SEBI has come out with a new set of norms to protect the interests of secured debenture holders after a series of NBFC defaulted on their secured debentures. As per a consultative paper, NBFCs will now be required to create a separate charge on assets to assure the investors that these debentures were actually secured. It has to be an identified charge on assets. However, the new rules would only be applicable to future debenture and not to existing debentures. SEBI has invited comments on this consultative paper till March 17 and a final view will be taken by SEBI only after that.