SEBI/HO/DDHS -PoD -1/P/CIR/2025/117 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

MASTER CIRCULAR SEBI/HO/DDHS -PoD -1/P/CIR/2025/117 To , Issuers who have listed and/ or propose to list Debt Securities and Municipal Debt Securities All Registered Debenture Trustees, Trustees Association of India (TAI) All Registered Credit Rating Agencies, , Recognized Stock Exchanges , and Recognized Depositories Madam/ Sir, Sub: Master Circular for Debenture Trustees Debenture Trustees are regulated under the provisions of Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 ('DT Regulations'). While the broad framework for Debenture Trustees has been laid down in the DT Regulations, over the years, procedural/ disclosure requirements and obligations have been specified by SEBI through circulars. For effective regulation of the corporate bond market and to enable the Debenture Trustees and other market stakeholders to get access to all the applicable circulars at one place, this Master Circular has been prepared. This Master Circular is a compilation of the existing circulars as on August 13 , 2025 , with consequent changes. The stipulations contained in these circulars have been detailed chapter-wise in this Master Circular. Accordingly, the list of August 13, 2025 existing circulars for Debenture Trustees which have been superseded by this Master Circular is placed at Annex-1 . Notwithstanding such rescission, - 4.1 anything done or any action taken or purported to have been done or taken under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; and 4.2 any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of th