SEBI Forms Expert Panel To Review Debenture Trustee Regulations, Invites Public Feedback By 15 July

The Securities and Exchange Board of India (SEBI) has set up an expert working group to carry out a wide-ranging review of the rules governing debenture trustees, the regulator said on June 30, 2026.

The exercise is aimed at bringing the existing framework in line with the changing corporate bond market and broader shifts in the financial sector.

The group will be led by former SEBI whole-time member Ananta Barua as chairperson, with former State Bank of India chairman Rajnish Kumar taking on the role of co-chairperson.

Reason Behind The Review

SEBI said the role of debenture trustees has grown over the years as they play a bigger part in protecting the interests of debenture holders. It also noted that the financial sector has changed significantly since the SEBI (Debenture Trustees) Regulations came into force in 1993.

The regulator pointed to developments such as the rollout of the Insolvency and Bankruptcy Code in 2016 and growing investor participation in the corporate bond market as key reasons behind the need to update the rules.

Panel's Key Mandate

The working group has been asked to examine the current regulatory setup, including the 1993 regulations, and to go through representations already submitted by market participants. It will also recommend ways to strengthen how debenture trustees carry out their responsibilities.

In addition, the panel will assess whether the net-worth requirements currently applicable to debenture trustees need to be revised, and will look into any other matters connected with debenture trusteeship activities.

Members On The Committee

Besides Barua and Kumar, the panel includes O.N. Ravi, former General Counsel and Executive Vice President at CCIL; Rahul Choudhary, MD & CEO of Axis Trustee Services; Pratapsingh Nathani, MD & CEO of Beacon Trusteeship; Ashish Pahariya, Partner at DSK Legal; and Vinod Kothari, Partner at Vinod Kothari & Co.

Representatives from the Finance Industry Development Council, Small Industries Development Bank of India (SIDBI), The CFO Board and CareEdge Ratings are also on the panel, while SEBI's Chief General Manager, Debashis Bandyopadhyay, will act as Member Secretary.

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How The Public Can Respond

SEBI has invited suggestions from the public, market participants and other stakeholders on the existing framework for debenture trustees. Responses can be submitted in the prescribed format until 15 July 2026.

To review the framework, SEBI has formed an expert working group. It is headed by former whole-time member Ananta Barua and former SBI Chairman Rajnish Kumar. The group will carry out a comprehensive review of the regulations governing debenture trustees.