Section 4 in The Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008
4. Eligibility criteria for trustees.
(1)On and from the commencement of these regulations, no person shall make a public offer of securitised debt instruments or seek listing for such securitised debt instruments unless -(a)it is constituted as a special purpose distinct entity;(b)all its trustees are registered with the Board under these regulations; and(c)it complies with all applicable provisions of these regulations and the Act.(2)The requirement of obtaining registration shall not apply to the following persons, who may act as trustees of special purpose distinct entities, namely :-(a)any person registered as a debenture trustee with the Board;(b)any person registered as a securitisation company or a reconstruction company with the Reserve Bank of India under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002);(c)the National Housing Bank established by the National Housing Bank Act, 1987 (53 of 1987);(d)the National Bank for Agriculture and Rural Development established by the National Bank for Agriculture and Rural Development Act, 1981 (61 of 1981):Provided that the aforesaid persons and special purpose distinct entities in respect of which they are trustees shall comply with all other provisions of these regulations:Provided further that the provisions of these regulations shall not apply to the National Housing Bank and the National Bank for Agriculture and Rural Development to the extent of inconsistency with the provisions of their respective Acts.(3)An application for registration shall be made by the trustee to the Board in Form A of Schedule I along with non-refundable application fees as specified in Schedule II.(4)Any application which is not complete in all respects and does not conform to the instructions specified in Form A of Schedule I or which is incorrect, false or misleading in nature shall be liable to be rejected:Provided that before rejecting any such application, the Board shall give an opportunity to the applicant to remove the objections pointed out by the Board within the time specified by the Board.(5)The Board may require the applicant to furnish such further information or explanation as is necessary in the opinion of the Board to take a decision on the application.
