Flock blog
Reading regulatory filings, sourced and dated.
Plain-English guides to the public filings Flock tracks: 13F reports, NSE and BSE shareholding patterns, bulk and block deals, and FII/DII flows. Every claim links to its source. Research, not advice.
What is an event of default on a debt security?
SEBI recognises default at the first instance of delay in servicing interest or principal, and reckons an event of default at the ISIN level. How it works.
Debenture holder consent for enforcing security
SEBI uses negative consent to enforce security and positive consent to sign an ICA, with a 15 day window and a 75 percent by value threshold. How it runs.
What is an inter-creditor agreement (ICA)?
An ICA binds lenders to a common resolution plan for a stressed borrower. SEBI's conditions for a debenture trustee signing one, and the 180 and 365 day limits.
What happens to a defaulted bond after maturity?
Trading in a defaulted debt security stays restricted until the trustee reports payment status. The nine working day rule, the April reset, the database.
How to complain to a debenture trustee
Where to lodge a bondholder complaint, what details to include, the 21 calendar day limit in the regulations, and how escalation to SCORES works. From SEBI.
What is the debenture trustee Investor Charter?
SEBI's Investor Charter for debenture trustees lists services, timelines and bondholder rights. It became a regulatory duty under Regulation 14C in 2025.
What activities can a debenture trustee undertake?
Regulation 9C lets a debenture trustee run other financial-sector work through separate business units at arms length. What changed on October 27, 2025.
Duties of a debenture trustee under SEBI rules
Regulation 15 lists 20 duties of a debenture trustee, from vetting the offer document to appointing a nominee director. SEBI rewrote the list in February 2025.
Can a debenture trustee outsource its work?
SEBI bars a debenture trustee from outsourcing core business activities and compliance functions, and keeps it fully liable for whatever a third party does.
Debenture trustee conflict of interest rules
A debenture trustee is paid by the issuer it monitors. SEBI's conflict guidelines, the Code of Conduct, and the half yearly certificate that tests compliance.
Pooled finance municipal bond: SEBI's 2026 SPV rule
A pooled finance municipal bond is issued by an SPV for several municipalities. SEBI's Regulation 5A, the two step escrow and the credit enhancement list.
Face value of a municipal bond: SEBI's 2026 rule
SEBI set the face value of a privately placed municipal bond at Rs 1 lakh or Rs 10,000 in August 2026. Why the Rs 10 lakh minimum subscription still stands.
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