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REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-28102025-267185
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 685]
NEW DELHI, FRIDAY, OCTOBER 24, 2025/KARTIKA 2, 1947
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 22nd October, 2025
Securities And Exchange Board Of India (Issue And Listing Of Non-Convertible Securities)
(Amendment) Regulations, 2025
No. SEBI/LAD-NRO/GN/2025/268 - In exercise of the powers conferred under sub-section (1) of
section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and
Exchange Board of India hereby makes the following regulations to further amend the Securities and
Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021, namely:
1. These regulations may be called the Securities and Exchange Board of India (Issue and Listing of
Non-Convertible Securities) (Amendment) Regulations, 2025.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities)
Regulations, 2021,—
(1) in regulation 18,
(a) in sub-regulation (1),
(i) after the words “execute the trust deed” and before the words “within such timelines”, the
words "in such format and" shall be inserted;
(ii) the symbol “.” shall be substituted with the symbol “:”;
(b) after sub-regulation (1), the following shall be inserted as a proviso, namely, -
"Provided that in case of any deviation from the format specified for the trust deed, the
debenture trustee may accept such deviations if a key summary sheet capturing the
deviations along with the rationale for the same is provided by the issuer in the General
Information Document/ Key Information Document or Shelf Prospectus.";
(c) in sub-regulation (4), the words and symbols “Such trust deed shall consist of two parts: (a)
Part A containing statutory/standard information pertaining to the debt issue. (b) Part B
containing details specific to the particular debt issue.” shall be omitted.
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./419/2025-26]
Footnotes:
1. The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities)
Regulations, 2021 were published in the Gazette of India on August 9, 2021 vide No. SEBI/LAD-
NRO/GN/2021/39.
2. The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities)
Regulations, 2021, were subsequently amended on:
(i) April 11, 2022 by the Securities and Exchange Board of India (Issue and Listing of Non-
Convertible Securities) (Amendment) Regulations, 2022 vide notification no. SEBI/LAD-
NRO/GN/2022/77.
(ii) November 9, 2022 by the Securities and Exchange Board of India (Issue and Listing of
Non-Convertible Securities) (Second) (Amendment) Regulations, 2022 vide notification
no. SEBI/LAD-NRO/GN/2022/102.
(iii) February 2, 2023 by the Securities and Exchange Board of India (Issue and Listing of Non-
Convertible Securities) (Amendment) Regulations, 2023 vide notification no. SEBI/LAD-
NRO/GN/2023/119.
(iv) February 7, 2023 by the Securities and Exchange Board of India (Payment of Fees and
Mode of Payment) (Amendment) Regulations, 2023 vide notification no. SEBI/LAD-
NRO/GN/2023/121.
(v) July 4, 2023 by the Securities and Exchange Board of India (Alternative Dispute
Resolution Mechanism) (Amendment) Regulations, 2023 vide notification No.
SEBI/LAD-NRO/GN/2023/137.
(vi) July 6, 2023 by the Securities and Exchange Board of India (Issue and Listing of Non-
Convertible Securities) (Second Amendment) Regulations, 2023 vide notification no.
SEBI/LAD-NRO/GN/2023/135.
(vii) August 18, 2023 by the Securities and Exchange Board of India (Facilitation of Grievance
Redressal Mechanism) (Amendment) Regulations, 2023 vide notification No. SEBI/LAD-
NRO/GN/2023/146.
(viii) July 10, 2024 by the Securities and Exchange Board of India (Issue and Listing of Non-
Convertible Securities) (Amendment) Regulations, 2024 vide notification no. SEBI/LAD-
NRO/GN/2024/190.
(ix) September 18, 2024 by the Securities and Exchange Board of India (Issue and Listing of
Non-Convertible Securities) (Second Amendment) Regulations, 2024 vide notification no.
SEBI/LAD-NRO/GN/2024/205.
(x) December 11, 2024 by the Securities and Exchange Board of India (Issue and Listing of
Non-Convertible Securities) (Third Amendment) Regulations, 2024 vide notification no.
SEBI/LAD-NRO/GN/2024/217.
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Date: 2025.10.28 11:17:27 +05'30'