitised Debt Instruments (SDIs)
Summary
The circular mandates that trustees of special purpose distinct entities submit periodic disclosures regarding Securitised Debt Instruments (SDIs) to the Board and stock exchanges. These half-yearly submissions are required within 30 days from the end of March or September, with specific formats provided in Annexure I for loans and listed debt securities. The provisions of this circular become effective from March 31, 2026. This section details the specific disclosure formats for securitization transactions, focusing on housing loans and other exposures. It mandates reporting on loan-to-value ratios, debt-to-income ratios, prepayment rates, and expected credit losses. The text further outlines requirements for disclosing recovery actions, utilization of credit enhancements, amendments to documentation, and minimum retention or holding periods. This section mandates detailed disclosures regarding the credit quality, prepayment rates, and recovery actions of underlying assets. It requires reporting on any amendments to documentation or payment terms post-securitisation and other material events affecting performance. The text concludes with definitions and illustrative computations f
Text
Regulation 11B ... mandates a special purpose distinct entity and the trustee to furnish information to the Board on a half yearly basis, in the manner as may be specified by Board.
Trustee of special purpose distinct entity shall submit the disclosures, as mentioned in Annexure I and Annexure II, on a half yearly basis to the Board and on the stock exchange where the SDIs are listed, within 30 days from the end of March or September.
The provisions of this circular shall be effective from March 31, 2026.
The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 11B and 48 of the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008...
Frequency distribution of loan to value (LTV) ratios, in case of housing loans and commercial real estate loan / listed debt securities/ credit facility exposures)
Frequency distribution of Debt-to-Income (DTI) ratios, as applicable and/or available
Prepayment rate observed in the current portfolio; Prepayment rate observed of similar portfolio in the past; Prepayment fee / charges collected since the date of last disclosure
Number of top-up loans made available (post securitisation) against same underlying security; Number of additional loans made available (post securitisation) to same borrower
Any increase in probability of default with respect to underlying loan / listed debt securities/ credit facility exposures (from the last disclosure) and the number of loan / listed debt securities/ credit facility exposures where this has been observed; Expected credit loss on the underlying loan / listed debt securities / credit facility exposures (and any change thereof from the last disclosure)
Collections made towards overdue loan / listed debt securities/ credit facility exposures since the date of last disclosure
Excess Interest Spread; Cash Collateral; Overcollateralisation; Subordination; Guarantee; In any other form
Utilisation of Liquidity facility
You have read the preview. Create a free account to read the full document and see every order that applied it.
Free accounts include 10 searches/day with full text access.
Source: SecMarx — Mandating periodic disclosure requirements- Securitised Debt Instruments (SDIs). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.