Section 15 in Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008
15. Trust Deed.
(1)A trust deed for securing the issue of debt securities shall be executed by the issuer in favour of the debenture trustee within three months of the closure of the issue.(1A)[ Where an issuer fails to execute the trust deed within the period specified in the sub-regulation (1), without prejudice to any liability arising on account of violation of the provisions of the Act and these Regulations, the issuer shall also pay interest of at least two percent per annum to the debenture holder, over and above the agreed coupon rate, till the execution of the trust deed.(1B)A clause stipulating the requirement under sub-regulation (1A) shall form part of the Trust Deed and also be disclosed in the Offer Document.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/13, dated 7.5.2019 (w.e.f. 6.6.2008).](2)The trust deed shall contain such clauses as may be prescribed under section 117A of the Companies Act, 1956 and those mentioned in Schedule IV of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993.(3)The trust deed shall not contain a clause which has the effect of -(i)limiting or extinguishing the obligations and liabilities of the debenture trustees or the issuer in relation to any rights or interests of the investors;(ii)limiting or restricting or waiving the provisions of the Act , these regulations and circulars or guidelines issued by the Board;(iii). indemnifying the debenture trustees or the issuer for loss or damage caused by their act of negligence or commission or omission.
