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TMI BlogDefinitions.X X X X Extracts X X X X X X X X Extracts X X X X ..... nforcement of Security Interest Act, 2002;] (c) "Board" means the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act (15 of 1992); (d) "certificate" means a certificate of registration granted to a trustee under these regulations; (e) "clean-up call option" means an option retained and exercisable by the originator to purchase the debt or receivables assigned to a special purpose distinct entity, if the residual value of such debt or receivables falls below a specified percentage of the price at which it was assigned; (f) "credit enhancement" means any arrangement intended to decrease the likelihood of default on the securitised debt instruments, including subordination, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terms of guidelines/regulations as provided by the Reserve Bank of India, and have issued or proposes to issue security receipts;]4 (j) "liquidity provider" means a person who agrees to provide funds to the special purpose distinct entity for settlement of payments due to investors in accordance with the schedule of payments contained in the terms of issue of the securitised debt instruments issued to them, in the event of any short term cash flow shortfalls of the special purpose distinct entity; (k) "obligor" means a person who is liable, whether under a contract or otherwise, to pay a debt or receivables or to discharge any obligation in respect of a debt or receivables; (l) 5["offer document" means any - for the security receipts f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s activities which are regulated by the Board under the Act and these regulations and includes making a public offer of securitised debt instruments, making disclosures in connection with such issue, the performance of obligations relating to public offer or listing and redemption of such instruments, management and administration of the schemes under which such instruments are issued, valuation and maintenance of accounts which have a bearing on value of such instruments, and any other related activity as may be specified by the Board; (p) ["scheme" means a scheme for issue of securitised debt instruments in accordance with these regulations or for issue of security receipts under Securitisation and Reconstruction of Financial Assets and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... securitised debt instruments through one or more schemes, and includes any trust set up by the National Housing Bank under the National Housing Bank Act, 1987 (53 of 1987) or by the National Bank for Agriculture and Rural Development under the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981); (v) ["sponsor" means - (i) any person who establishes or promotes a special purpose distinct entity for the purposes of issuance of Securitised debt instrument; or (ii) an asset reconstruction company who has established/promoted a trust which has issued security receipts;]10 (w) "trustee" means a trustee of a special purpose distinct entity; 12[(wa) "valuer" means any person who is a "registered valuer" u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion No. SEBI/LAD-NRO/GN/2018/26 dated 26-06-2018 5 Substituted vide Notification No. SEBI/LAD-NRO/GN/2018/26 dated 26-06-2018 before it was read as, "offer document" means any document including an electronic document described or issued as an offer document or prospectus and includes any notice, circular, advertisement or other document inviting subscription from the public or purchase of any securitised debt instruments of a scheme formulated under these regulations;" 6 Inserted vide Notification No. SEBI/LAD-NRO/GN/2018/26 dated 26-06-2018 7 Inserted vide Notification No. SEBI/LAD-NRO/GN/2018/26 dated 26-06-2018 8 Inserted vide Notification No. SEBI/LAD-NRO/GN/2018/26 dated 26-06-2018 9 Substituted vide Notification No ..... X X X X Extracts X X X X X X X X Extracts X X X X
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