Circular No. HO/(201)2026-DDHS-POD1 I/10421/2026, Dated 28.04.2026
The Securities and Exchange Board of India (SEBI) has granted an additional six months to Debenture Trustees for complying with Regulation 9C, which mandates segregation of non-SEBI regulated activities.
1. Revised Compliance Timeline
- Original Deadline – As per circular dated November 25, 2025
- Revised Deadline – October 27, 2026
2. Requirement under Regulation 9C
Debenture Trustees are required to:
- Segregate non-SEBI regulated activities
- Conduct such activities through separate business units or entities
3. Reason for Extension
The extension has been granted due to:
- Operational and implementation challenges
- Representations made by industry participants
4. Continuity of Existing Framework
- All other provisions of the SEBI circular dated November 25, 2025
- Remain unchanged
5. Regulatory Impact
The extension provides:
- Additional time for structural and operational realignment
- Opportunity to ensure full compliance without disruption
- Continued focus on conflict-of-interest mitigation and governance
6. Conclusion
SEBI’s decision reflects a pragmatic approach, balancing regulatory objectives with industry readiness, while ensuring that segregation norms are implemented effectively.
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