Describe responsibilities and obligations of debenture trustees.

Regulation 13 of the SEBI (Debenture Trustees) Regulations, 1993 lays down that no debenture trustee who has been granted a certificate by SEBI shall act as debenture trustee unless he enters into a written agreement with the body corporate before the opening of the subscription list for issue of debentures and the agreement inter alia contains that debenture trustee has agreed to act as such under the trust deed for securing an issue of debentures for the body corporate and the time limit within which the security for the debentures for the body corporate and the time limit within which the security for the debentures shall be created : Regulation 13A of the SEBI (Debenture Trustees) Regulations, 1993 stipulates that no debenture trustee shall act as such for any issue of debentures in case: it is an associate of the body corporate; or it has lent and the loan is not yet fully repaid or is proposing to lend money to the body corporate. Regulation 14 provides that every debenture trustee shall amongst other matters accept the trust deed which contains the matters specified in Schedule IV to the Regulations.