Regulation 19A - Conditions governing securitisation - Securities And Exchange Board Of India (Issue And Listing Of Securitised Debt Instruments And Security Receipts) Regulations, 2008

1 [Conditions governing securitisation 19A . The following conditions shall govern the securitisation resulting in issuance of a securitised debt instrument: (a) No obligor shall have more than twenty five percent in asset pool at the time of issuance. (b) Asset comprising the securitisation pool shall be homogeneous. (c) Securitised debt instruments shall be fully paid up upfront. (d) Originators shall have a track record of operations of three financial years which resulted in the creation of the type of debt or receivable such originator is seeking to securitise. (e) Obligor shall have a track record of operations of three financial years which resulted in the creation of the type of debt or receivable that such originator is seeking to securitise: Provided that the conditions of the track record, as specified in the clause (d) and (e) shall not be applicable to a securitised debt instrument where the originator is an entity regulated by the Reserve Bank of India: Provided further that condition as specified in clause (a) may be relaxed by the Board as may be specified from time to time. Explanation : (1) The term homogeneous shall mean same or similar risk or return profile arising from the proposed underlying for a securitised debt instrument. (2) The Board may specify homogeneity for different types of underlying debt or receivables, as may be required. ] *************** NOTES:- 1 . Inserted vide F. No. SEBI/LAD-NRO/GN/2025/247 dated 05-05-2025