SEBI Forms Expert Panel Under Former WTM, Former SBI Chairman To Review Debenture Trustee Framework

The Securities and Exchange Board of India (SEBI) on Tuesday constituted an Expert Working Group to review the existing regulatory framework governing debenture trusteeship activities and related matters.

“Considering the evolving landscape of the Indian debt market and the increasing importance of Debenture Trustees in safeguarding the interests of debenture holders, a need has been felt to undertake a comprehensive review of the regulatory framework governing Debenture Trusteeship activities to align the same with the changing market dynamics.” the press release stated

The regulator noted that the financial sector has changed significantly since the Debenture Trustees Regulations were introduced in 1993, particularly with the advent of the Insolvency and Bankruptcy Code and increased participation in the corporate bond market.

The Expert Working Group will function under the Chairmanship of Ananta Barua, former Whole Time Member, SEBI, with Rajnish Kumar, former Chairman of State Bank of India, serving as co-chairperson.

According to SEBI, the panel will review regulations governing debenture trustees, consider stakeholder representations, and recommend reforms, including possible revisions to net-worth requirements.

SEBI has invited suggestions from the public and market participants on improving and strengthening the regulatory framework. Suggestions can be submitted by July 15, 2026.