TMI BlogSecurities And Exchange Board of India (Public Offer And Listing of Securitised Debt Instruments) (Amendment) Regulations, 2015X X X X Extracts X X X X X X X X Extracts X X X X ..... nstruments) Regulations, 2008,- (i) in regulation 4,- (a) in sub-regulation (2), after clause (d), the following shall be inserted, namely:- (e) any scheduled commercial bank other than a regional rural bank; (f) any public financial Institution as defined under clause (72) of section 2 of the Companies Act, 2013; and (g) any other person as may be specified by Board. (b) after sub-regulation (2), following sub-regulation shall be inserted, namely:- (2A) An applicant seeking registration to act as a trustee shall,- (a) have a networth of not less than two crore rupees. Explanation .- For the purposes of this regulation, networth means the aggregate value of paid up share capital plus free reserves (excluding reserves created out of revaluation) reduced by the aggregate value of accumulated losses and deferred expenditure not written off; (b) have in its employment a minimum of two persons who, between them, have atleast five years experience in activities related to securitisation and atleast one among them shall have a professional qualification in law from any university or institution recognised by the Central Government or any State Governm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l assigned to the securitisation trust, as made by the originator, on quarterly basis; (k) share such reports and auditors certificate as received from the originator or the auditor(s) of originator, with the credit rating agency which is rating the securitized debt instrument; (l) call a meeting of all the investors on a requisition, in writing signed by at least one-tenth of investors in value for the time being outstanding or at the occurrence of an event, which constitutes a servicer default or which in the opinion of the trustees affects the interest of the investors; (m) maintain the net worth as per the requirements specified in these regulations on a continuous basis and inform the Board immediately in respect of any shortfall in the net worth and take necessary corrective action to restore the net worth within a period of six months; (n) ensure that any change in registration status or any administrative, civil or penal action taken by Board or any material change in financial position which may adversely affect the interests of investors is promptly informed to the investors; (o) not relinquish responsibility as trustee in respect of the issue, unless and u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nance is in place and shall develop internal code of conduct for governing its internal operations and laying down standards of appropriate conduct for its employees for carrying out their duties. 17. A special purpose distinct entity and its trustee shall not be party to- i. creation of false market; ii. price rigging or manipulation. (iv) in Schedule V, after para 4.2, following shall be inserted, namely:- 4.3 Summary term sheet including at least following information (wherever relevant) pertaining to the securitised debt instrument:- Originators ________, __________ (each referred to as an Originator and collectively referred to as the Originators ) Trustee [name of trustee] Issuer [name of special purpose distinct entity(SPDE)] Trust Property Initial Contribution to the SPDE INR [ ] Transaction Size INR [ ] Pool Principal on Settlement Date INR [ ] Pool Cut Off Date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d payment Account is maintained) Swap Nature of the swap Swap counterparty, rating of the swap counterparty Refund/top up of Credit Enhancement [ ] Clean-Up Call Option [ ] Details of Listing Timing for listing Conditions for remaining listed Consequence of de-listing Rating Agency(ies) [ ] Series of securitised debt instruments [specify seniority and subordination] Day count convention [ ] Series A1 Securitised Debt Instruments Series A2 Securitised Debt Instruments Series A3 Securitised Debt Instruments Seniority Face Value Initial rating Final Maturity Date ..... X X X X Extracts X X X X X X X X Extracts X X X X
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