The Reserve Bank of India (RBI) has released the Draft Reserve Bank of India (Commercial Banks – Securitisation Transactions) Amendment Directions, 2026. These proposed amendments will modify certain provisions of the existing RBI (Commercial Banks – Securitisation Transactions) Directions, 2025. The changes have been proposed under the powers given to RBI under the Banking Regulation Act, 1949, and are aimed at strengthening the securitisation framework.
Key Changes Proposed by RBI
Under the draft amendment, RBI has proposed that all securitisation notes must be issued, held, and transferred only in dematerialised (demat) form. The minimum investment amount, also known as the ticket size, has been fixed at ₹1 crore at the time of issuance and for every future transfer. RBI has clarified that the ticket size refers to the investment made by a single investor. The agreement between the originating bank and the Special Purpose Entity (SPE) must include a clause to ensure continuous compliance with this requirement.
RBI has also proposed a change in the definition of a public offer of securitisation notes. According to the draft, an offer will be treated as a public offer if it is made to a number of persons equal to or more than the limit prescribed under Regulation 21 of the SEBI (Issue and Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008, as amended from time to time.
Effective Date
The proposed amendments are scheduled to come into effect from October 1, 2026, after the draft process is completed and the final directions are issued.
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