Trust deed :

• A trust deed for securing the issue of debentures shall be executed by the issuer in favour of the independent trustee or debenture trustee, as applicable, within three months of the closure of the issue.

• The trust deed shall contain such clauses as may be prescribed in Schedule IV of the SEBI (Debenture Trustees) Regulations, 1993.

However, in case of private placement by a corporate municipal entity, the trust deed shall, in-addition, contain such clauses as prescribed under section 71 of the Companies Act, 2013 and Companies (Share Capital and Debentures) Rules 2014.

• The trust deed shall not contain a clause which has the effect of:
(a) limiting or extinguishing the obligations and liabilities of the debenture trustees or the issuer in to any rights or

interests of the investors;
(b) limiting or restricting or waiving the provisions of the Act, these regulations and circulars or guidelines issued by SEBI;

(c) indemnifying the debenture trustees or the issuer for loss or damage caused by their act of negligence or commission or omission.