Periodic Disclosure Requirements for Securitised Debt Instruments

CIRCULAR

HO/17/11/18(1)2025-DDHS-POD1/I/342/2025 December 16, 2025

To,

Special purpose distinct entities and their trustees; Recognised Stock Exchanges

Madam/ Sir,

Subject: Mandating periodic disclosure requirements- Securitised Debt Instruments (SDIs)

1. Regulation 11B of Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 [Last amended on May 05, 2025] (hereinafter referred to as “SDI Regulations”) mandates a special purpose distinct entity and the trustee to furnish information to the Board on a half yearly basis, in the manner as may be specified by Board.

2. In this regard, pursuant to the discussions held with the stakeholders, it has been decided that the Trustee of special purpose distinct entity shall submit the disclosures, as mentioned in Annexure I and Annexure II, on a half yearly basis to the Board and on the stock exchange where the SDIs are listed, within 30 days from the end of March or September. The disclosures required for SDIs backed by loan / listed debt securities / credit facility exposures are set out under Annexure I hereto and the disclosures required for SDIs backed by other exposures are set out under Annexure II hereto. Illustrations in respect of weighted average maturity of the underlying assets, weighted average rating of the pool and average default rate are provided in Annexure III.

3. The provisions of this circular shall be effective from March 31, 2026.

4. The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 11B and 48 of the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.

5. This Circular is available at www.sebi.gov.in under the link “Legal Circulars”.

Yours faithfully,

Ritesh Nandwani Deputy General Manager Department of Debt and Hybrid Securities Tel No. +91-22-26449696 riteshn@sebi.gov.in

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Annexure I

FORMAT FOR DISCLOSURES (SECURITISATION OF LOAN / LISTED DEBT SECURITIES / CREDIT FACILITY EXPOSURES)

Name/Identification No. of securitisation transaction: