Under regulation 7 of the SEBI (Debenture Trustees) Regulations, 1993, which entity falls outside the categories that may be registered as a debenture trustee?
Question and options
Under regulation 7 of the SEBI (Debenture Trustees) Regulations, 1993, which entity falls outside the categories that may be registered as a debenture trustee?
A partnership firm under the Indian Partnership Act, 1932
A public financial institution under section 2(72) of the Companies Act, 2013
An insurance company
A scheduled bank carrying on commercial activity
Answer and explanation
Regulation 7 of the SEBI (Debenture Trustees) Regulations, 1993 allows registration as a debenture trustee only for a scheduled bank carrying on commercial activity, a public financial institution under section 2(72) of the Companies Act, 2013, an insurance company, or a body corporate. A partnership firm under the Indian Partnership Act, 1932 is not a body corporate, so it cannot be registered.
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