SEBI Forms Expert Panel for Debenture Trustees
The Securities and Exchange Board of India (SEBI) has announced the constitution of a specialized Expert Working Group to carry out a thorough evaluation of the current regulatory structure governing Debenture Trusteeship operations. This initiative is designed to address the changing dynamics of the Indian debt market and to elevate the safeguards for debenture holders.
Ever since the implementation of the SEBI (Debenture Trustees) Regulations in 1993, the financial sector has witnessed major structural shifts. Key developments include the enactment of the Insolvency and Bankruptcy Code in 2016 alongside a noticeable surge in retail and institutional investor participation within corporate bond markets.
Leadership and Committee Composition
The newly formed panel will be led by Mr. Ananta Barua, Former Whole Time Member of SEBI, serving as the Chairperson, and Shri Rajnish Kumar, Former Chairman of the State Bank of India, acting as the Co-Chairperson.
The group comprises several prominent industry representatives and legal experts:
- Dr. O.N. Ravi, Former General Counsel and Executive Vice President, CCIL
- Mr. Rahul Choudhary, MD and CEO, Axis Trustee Services Limited
- Mr. Pratapsingh Nathani, MD and CEO, Beacon Trusteeship Limited
- Mr. Ashish Pahariya, Partner, DSK Legal
- Mr. Vinod Kothari, Partner, Vinod Kothari and Co.
- A representative from the Finance Industry Development Council
- Mr. Ajit Nath Jha, Vertical Head of Treasury and Resource Management at SIDBI
- Mr. Pranjal Sharma, Director, The CFO Board
- Mr. Mehul Pandya, MD and Group CEO, CareEdge Ratings
- Mr. Debashis Bandyopadhyay, Chief General Manager at SEBI, serving as Member Secretary
Terms of Reference and Public Consultation
The official mandate entrusted to the working group encompasses several key responsibilities. The panel will perform a detailed review of existing rules including the 1993 regulations, evaluate representations submitted by various market stakeholders, and propose methods to reinforce the operational effectiveness of Debenture Trustees. Furthermore, the committee will assess existing net-worth stipulations and analyze other related matters concerning trusteeship activities.
Concurrently, regulatory authorities have solicited recommendations from members of the public, market participants, and interested stakeholders. Feedback aims to identify regulatory redundancies, streamline compliance procedures, and update provisions to match contemporary market requirements. Submissions in the designated format must be delivered on or before July 15, 2026, to designated regulatory email channels.
Primary source: This independent news summary is based on official information from Securities and Exchange Board of India. Read the original document for complete details.