A key amendment is the insertion of Regulation 9C, which permits debenture trustees to undertake additional activities on an arms-length basis through separate business units. These activities include those under the purview of other financial sector regulators (such as RBI, IRDAI, PFRDA, etc.) or other fee-based, non-fund-based activities related to the financial services sector that do not fall under any regulator’s purview. Further, Regulation 14 is substituted, specifying that trust deeds must contain matters per Section 71 of the Companies Act, 2013, and related rules, in the format and timeline specified by the Board.