The Securities and Exchange Board of India (“SEBI”), in exercise of powers conferred under Section 11(1) of the SEBI Act, 1992, and Regulation 11B and Regulation 48 of the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 (SDI Regulations), vide Circular No. HO/17/11/24(1)2025-DDHS-POD1/I/491/2025,[1] dated December 18, 2025, issued a circular introducing a comprehensive framework for periodic disclosures in respect of securitised debt instruments (“SDIs”).
The circular applies to: (i) Special Purpose Distinct Entities (“SPDEs”), and (ii) Trustees of SPDEs, in respect of SDIs listed on recognised stock exchanges.
Key Requirements
- The Trustee of the SPDE shall be required to submit the prescribed disclosures.
- Disclosures must be made on a half-yearly basis
- Disclosures are to be submitted within 30 (thirty) days from the end of March and September each year.
- Disclosures must be furnished to:
- SEBI, and
- The stock exchange(s) where the SDIs are listed.
- Further, there are certain annexures attached to the circular which are as detailed below:
- Annexure I i.e., the format for disclosures (securitisation of loan/ listed debt securities/ credit facility exposures), which shall be applicable to SDIs backed by loans, listed debt securities, or credit facility exposures.
- Annexure II i.e., format for disclosures (securitisation of other exposures) shall be applicable to SDIs backed by other types of exposures.
- Annexure III provides illustrative guidance on the computation of:
- Weighted Average Maturity of underlying assets,
- Weighted Average Rating of the pool, and
- Average Default Rate.
Effective Date
The circular will come into force from March 31, 2026. Accordingly, the first set of disclosures will be required for the half-year ending March 31, 2026.
[1]https://www.sebi.gov.in/legal/circulars/dec-2025/mandating-periodic-disclosure-requirements-securitised-debt-instruments-sdis-_98409.html