The Securities and Exchange Board of India (SEBI), on September 28, 2026, issued a Master Circular for Debenture Trustees, consolidating the applicable circulars issued by SEBI for effective regulation of Debenture Trustees. The Master Circular is intended to provide Debenture Trustees and other market stakeholders with all applicable requirements at one place and supersedes the earlier Master Circular dated August 13, 2025.
The Master Circular is a compilation of existing circulars applicable to Debenture Trustees as on September 28, 2026, with the relevant requirements organised chapter-wise. The circulars superseded by the new Master Circular are listed in Annexure 1. The rescission of the earlier Master Circular does not affect actions already taken, pending applications, accrued rights or liabilities, penalties, investigations, legal proceedings or remedies arising under the rescinded circular; these will continue to be dealt with under the corresponding provisions of the new Master Circular.
The Master Circular has been issued under Section 11(1) of the SEBI Act, 1992, with the objective of protecting investors' interests and promoting, developing and regulating the securities market. It is applicable to stakeholders including registered Debenture Trustees, issuers of listed or proposed-to-be-listed debt securities and municipal debt securities, Credit Rating Agencies, recognised stock exchanges and recognised depositories.
[Master Circular No. HO/17/11/12(2)2026-DDHS-POD1/I/22420/2026]
