{"id":11603,"date":"2026-01-31T04:19:05","date_gmt":"2026-01-31T04:19:05","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=11603"},"modified":"2026-01-31T07:53:35","modified_gmt":"2026-01-31T07:53:35","slug":"the-role-of-a-debenture-trustee-in-bond-issuances","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/","title":{"rendered":"The Role Of A Debenture Trustee In Bond Issuances"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A debenture trustee is an \u201cindependent organisation\u201d appointed to protect the interests of people who invest in a company\u2019s debentures. The trustee acts as a neutral link between:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The company that raises money<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">and<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The investors who lend that money<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Realise that the appointment of a debenture trustee is not optional. As per Section 71(5) of the Companies Act, 2013, a company issuing debentures to more than 500 investors must appoint one or more debenture trustees (before the prospectus is issued).\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Okay, but what does a debenture trustee do? <\/span><\/i><span style=\"font-weight: 400;\">Read this article to check out the several roles and duties of a debenture trustee. But first, let\u2019s see who can become a debenture trustee in India.\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#Who_Can_Be_a_Debenture_Trustee_in_India\" >Who Can Be a Debenture Trustee in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#4_Major_Roles_of_Debenture_Trustees_in_Bond_Issuances\" >4 Major Roles of Debenture Trustees in Bond Issuances<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#Role_1_Checks_Before_Debentures_Are_Issued\" >Role 1: Checks Before Debentures Are Issued<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#Role_2_Ongoing_Watch_Over_Security_and_Company_Promises\" >Role 2: Ongoing Watch Over Security and Company Promises<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#Role_3_Ongoing_Surveillance_After_Debentures_Are_Issued\" >Role 3: Ongoing Surveillance After Debentures Are Issued<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#Role_4_Action_and_Enforcement_When_a_Default_Occurs\" >Role 4: Action and Enforcement When a Default Occurs<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#In_Summary_A_Debenture_Trustee_Acts_as_a_Legal_Guardian_of_the_Investors_Interests\" >In Summary, A Debenture Trustee Acts as a Legal Guardian of the Investor\u2019s Interests<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#Role_of_a_Debenture_Trustee_FAQs\" >Role of a Debenture Trustee FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#1_When_is_appointing_a_debenture_trustee_mandatory_in_India\" >1. When is appointing a debenture trustee mandatory in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#2_What_laws_and_regulations_govern_debenture_trustees_in_India\" >2. What laws and regulations govern debenture trustees in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#3_What_checks_does_a_debenture_trustee_perform_before_the_issue_of_debentures\" >3. What checks does a debenture trustee perform before the issue of debentures?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#4_How_does_a_debenture_trustee_monitor_debentures_after_issuance\" >4. How does a debenture trustee monitor debentures after issuance?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#5_What_happens_if_a_company_defaults_on_debenture_payments\" >5. What happens if a company defaults on debenture payments?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/the-role-of-a-debenture-trustee-in-bond-issuances\/#Citations\" >Citations<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Who_Can_Be_a_Debenture_Trustee_in_India\"><\/span><strong>Who Can Be a Debenture Trustee in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Under the <\/span><a href=\"https:\/\/www.sebi.gov.in\/legal\/master-circulars\/aug-2025\/master-circular-for-debenture-trustees-dts-_96073.html\"><span style=\"font-weight: 400;\">Debenture Trustee Regulations, 1993<\/span><\/a><span style=\"font-weight: 400;\">, a debenture trustee can be a:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Scheduled commercial bank<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Public financial institution recognised under the Companies Act<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Any other body corporate<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Note that individuals are not permitted to act as debenture trustees. Apart from the type of entity, there is also a financial requirement. The entity must have a minimum net worth of \u20b910 crore.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, a debenture trustee cannot be closely connected to the company issuing the debentures. It cannot be an:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Associate of the issuer, which includes situations where the trustee controls the company<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Shares common directors with it<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Has strong financial links with it<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The trustee also cannot be a promoter or part of the company\u2019s key management. <\/span><i><span style=\"font-weight: 400;\">What do these restrictions ensure?<\/span><\/i><span style=\"font-weight: 400;\"> The trustee acts only in the interest of debenture holders and not under the influence of the issuing company.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"4_Major_Roles_of_Debenture_Trustees_in_Bond_Issuances\"><\/span><strong>4 Major Roles of Debenture Trustees in Bond Issuances<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><i><span style=\"font-weight: 400;\">Realise that a debenture is not just a borrowing instrument!<\/span><\/i><span style=\"font-weight: 400;\"> Instead, it is a long-term legal relationship between an issuer and its investors. Thus, the duties of a debenture trustee:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Begin from the moment a debenture is planned<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">and<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Run until the stage where repayment is completed, or default arises.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">These responsibilities span pre-issue checks, ongoing supervision, and enforcement action during default. For more clarity, let\u2019s understand the four primary roles of a debenture trustee in detail:<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Role_1_Checks_Before_Debentures_Are_Issued\"><\/span><strong>Role 1: Checks Before Debentures Are Issued<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The work of a debenture trustee starts before investors are invited to invest. At this stage, the trustee must independently verify whether the information given by the company is 100% complete + reliable.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Okay, but where is this information present?<\/span><\/i><span style=\"font-weight: 400;\"> It usually appears in documents such as the:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Offer Document\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">or<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Placement Memorandum<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The trustee\u2019s responsibility is to ensure that these documents do not hide risks or present misleading facts. Be aware that a major part of this role is related to examining the \u201csecurity offered\u201d for the debentures.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company must share details of the assets proposed as security, along with proof of ownership such as title deeds and legal title reports. The trustee checks whether:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The assets are legally owned by the company\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">and<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Charges over them are properly registered with authorities like the Registrar of Companies and CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India).<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Additionally, the trustee also verifies \u201cguarantees\u201d (both personal and corporate). This includes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Checking the guarantor\u2019s financial strength\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">and<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Confirming that the company\u2019s board has approved the guarantees<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Now, after completing these checks, the trustee issues a \u201cDue Diligence Certificate\u201d to the stock exchange.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Role_2_Ongoing_Watch_Over_Security_and_Company_Promises\"><\/span><strong>Role 2: Ongoing Watch Over Security and Company Promises<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">After the debentures are issued, the trustee\u2019s role is related to continuous monitoring. For this purpose, SEBI has introduced a \u201cSecurity and Covenant Monitoring System\u201d. This system is operated by depositories and serves as a single digital record of all important information related to debentures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Through this system, the following details may be recorded:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Information related to secured assets<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Creation of charges<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payment of interest and principal<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Compliance with agreed conditions<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This system replaces older paper-based reporting, which usually led to delays and gaps in information. By using a central platform, the debenture trustee can easily identify breaches such as missed payments or failure to maintain security cover.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">The primary benefit?<\/span><\/i><span style=\"font-weight: 400;\"> A debenture trustee can act in time to protect investor interests and enforce corrective measures when required.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Role_3_Ongoing_Surveillance_After_Debentures_Are_Issued\"><\/span><strong>Role 3: Ongoing Surveillance After Debentures Are Issued<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A debenture trustee\u2019s responsibility continues for as long as the debentures remain outstanding. After issuance and listing, the trustee must regularly monitor the financial and legal position of the issuer.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">But how?<\/span><\/i><span style=\"font-weight: 400;\"> The Debenture Trust Deed sets out how this continuous monitoring will take place. Let\u2019s check out the various areas of responsibility covered by a debenture trustee in this role:<\/span><\/p>\n<div class=\"pcrstb-wrap\"><table>\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">Area of Responsibility<\/span><\/td>\n<td><span style=\"font-weight: 400;\">What the Issuer Must Do<\/span><\/td>\n<td><span style=\"font-weight: 400;\">What the Debenture Trustee Must Do<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Security Cover Review<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Submit a security cover certificate every quarter. It must be certified by a statutory auditor.\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Independently verify the market value of the secured assets and submit a certified report to the stock exchange.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Book Value Disclosure<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Include the book value of secured assets in the quarterly certificate.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Review the disclosed book value and compare it with the audited financial statements.\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Market Value Disclosure<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Report the current market value of secured assets.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Check and validate the market value independently.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fall In Security Value<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Explain reasons if the security value drops materially.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Record the decline and document the issuer\u2019s explanation.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Covenant Compliance<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Follow all contractual promises in the Debenture Trust Deed.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Monitor whether covenants are being breached.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Ongoing Monitoring<\/span><\/td>\n<td><span style=\"font-weight: 400;\">File regular reports and disclosures.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Track stock exchange filings, public announcements, and news.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Risk Identification<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Disclose stress events when required.<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Identify signs of financial stress or asset weakening.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Role_4_Action_and_Enforcement_When_a_Default_Occurs\"><\/span><strong>Role 4: Action and Enforcement When a Default Occurs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Lastly, when a company fails to pay interest or principal on the agreed date, such a failure is treated as a \u201cdefault\u201d. Now, once a default occurs, the trustee must:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Promptly inform investors within three days\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">and<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Call a meeting of debenture holders within 30 days to discuss the next course of action.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For those unaware, SEBI requires the creation of a \u201cRecovery Expenses Fund\u201d to support enforcement actions. This fund is pre-funded by the issuer and kept with the stock exchange. During such times, the trustee can initiate legal or recovery proceedings from this fund (without delay or dependence on investor contributions).