Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008
Summary
This part comprises Chapter I Preliminary of the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 as amended up to July 6, 2026. Regulation 1 prescribes the short title and that the Regulations come into force on publication in the Official Gazette, made under SCRA section 31 read with section 17A and SEBI Act section 30 read with sections 11 and 12. Regulation 2(1) defines key terms including Act, advertisement, asset pool, asset reconstruction company, Board, certificate, control, clean-up call option, credit enhancement, debt or receivables, investor and issue. This part defines terms including issuer, liquidity provider, minimum holding period, obligor, offer document, offer for sale, originator, private placement offer, qualified buyer, regulated activity, scheme, securitisation, securitised debt instrument, security receipt, servicer, special purpose distinct entity, sponsor, trustee and valuer for securitised debt instruments and security receipts. It provides that words not defined in these Regulations but defined in the Act, SEBI Act 1992, Companies Act 2013, SARFAESI Act 2002 or RBI regulati
Text
These Regulations shall be called the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008.
They shall come into force on the date of their publication in the Official Gazette.
“Act” means the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
“advertisement” shall have the meaning assigned to it in clause (c) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021
“asset pool”, in relation to a scheme of a special purpose distinct entity, means the total debt or receivables, assigned to such entity and in which investors of such scheme have beneficial interest;
“asset reconstruction company” shall have the meaning assigned to it under clause (ba) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;
“Board” means the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act (15 of 1992);
“certificate” means a certificate of registration granted to a trustee under the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993;
“control” shall have the meaning assigned to it in clause (e) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
“clean-up call option” means an option retained and exercisable by the originator to purchase the debt or receivables assigned to a special purpose distinct entity, if the residual value of such debt or receivables falls below a specified percentage of the price at which it was assigned;
“credit enhancement” means any arrangement intended to decrease the likelihood of default on the securitised debt instruments, including subordination, insurance, letter of credit, over-collateralisation, undertakings and guarantees;
“debt” or “receivables” means any right that generates or results into a cash flow and includes- (i) mortgage debt; (ii) any financial asset originated by an originator regulated by the Reserve Bank of India; (iii) equipment leasing receivables; (iv) listed debt securities; (v) trade receivables (arising from bills or invoices duly accepted by the obligors); (vi) rental receivables; and (vii) such debt or receivable including sustainable securitised debt instruments as notified by the Board; (viii) any financial asset within the meaning of clause (l) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002);
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Source: SecMarx — Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.