Notification F. No. SEBI/LAD-NRO/GN/2025/244, Dated 29.04.2025
The Securities and Exchange Board of India (SEBI) has notified amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [SEBI (LODR) Regulations], specifically targeting the grievance redressal mechanism and disclosure framework for securitised debt instruments.
1. Grievance Redressal Mechanism – Regulation 13
SEBI has amended Regulation 13 of the SEBI (LODR) Regulations, which deals with the grievance redressal mechanism. In a significant move to enhance investor protection and regulatory oversight, SEBI now mandates that the SCORES registration (SEBI Complaints Redress System) must be obtained at the trustee level, encompassing all Special Purpose Distinct Entities (SPDUs) for which the trustee acts. This centralized approach is aimed at improving accountability and efficiency in addressing investor grievances linked to securitised debt instruments.
2. Enhanced Disclosure Obligations – Part D of Schedule III
Further, SEBI has introduced new disclosure obligations under Part D of Schedule III to the SEBI (LODR) Regulations, under the heading –
“Disclosure of Information Having Bearing on Performance/Operation of Listed Entity and/or Price Sensitive Information – Securitised Debt Instrument.”
The amendment includes the insertion of clauses (10) and (11) after the existing clause 9, which prescribe the following requirements –
- Clause (10) – Disclosure of any outstanding litigations or material developments involving the originator, servicer, or any other party to the transaction, where such developments may adversely impact investor interests.
- Clause (11) – Disclosure of any defaults in servicing obligations by the servicer.
These disclosures must be made to the stock exchange on an annual basis, either by the special purpose distinct entity or its trustee.
3. Effective Date
These amendments came into force with their publication in the Official Gazette on 29th April 2025.
Click Here To Read The Full Notification
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