As per Companies Act, a company issuing debentures to more than ______ members/public, needs to mandatorily appoint a debenture trustee. 

Issue of debentures - governed by Section 71 and related Rules like the Companies (Share Capital & Debentures) Rules, 2014: No company shall issue a  prospectus  or make an offer or invitation to the public or to its members  exceeding five hundred for the subscription of its debentures, unless the company has, before such issue or offer, appointed one or more debenture trustees Rules further state: • underwriting commission for debentures is capped at 2.5% of the issue price (compared to 5% for shares). • creating a charge on company assets for secured debentures, and strict disclosures