Regulation 13 - Obligation before appointment as debenture trustees - Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993

Chapter III RESPONSIBILITIES AND OBLIGATIONS OF DEBENTURE TRUSTEES Obligation before appointment as debenture trustees. 13. No debenture trustee who has been granted a certificate under regulation 8 shall act as such in respect of each issue of debenture unless- 1 [(a) he enters into a written agreement with the body corporate before the opening of the subscription list for issue of debentures; (b) the agreement under clause (a) shall inter alia contain: 2 [(i) an undertaking by the body corporate to comply with all regulations / provisions of Companies Act, 2013, guidelines of other regulatory authorities in respect of allotment of debentures till redemption; (ii) the time limit within which the security for the debentures shall be created or the agreement shall be executed in accordance with the Companies Act, 2013 or provisions as prescribed by any regulatory authority as applicable.]] ************** NOTES:- 1 Substituted for the following clauses (a) and (b) the SEBI (Debenture Trustees) (Second Amendment) Regulations, 2000, w.e.f 8-8-2000 : (a) he gives consent in writing to a body corporate to act as debenture trustee under trust deed for securing any issue of debentures by each such body corporate ; (b) consent under clause (a) is given before the issue of debentures for subscription. 2 Substituted by the SEBI (Debenture Trustees) (Amendment) Regulations, 2017, w.e.f., 13-7-2017. Prior to the same, clauses (i) and (ii) read as follows: (i) that the debenture trustee has agreed to act as such under the trust deed for securing an issue of debentures for the body corporate; (ii) the time limit within which the security for the debentures shall be created.