Debt Securities Trustees
Debt Securities Trustee is a regulated securities activity under the Securities Act, 2015. The role of Debt Securities Trustee (DSTs) is to safeguard the interest of debenture/TFC holders. For regulations of DSTs, SECP promulgated the Debt Securities Trustee Regulations, 2017 (DST Regulations) on January 11, 2017. All DSTs are required to be licensed with SECP before providing business as debt securities trustee. DST Regulations prescribe the eligibility conditions, registration procedure and duties and responsibilities of DSTs.
Grant of Licence to DSTs
An application for grant of licence as a Debt Securities Trustee shall be made to the Commission in Form A along with all the documents specified in Annexure-I and receipt evidencing payment of non-refundable fee of such amount as set out in Regulation 5. The Commission, while considering the application for registration, may require the applicant to furnish such further information or clarification regarding its activities and businesses, as it deems appropriate.
Renewal of Licence
A Debt Securities Trustee shall, one month prior to the date of expiry of its licence, apply to the Commission in Form C for renewal of its licence along with all the documents specified in Annexure II and receipt evidencing payment of non-refundable renewal fee of such amount as set out in Regulation 7.
The Commission upon being satisfied that the applicant continues to meet the minimum requirement for licensing and is eligible for licensing shall renew the licence of Debt Securities Trustee for one year and issue a certificate of renewal of licence to the applicant in Form D.
The detailed procedure for registration/renewal and Annexures and Forms as mentioned above may be seen in the Debt Securities Trustee Regulations, 2017.