(1) A trust deed for securing the issue of debt securities shall be executed by the issuer in favor of the debenture trustee within three months of the closure of the issue.

(2) The trust deed shall contain such clauses as may be prescribed under section 117A of the Companies Act, 1956 and those mentioned in Schedule IV of the Securities
and Exchange Board of India (Debenture Trustees) Regulations, 1993.

(3) The trust deed shall not contain a clause which has the effect of –

(i) limiting or extinguishing the obligations and liabilities of the debenture trustees or the issuer in relation to any rights or interests of the investors;

(ii) limiting or restricting or waiving the provisions of the Act , these regulations and circulars or guidelines issued by the Board;

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