Debenture Trustees
Integrated module covering due diligence, security, covenant monitoring and default.
due diligence, security, covenant monitoring and default8 control pages
Reviewed by Ravi Sisodia · Last reviewed 25 July 2026
What this module covers
Debenture Trustees are registered and regulated under the SEBI (Debenture Trustees) Regulations, 1993 (last amended 27 October 2025), which cast the trustee as the debenture-holders’ independent watchdog rather than a passive record-keeper. Trustees must carry out independent due diligence when security is first created for an issue and monitor it on an ongoing basis, verifying the security cover certificate issuers are required to file rather than simply accepting issuer self-certification. Regulation 15(f) requires trustees to proactively monitor for covenant breaches — not just by reviewing submitted compliance reports, but by tracking issuer public disclosures, exchange filings and news. Issuers are also required to fund a recovery expense fund upfront, so a trustee has immediate access to money to act if a default occurs rather than waiting on the defaulting issuer.
The 8 control pages below turn this framework into operational checkpoints — confirming registration and the trust-deed relationship with the issuer (P-01) through to inspection-readiness (P-08) — covering security due diligence at issuance, ongoing covenant and disclosure monitoring, and the enforcement/default-response obligations that follow a breach.
Control pages
Governance and responsible persons
Onboarding, eligibility and due diligence
Funds, securities, custody and segregation
Valuation, pricing, fees and conflicts
Disclosure, reporting and website
Complaints, defaults and investor protection
Inspection, enforcement and evidence
Official sources
Current law status: the Debenture Trustees Regulations are in force as of this review date, last amended 27 October 2025. Verify for further amendments before relying on this page for a live compliance decision.