SEBI Securitised Debt Instruments Rules: Key Provisions
Why in the news
SEBI issued a rulebook for securitised debt instruments to improve transparency, risk management and investor confidence.
Key facts
- SDIs pool loans, mortgages or receivables and are sold on as securities.
- Originators such as banks convert illiquid assets into tradable instruments; investor returns track the underlying pool.
Key provisions
| Area | Rule |
|---|---|
| Primary ticket size | ₹1 crore minimum |
| Later transfers | ₹1 crore if originator is not RBI-regulated; for SDIs backed by listed securities, the highest face value among them |
| Public offer | 3 to 10 days |
| Form | Demat only |
| Originator record | 3 years of operations |
| Risk retention | 10%; 5% if receivables mature within 24 months |
| Holding period | 3 months (loans up to 2 years); 6 months (above 2 years) |
Assets
- Allowed: listed debt securities, accepted trade receivables, rental income, equipment leases.
- Barred: re-securitisation and synthetic (derivative-based) securitisation.
Exam angle
- Retention numbers: 10% and 5%.
- Banned structures: re-securitisation and synthetic securitisation.