ABC Securitization Ltd. (ABC) is a company engaged in the securitization of debt. To achieve this, it has set up a Special Purpose Distinct Entity (SPDE) named XYZ Trust. The trustees of XYZ Trust are Mr. X and Ms. Y. Th

ABC Securitization Ltd. (ABC) is a company engaged in the securitization of debt. To achieve this, it has set up a Special Purpose Distinct Entity (SPDE) named XYZ Trust. The trustees of XYZ Trust are Mr. X and Ms. Y. They are exploring the possibility of appointing one more trustee who can act without obtaining registration from SEBI. ABC plans to issue securitized debt instruments backed by a pool of auto loans and seeks to list these instruments on a recognized stock exchange. As the Company Secretary, you are required to answer the following questions in compliance with all the provisions of the SEBI (Issue and Listing of Securitized Debt Instruments and Security Receipts) Regulations, 2008. Assuming Mr. X and Ms. Y are not registered with SEBI as trustees, what are the minimum criteria they must meet to obtain registration ?