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SEBI sets up expert panel to rewrite 1993 debenture trustee rules

An expert working group, chaired by former SEBI WTM Ananta Barua and co-chaired by ex-SBI chairman Rajnish Kumar, will review the 30-year-old framework. Public comments due by July 15, 2026.

29 Jun 2026 Effective June 30, 2026 Affects: Debenture trustees, corporate bond issuers, and institutional investors in the debt market.

What changed

SEBI constituted an Expert Working Group to review the SEBI (Debenture Trustees) Regulations, 1993.
The panel includes representatives from Axis Trustee, Beacon Trusteeship, CCIL, and others.
Public suggestions on the framework must be submitted by July 15, 2026.

The read

SEBI is acknowledging that the 1993 debenture trustee regulations have not kept pace with the IBC and a growing corporate bond market. The panel -- chaired by former SEBI member Ananta Barua and co-chaired by ex-SBI chairman Rajnish Kumar -- is heavy on industry and legal expertise. No rules change today, but the terms of reference cover net-worth requirements, trustee roles, and simplification. Deadline for public input: July 15, 2026. The real story will be the consultation paper that follows.

Ananta BaruaRajnish KumarSEBI (Debenture Trustees) Regulations, 1993

Primary source: official circular (PDF)