SEBI adjudicates Catalyst Trusteeship for delayed action on Srivatsa Encivil default
This order addresses SEBI's adjudication of Catalyst Trusteeship Limited for alleged failures to act promptly and correctly when an issuer (Srivatsa Encivil Pvt. Ltd.) defaulted on debt payments. SEBI examined whether the trustee complied with regulations regarding notifying investors, sharing information with credit rating agencies, issuing press releases, and updating default databases.
Catalyst Trusteeship Limited (Debenture Trustee); Srivatsa Encivil Pvt. Ltd. (Issuer); Edelweiss India Real Estate Fund and Edelweiss Alternative Asset Advisors Limited (Debenture Holders).
- SEBI alleged Catalyst failed to issue a notice to debenture holders within 3 days of the default event (June 30, 2024).
- SEBI alleged Catalyst shared incorrect information with Credit Rating Agencies (CRAs), stating payment was timely when it was delayed.
- SEBI alleged Catalyst failed to issue a press release within one day of the default event (issued on July 12, 2024 instead).
- SEBI alleged Catalyst failed to update the default history on the India BondInfo database within 7 days of knowledge of the default.
- The inspection period covered July 31, 2022, to July 31, 2024.
- The specific default involved Non-Convertible Debentures (NCDs) with ISINs INE0K8T07024 and INE0K8T07032.
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Document details
| Official title | Adjudication Order in respect of Catalyst Trusteeship Limited in the matter of thematic inspection of debenture trustees with respect to action taken in the event of default by issuers |
| Source body | Securities & Exchange Board of India (SEBI) — enforcement orders |
| Reference number | Order/JS/VC/2026-27/32414 |
| Status | closed (order) |
| Year | 2026 |
| Closing date | — |
| Documents | 1 |