SEBI has issued a circular mandating periodic disclosure requirements for Securitised Debt Instruments (SDIs) in terms of Regulation 11B of the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008. The circular requires trustees of special purpose distinct entities to submit specified disclosures on a half-yearly basis to SEBI and to the stock exchanges where the SDIs are listed. These disclosures must be filed within 30 days from the end of March and September each year. Separate disclosure formats have been prescribed for SDIs backed by loans, listed debt securities or credit facility exposures, and for SDIs backed by other types of exposures, as detailed in Annexures I and II. Illustrative guidance on computation of weighted average maturity, weighted average rating and average default rate is provided in Annexure III. The circular will be effective from March 31, 2026, and has been issued to protect investor interests and strengthen regulation of the securitised debt market.
SECURITIES AND EXCHANGE BOARD OF INDIA
Circular No. HO/17/11/18(1)2025-DDHS-POD1/I/342/2025 Dated: December 16, 2025
To,
Special purpose distinct entities and their trustees;
Recognised Stock Exchanges
Madam/ Sir,
Subject: Mandating periodic disclosure requirements- Securitised Debt Instruments (SDIs)
1. Regulation 11B of Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 [Last amended on May 05, 2025] (hereinafter referred to as “SDI Regulations”) mandates a special purpose distinct entity and the trustee to furnish information to the Board on a half yearly basis, in the manner as may be specified by Board.
2. In this regard, pursuant to the discussions held with the stakeholders, it has been decided that the Trustee of special purpose distinct entity shall submit the disclosures, as mentioned in Annexure I and Annexure II, on a half yearly basis to the Board and on the stock exchange where the SDIs are listed, within 30 days from the end of March or September. The disclosures required for SDIs backed by loan / listed debt securities / credit facility exposures are set out under Annexure I hereto and the disclosures required for SDIs backed by other exposures are set out under Annexure II hereto. Illustrations in respect of weighted average maturity of the underlying assets, weighted average rating of the pool and average default rate are provided in Annexure III.
3. The provisions of this circular shall be effective from March 31, 2026.
4. The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 11B and 48 of the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.
5. This Circular is available atsebi.gov.in under the link “Legal Circulars”.
Yours faithfully,
Ritesh Nandwani
Deputy General Manager
Department of Debt and Hybrid Securities
Tel No. +91-22-26449696
riteshn@sebi.gov.in
