SEBI Regulation 10A – Quarterly SDI Disclosure Mandate

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  • Last Updated on 7 May, 2025

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SEBI Regulation 10A

Notification F. No. SEBI/LAD-NRO/GN/2025/247, Dated: 05.05.2025

The Securities and Exchange Board of India (SEBI) has notified a key amendment to the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008, aimed at strengthening transparency and investor protection in the securitisation market. The amendment introduces a new provision—Regulation 10A—which mandates periodic disclosures by the originator of the securitised debt instruments.

1. Key Highlights of the Amendment

  1. Quarterly Performance Reporting to Trustees – Under the newly inserted Regulation 10A, originators are now required to submit periodic performance reports to the trustee of the securitisation trust. These reports must include relevant information about the performance of the underlying asset pool and must be submitted at least on a quarterly basis. This move is expected to enhance oversight and monitoring mechanisms, ensuring that trustees and investors remain informed about the asset quality and cash flow status.
  2. Mandatory Auditor’s Certificate – In addition to the periodic reports, the originator must also obtain and furnish a certificate from its statutory auditor. This certificate should confirm the accuracy and adequacy of the disclosures pertaining to the underlying asset pool that has been assigned to the securitisation trust. The requirement of an independent audit aims to lend credibility to the disclosures and instill greater confidence among stakeholders.

2. Implications

  • For Originators – This increases their compliance obligations, requiring enhanced documentation, internal monitoring, and engagement with auditors.
  • For Trustees – Trustees gain access to regular and authenticated data, enabling them to better perform their fiduciary duties and ensure the interests of investors are protected.
  • For Investors – The amendment promotes greater transparency and reduces information asymmetry, enabling more informed investment decisions.

3. Objective

This amendment aligns with SEBI’s broader regulatory objective of promoting market integrity, transparency, and investor protection in the securitised debt market. It also brings Indian regulations closer to global best practices in structured finance disclosures.

Click Here To Read The Full Notification

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied