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IDBI Trusteeship Services Limited (ITSL) is India's largest Trusteeship Company with an ISO 9001:2000 certification. The company is jointly promoted by IDBI Bank Limited, LIC of India, GIC of India and IFCI Limited and provides a wide spectrum of Trusteeship Services. At ITSL, we combine our global capabilities with our in-depth local knowledge to deliver expert Trusteeship Services. Our team continually strives to cater to changing market needs, ensuring we deliver the best to our clients and the industry.+ Read More

Nature of Business

Service Provider

Legal Status of Firm

Limited Company (Ltd./Pvt.Ltd.)

Annual Turnover

Rs. 50 - 100 Crore

GST Number

27AAACI8912J1ZE

Facility Agent

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At ITSL, services in capacity of Facility Agent to our various clients depend upon the transaction structure mainly including the following:-
  • Interest calculation and payouts
  • Compliances to meet various covenants
  • Authority for various payments from Bank Accounts
  • Co ordination between lenders and borrower
  • Circulate various information as and when received from borrower/issuer
  • Monitoring the fund movement
  • Other services as per the requirement of the transaction

Also, we provide specialized services as Facility Agent for complex structured transactions including opening the Bank Accounts and Demat Accounts. We advice on the suitability of the transaction on operational aspects.

 

Depending on the Role in aforesaid transactions we provide the services to accomplish the requirement. To cite a few are as follows:-

  • Dissemination of information between the Parties to the transaction
  • Monitor pre-execution and post execution compliance of conditions
  • Monitor and confirm compliance of pre-disbursement conditions.
  • Convening meetings of the parties to the transaction
  • Obtain information regarding compliance from the parties.

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Pledge of shares is a common practice adopted in the securities market by the borrower and intermediaries to raise finance from the lenders viz. .Banks, Financial Institutions and other financiers. Pledge of shares can either be may be offered as 100% security under the transaction or may be partial or as collateral, lenders follow their own method of advancing under pledge transactions. Normally adequate margin is kept against the market value of shares offered under the pledge. Margin adequacy depends upon the volatility of pledged shares and/or market conditions.

Advantages of Appointing IDBI Trusteeship Services Ltd (ITSL) as a Share Pledge Trustee

  • Quickest way to raise loans.
  • It is beneficial for the borrower to create pledge in favour of third party, here in favour of ITSL as Trustee, instead of creating pledge in favour of lender directly.
  • Listed as well as unlisted shares can be pledged in favour of ITSL for the facility advanced by the lender to the borrower.
  • In consortium lending where number of lenders are involved, It is always beneficial to have pledge of shares with single entity i.e. with the Trustee, instead of having pledge of shares in favour of each individual lender. In such case, ITSL will hold the pledge for the benefit of consortium lenders.This facilitates substitution of lenders by executing simple deed of accesstion by new lenders.
  • ITSL will hold the pledge of shares for the benefit of lender till the end of the transaction.
  • ITSL as Trustee can monitor valuation of shares for the listed shares pledged with them on a daily, weekly, monthly basis, which is important in asset cover calculation as per the facility agreement or term sheet.
  • In case of Event of Default , ITSL can invoke the pledge on the basis of instructions received from the lender.
  • ITSL has expertise to sell the shares pledged and distribute the sale proceeds to the lenders towards repayment of their loans.

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At ITSL, we offer specialized Escrow Agent services. We provide services which are required for different purpose including but not limited to:-
  • Escrow for Disputed Liability.
  • Escrow for Business Acquisition.
  • Escrow for Private Equity Transactions.
  • Escrow for Holding the Securities.
  • Escrow for Timely Payouts.

Above services required the

  • Efficient operation and Management of Escrow Accounts i.e Bank Accounts or Demat Accounts opened for the purpose.
  • Proper Documentation of Escrow Mechanism.
  • Advice client on the structure suitable to their requirement.
  • Monitoring the fund movement.
  • Strict compliances to various provisions of the Escrow Arrangement.

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At ITSL, we offer following services as Trustee to Alternative Investment Fund (AIF) (erstwhile VCF) Primary Documentation
  • Executing and Registering Indenture of Trust
  • Executing Investment Management Agreement
  • Processing SEBI application for AIF registration
  • Vetting Private Placement Memorandums - Issued by Investment Manager on behalf of the Trust.

Other Documentation

  • Vetting and signing Contribution Agreements (amongst the Trustee, IM and Investors)
  • Signing of documents / certificates as per the regulations and as required by the regulating bodies, authorities, bankers and DPs etc. etc.

SEBI and Other Compliances

  • Signing documents for obtaining PAN, TAN and for other Registration for the trust.
  • Ensuring uploading of documents and/or information on SEBI portal.
  • Obtaining Annual Compliance certificate on fund operations from Investment Manager.
  • Signing of Financials of the Trust.
  • Signing of Income Tax Return of the Trust.

Other duties of Trustee

  • Appointment of Auditors for Trust accounts.
  • Keeping continuous interaction with the Investment Manager.
  • Attending queries / grievances of Investors.
  • Overseeing functioning of the Trust.

As Trustee for AIF, we entrust various duties to Investment Manager including signing agreements with investee companies, operating fund’s Bank and D-mat Accounts; maintaining fund’s book of accounts & preparing periodical financials and other reports for submission to Authorities and to the investors etc.

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Safe Bookkeeping Service

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As a Safe keeper, ITSL provides Safe Keeping services in Mumbai, wherein clients can safely keep their valuable documents,  deeds,  certificates etc. with ITSL in fire proof safe custody which is under24 hours security. With minimal paper work this facility can be availed by the intending clients. 

ITSL also extends Safe Deposit Lockers services from its Satara Branch where the clients can avail lockers facility to keep safely their documents and valuables like Gold Ornaments, Silver items,  cash etc. under total confidential arrangement.

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During the last quarter of a century there has been a radical change in the Social fabric of the country. There has been a gradual disintegration of the Joint Family System and emergence of ‘Nuclear Family’. In the former collective wisdom of the elders was the basis of decision making; whereas in the latter it is more individualistic.At the same time the economic profile of the individual has also undergone a ‘Sea Change’. With higher education and better competency level, individuals have access to more avenues of income and also the levels of income very often knows no bounds. The individual becomes the owner of huge assets both liquid and illiquid at a very early stage in life. It is because of these socio economic changes that the relevance and need of “Trusts” is once again felt.

It may so happen that while one is earning, he / she would like to provide financial assistance / security to his / her dependants till they attain majority or become self sufficient. They may even apprehend that proper care of their properties may not be taken, due to mental incapacity, physical disability, careless way of life etc. of their kith and kin and hence they wish to provide them livelihood from their properties by creating a Private Trust.

 

Private Trust is an arrangement made by a creator of the Trust for his own benefit and/or for the benefit of his near and dear ones. Trust can also work even after the life of creator of such Trusts. Trusts may be created for a specific period and/or for specific Object also.

 

The Private/Family Trust can be created for self, for spouse, for children, for parents, for dependants, for employees or for any other valid purpose.

 

The Public Trust can be created for any social purpose such as extending educational, medical help to needy persons etc.

 

With merger between Western India Trustee Co. Ltd. and IDBI Trusteeship Services Limited (ITSL), we enjoy an aggregate experience in managing Public as well as Private Trusts for more than 65 years. Some Trusts are with us continuously for more than 50 years with very satisfactory relationship with the clients.

 

ITSL is a leading Trustee Company in India, having techno based Offices with experienced and customer friendly staff.

 

In respect of Trusts, we extend the following services:-

  • Helping in creation of Trust and Preparation of Trust Deed.
  • Obtaining registration with Charity Commissioner, Income Tax Office, in case of Public Trusts.
  • Other Offerings.
  • Complete Management of Trust – which includes:
  • Investing the funds, collecting income of the Trust
  • Applying the income towards Trust Objects
  • Maintaining the Accounts, TDS records,
  • Obtaining PAN, TAN as required,
  • Getting the Trust audited Filing Income Tax returns, etc.
  • Convening meetings of Trusts, preparing and maintaining minutes of meetings and further execution according to minutes.
  • Mandatory submissions to Charity Commissioner and Income Tax Dept.

We do undertake work of preparation of Will, execution of Will and Estate Planning for our clients in utmost reliable manner.

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SchemeUnder ESOP Scheme Company grants employees/directors stock options which gives them the benefit or right to purchase or subscribe at future date, the securities offered by the Company at predetermined price.Constitution of Compensation Committee
  • Company has to form Compensation Committee who allot options and administers and supervises the whole scheme.
  • The Compensation Committee is formed by Board of Directors wherein majority of whom are independent Directors.
  • ESOP Trust when settled is guided by Compensation Committee.

Brief Role of ITSL as Trustee

  1. To obtain PAN for the Trust.
  2. To open & operate the Bank Accouts.
  3. To open & operate the D-mat Account and operate the Trading Account for dealing in the Equity Shares of the Company.
  4. To follow the instruction of the Compensation Committee in regard to the purchase, holding, sale transfer or disposal of the equity shares of the Company and the settlement of the proceeds realised upon such sale, as the case may be.
  5. To act as per the directions of the Compensation Committee in the matters of the exercise of voting rights of the equity shares of the Company held by the Trustees on behalf of the employees.
  6. To distribute the dividend in respect of Equity Shares of the Company amongst the beneficiaries in such manner and to such an extent as may be determined by the Committee.
  7. To confirm the receipt of any fund transfer by the Company for purchase of shares during the week, to theTrust Bank account.
  8. To carry out purchase and sale of shares as per the grant of options and mandates from option holders in accordance with the ESOP Scheme, the necessary particulars will be provided to the Trustees by Compensation Committee, who will then intimate the Share broker by a separate communication regarding the purchase or sale of shares.
  9. To monitor taxation part of the Trust by appointing Chartered Accountant.
  10. To make mandatory ongoing declarations while selling / purchasing of shares.
Employee Welfare TrusteeThe objects of such Trusts may be all of the following or may be some selective objects, but which are always for the benefit of all employees or for a class of employees. The objectives may be as under.
  1. Medical Aid to employees or/and their family
  2. Educational Help to employees or/and their children
  3. Help to purchase residential house
  4. For giving prize to an employee who has done extraordinary job for Company
  5. For arranging Trips, Seminars or training for employees
  6. For extending retirement gifts to employees etc.
Funds -Companies either donate the funds to such Trusts or Companies give interest free or with interest Loan to the Trust.Investment –Normally, the investment of Trust Funds is done as per the advice of the contact person from Company side, who in turn takes advice from his investment department. The investment is in Fixed Deposit of Banks, Shares (including shares of the Company who is settler of the Trust), Debentures, Mutual Funds, etc.Role of ITSL as Trustee
  • To prepare or vet Trust Deed
  • Obtain related KYC
  • Obtain PAN/TAN
  • Open/Operate/Close Bank Account
  • Make/change/redeem Investments

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Debenture Trustee

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ITSL’s Debenture Trustee services ensures the protection of interest of debenture holders whilst ensuring an adequate asset coverage ratio. At ITSL, we specialize in varied facets of Debenture Trustee services including creation of security within stipulated time, effective handling of investor complaints and proficient settlement of clearances on behalf of debenture holders in event of further borrowings by the Issuer. At ITSL, we assure you:
  • To advise Issuer Company on mode of creation of Security.
  • To hold the Security/Charge on behalf of debenture holders and hold the security documents in safe custody.
  • To advise Issuer Company on the mode of creation of Security & registration of Debenture Trust Deed.
  • To ensure Compliance of Listing Agreement, Companies Act, 1956 & SEBI Regulations.
  • Enforcement of Security in the interest of the debenture holders.
  • Assisting Issuer Company on various aspects.
  • Assisting in obtaining in principle approval from stock exchanges.
  • Drafting and Vetting of Documents
  • Advising Clients on structuring of debt instruments.

Note: In case a complaint is not remedied promptly, the debenture-holder is advised of any further steps which may be available to the debenture holder under the regulatory system.

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