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, for resolving stressed situations, the trustee may also enter into an \u201cInter Creditor Agreement\u201d with other lenders. However, this can be done only after obtaining consent from a majority of debenture holders.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"In_Summary_A_Debenture_Trustee_Acts_as_a_Legal_Guardian_of_the_Investors_Interests\"><\/span><strong>In Summary, A Debenture Trustee Acts as a Legal Guardian of the Investor\u2019s Interests<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">So now you are aware of the role of a debenture trustee during bond issuances. Their role begins at the pre-issue stage and continues through ongoing supervision and taking enforcement action in case of default. A trustee ensures that:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Disclosures are accurate<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Security is properly created<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Covenants are followed<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Investor rights are enforced when a company fails to meet its obligations<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">In this way, a debenture trustee increases investor confidence and makes the bond market more transparent. If you are looking to invest in bonds or <\/span><a href=\"https:\/\/goldenpi.com\/bond-ipo-online\"><span style=\"font-weight: 400;\">apply to the latest NCD IPOs<\/span><\/a><span style=\"font-weight: 400;\">, you may <\/span><a href=\"https:\/\/goldenpi.com\/corporate-bonds\"><span style=\"font-weight: 400;\">visit the GoldenPi platform<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here you can find multiple bond options along with key details such as yield, credit rating, issuer name, and other important information. Also, investing is 100% digital, and the entire investment process can be completed online.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Role_of_a_Debenture_Trustee_FAQs\"><\/span><strong>Role of a Debenture Trustee FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"1_When_is_appointing_a_debenture_trustee_mandatory_in_India\"><\/span><strong>1. When is appointing a debenture trustee mandatory in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As per Section 71(5) of the Companies Act, 2013, when a company issues debentures to more than 500 investors or to the public, it must appoint a debenture trustee. This entity will maintain an \u201cindependent oversight\u201d and enforce investor rights (when the issuer defaults).<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_What_laws_and_regulations_govern_debenture_trustees_in_India\"><\/span><strong>2. What laws and regulations govern debenture trustees in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Debenture trustees are governed by the SEBI (Debenture Trustees) Regulations, 1993, along with provisions of the Companies Act, 2013. Additionally, the <\/span><a href=\"https:\/\/www.sebi.gov.in\/legal\/master-circulars\/aug-2025\/master-circular-for-debenture-trustees-dts-_96073.html\"><span style=\"font-weight: 400;\">SEBI Master Circular<\/span><\/a><span style=\"font-weight: 400;\"> (effective August 2025) consolidates all earlier circulars and sets detailed rules on duties, disclosures, monitoring, and default handling.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_What_checks_does_a_debenture_trustee_perform_before_the_issue_of_debentures\"><\/span><strong>3. What checks does a debenture trustee perform before the issue of debentures?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Before debentures are issued, the trustee conducts due diligence on disclosures, security, and guarantees. They may check asset ownership, charge registration, guarantor financials, and board approvals. Lastly, the trustee issues a due diligence certificate to the stock exchange.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_How_does_a_debenture_trustee_monitor_debentures_after_issuance\"><\/span><strong>4. How does a debenture trustee monitor debentures after issuance?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">After issuance, the trustee monitors security cover, covenant compliance, interest and principal payments, and disclosures. Also, issuers submit quarterly \u201csecurity cover certificates\u201d, which the trustee verifies and reports to the stock exchange.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_What_happens_if_a_company_defaults_on_debenture_payments\"><\/span><strong>5. What happens if a company defaults on debenture payments?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If a company misses interest or principal payments, the trustee must inform investors within three days and call a meeting within 30 days. The trustee can enforce security, use the Recovery Expenses Fund for legal action, and appoint a nominee director to protect investor interests.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Citations\"><\/span><strong>Citations<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.sebi.gov.in\/sebiweb\/home\/HomeAction.do?doListing=yes&amp;sid=1&amp;ssid=6&amp;smid=0\"><span style=\"font-weight: 400;\">SEBI | Master Circulars<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/agrudpartners.com\/debenture-trustee-india-sebi-regulations\/\"><span style=\"font-weight: 400;\">Role of Debenture Trustees in India: Legal Analysis of SEBI Master Circular &#8211; Agrud Partners<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/indiankanoon.org\/doc\/66871916\/\"><span style=\"font-weight: 400;\">Section 71(5) in The Companies Act, 2013<\/span><\/a><\/li>\n<\/ol>\n<p><strong>Disclaimer:<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">This information is for general information purposes only. GoldenPi makes no guarantee on the accuracy of the data provided here; the information displayed is subject to change and is provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. Investments in the securities market are subject to market risks. Read all the offer-related documents carefully before investing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bonds or non-convertible debentures (NCDs) are regulated by the Securities and Exchange Board of India and other government authorities. GoldenPi Securities Private Limited is a registered debt broker and acts as a distributor and not as a manufacturer of the product.<\/span><\/p>\n<p><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"1. 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The trustee&hellip;<\/p>\n","protected":false},"author":8,"featured_media":11604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[22],"tags":[45],"class_list":["post-11603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-essentials","tag-bond-market"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>4 Major Roles Every Debenture Trustee Performs in India<\/title>\n<meta name=\"description\" content=\"Looking to apply to the latest NCD IPO? 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