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SEBI vide Circular No. HO/17/11/12(3)2025-DDHS POD1/I/144/2025 dated 25.11.2025 (“Circular”)1, has prescribed timelines for submission of information by issuers to DTs. This Circular is issued in exercise of the powers conferred under Section 11(1) of the SEBI Act, 1992, Regulation 2A of DT Regulations, Regulation 101 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 55 of the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021, and follows the Master Circular for Debenture Trustees dated 13.08.2025.
SEBI has mandated specific timelines for issuers to submit various reports and certificates to DTs to enable them to perform their due diligence functions efficiently. The key submissions include:
- Security Cover Certificate: quarterly within 60 days, except last quarter within 75 days;
- statements of value of pledged securities and Debt Service Reserve Account: half-yearly within 60 days from the end of each half-year;
- net worth certificate of guarantor for personal guarantees: half-yearly within 60 days from the end of each half-year;
- financials/value of guarantor for corporate guarantees: annually within 60 days from end of each financial year; and
- valuation and title search reports for immovable/movable assets: once in three years within 60 days from financial year end.
These provisions shall come into effect from the quarter ended December 31, 2025.
Footnote
1 Timelines for submission of information by issuers to Debenture Trustees.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
