Regulation-9c - Stock Market Circularshttps://rhnvrm.github.io/stock-market-circulars/tags/regulation-9c/Regulatory circulars from NSE, BSE, and SEBI with AI-powered summariesHugo -- gohugo.ioen-usTue, 28 Apr 2026 00:00:00 +0000Extension of Timeline for Debenture Trustees to Comply with Outside-SEBI-Purview Activity Conditionshttps://rhnvrm.github.io/stock-market-circulars/circulars/sebi/2026/sebi-2026-04-28-aae7c1a06fefdf59-extension-of-timeline-for-compliance-with-terms-and-conditions-by-debenture-trus/Tue, 28 Apr 2026 00:00:00 +0530https://rhnvrm.github.io/stock-market-circulars/circulars/sebi/2026/sebi-2026-04-28-aae7c1a06fefdf59-extension-of-timeline-for-compliance-with-terms-and-conditions-by-debenture-trus/SEBI grants an additional six months to Debenture Trustees for compliance with terms and conditions governing activities outside SEBI's purview, extending the deadline to October 27, 2026.sebicompliancemediummediummediumaae7c1a06fefdf59https://www.sebi.gov.in/sebi_data/attachdocs/apr-2026/1777434657240.pdfdebenture-trusteescompliance-extensiondt-regulationsdebt-securitiestimeline-extensionregulation-9csebi-amendment-2025Summary

SEBI has extended the deadline for Debenture Trustees (DTs) to comply with the terms and conditions for carrying out activities outside the purview of SEBI. Originally mandated within six months of the October 27, 2025 amendment notification, the new compliance deadline is now October 27, 2026, granting an additional six months based on industry representations about operational challenges.

Key Points

  • SEBI (Debenture Trustees) Regulations, 1993 were amended on October 27, 2025, introducing Regulation 9C to clarify permitted activities for DTs.
  • Regulation 9C required DTs to transfer non-SEBI-regulated activities to separate business units within six months of the amendment notification.
  • Operational framework and terms & conditions were prescribed via SEBI circular dated November 25, 2025.
  • Industry representations cited challenges in establishing necessary systems and processes for effective implementation.
  • SEBI has granted an additional six months, pushing the compliance deadline to October 27, 2026.
  • All other provisions of the November 25, 2025 circular remain unchanged.

Regulatory Changes

No new regulatory changes are introduced. This circular solely extends the implementation timeline under the existing SEBI (Debenture Trustees) (Amendment) Regulations, 2025 and the associated circular dated November 25, 2025. Regulation 9C, which governs the separation of non-SEBI-regulated activities into distinct business units, remains in force with the revised deadline.

Compliance Requirements

  • All Registered Debenture Trustees must transfer activities not regulated by SEBI to separate business unit(s) by the revised deadline.
  • DTs must adhere to all terms and conditions prescribed in the SEBI circular dated November 25, 2025 (circular no. HO/17/11/12(3)2025-DDHS-POD1/I/146/2025).
  • Recognized Stock Exchanges are also addressed and should take note of the revised timeline.

Important Dates

  • October 27, 2025: SEBI (Debenture Trustees) (Amendment) Regulations, 2025 notified; Regulation 9C introduced.
  • November 25, 2025: Operational framework and terms & conditions circular issued.
  • April 28, 2026: This extension circular issued.
  • October 27, 2026: Revised deadline for DTs to complete compliance with Regulation 9C and associated circular provisions.

Impact Assessment

This circular provides relief to the Debenture Trustee industry by allowing additional time to build the operational infrastructure required for segregating non-SEBI-regulated business activities. The extension is administrative in nature and does not alter the substantive regulatory framework. Market impact is limited; however, it signals SEBI’s responsiveness to practical implementation concerns raised by regulated entities. DTs that were already in the process of compliance should continue their efforts to meet the October 27, 2026 deadline.

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