The Securities and Exchange Board of India (“SEBI”) in exercise of the powers conferred under Section 11, Section 11(A)(2) and Section 30 of the Securities and Exchange Board of India Act, 1992 read with Section 31 of the Securities Contracts (Regulation) Act, 1956 vide Notification No. F. No. SEBI/LAD-NRO/GN/2025/244[1] dated April 29, 2025, has notified the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Second Amendment) Regulations, 2025 (“Amended LODR Regulations”).
Key amendments made through the Amended LODR Regulations are as follows:
- SCORES Registration for Trustees:
A new proviso has been introduced to Regulation 13(2) of the Amended LODR Regulations, providing that in the case of securitised debt instruments, SCORES registration (i.e., the SEBI’s online complaint redressal system) may be obtained at the trustee level, covering all Special Purpose Distinct Entities (“SPDEs”) for which the trustee acts.
- Enhanced Annual Disclosures under Schedule III – Part D: Clause 10 and Clause 11 have been inserted through the Amended LODR Regulations, requiring the following disclosures:
- Clause 10 of the Schedule III – Part D of the Amended LODR Regulations: SPDEs or their trustees shall be required to annually disclose to stock exchanges any outstanding litigations or material developments related to the originator, servicer, or any other party to the transaction, which may adversely affect investor interests.
- Clause (11) of the Schedule III – Part D of the Amended LODR Regulations: SPDEs or trustees shall be required to annually disclose to stock exchanges any defaults by the servicer in fulfilling its servicing obligations under the transaction.
[1]https://www.sebi.gov.in/legal/regulations/may-2025/securities-and-exchange-board-of-india-listing-obligations-and-disclosure-requirements-second-amendment-regulations-2025_93783.html