The increased defaults by a few financial institutions and the
complications faced by debenture trustees in expeditious
enforcement of collateral for debt securities has prompted the
securities market regulator, Securities Exchange Board of India
(SEBI) to review its regulatory framework for listed / "to
be" listed debt securities and public issue of debt securities
and debenture trustees to plug certain loopholes. In furtherance of
this objective, and pursuant to the observations made in the SEBI
Consultation Paper on review of the regulatory framework for
corporate bonds and debenture trustees dated 25 February 2020 (SEBI
Consultation Paper) , a slew of amendments (collectively, SEBI
Amendments) have been notified recently to the SEBI (Issue and
Listing of Debt Securities) Regulations, 2008 (ILDS Regulations),
SEBI (Debenture Trustees) Regulations, 1993 (DT Regulations) and
the SEBI (Listing Obligations and Disclosure Requirements), 2015
(LODR Regulations) to ensure
