SEBI Extends Debenture Trustees' Deadline to April 2027
SEBI's circular of 27 October 2026 gives debenture trustees six more months to separate non-regulated activities.
Key Takeaways
- SEBI's circular is dated 27 October 2026.
- The new deadline is 27 April 2027, six months after the earlier 27 October 2026 date.
- It covers activities of debenture trustees that are outside SEBI's purview.
- SEBI set up an Expert Working Group in June 2026 to review the framework.
SEBI has given debenture trustees six more months, until 27 April 2027, to move activities that it does not regulate into separate business units. The extension came in a circular dated 27 October 2026.
SEBI's debenture trustee extension at a glance
| Detail | Value |
|---|---|
| Regulator | Securities and Exchange Board of India (SEBI) |
| Circular date | 27 October 2026 |
| Who it applies to | Registered debenture trustees (DTs) |
| Extension | Six months |
| Earlier deadline | 27 October 2026 |
| New deadline | 27 April 2027 |
| Rule involved | Regulation 9C of the SEBI (Debenture Trustees) Regulations, 1993 |
What Regulation 9C asks debenture trustees to do
On 27 October 2025, amendments to the SEBI (Debenture Trustees) Regulations, 1993 were notified. They introduced Regulation 9C, which covers the activities a debenture trustee may carry out.
Under the rule, a debenture trustee with a valid registration may transfer activities that are not regulated by SEBI to separate business units. It has six months from the notification of the amendments. SEBI set the operational framework in a circular dated 25 November 2025.
How the deadline has moved twice
| When | What happened |
|---|---|
| 27 October 2025 | Amendments to the Debenture Trustees Regulations, including Regulation 9C, were notified. |
| 25 November 2025 | SEBI issued a circular setting the terms and conditions for these activities. |
| 28 April 2026 | SEBI gave debenture trustees six more months, up to 27 October 2026. |
| June 2026 | SEBI constituted an Expert Working Group to review the framework for debenture trusteeship. |
| 27 October 2026 | SEBI extended the deadline by another six months, to 27 April 2027. |
Why SEBI said it is giving more time
In the circular, SEBI said the April 2026 extension followed representations from the industry about operational challenges in setting up the systems and processes needed.
For the latest extension, SEBI cited the Expert Working Group's comprehensive review of the framework for debenture trustees, and further industry representations about difficulties in implementing the separate business unit rules.
Where the debenture trustee rules stand after 27 October 2026
Debenture trustees now have until 27 April 2027 to comply with the requirements on separating activities outside SEBI's purview. The Expert Working Group, set up in June 2026, is still reviewing the wider framework.
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Frequently Asked Questions
What did SEBI announce for debenture trustees on 27 October 2026?
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What is a debenture trustee?
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When was Regulation 9C introduced?
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Why did SEBI extend the deadline again?
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What was the earlier SEBI deadline for debenture trustees?
How long did SEBI's April 2026 extension for debenture trustees last?
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