SEBI

Brief Executive Summary of SEBI (ILDS) Regulations, 2008

A business may require funds from time to time to expand and/or diversify its operations. It may resort to a variety of financial resources, initially broken into two broad categories, debt and equity. 'Debt' involves borrowing money to be repaid, plus interest, while "equity" involves raising money by selling interests in the company....

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Consequences of non-payment of outstanding Annual Listing Fees for FY 2020-21 | Listed Companies – Be Alert !!!!!

NSE and BSE both vide Circular Ref No: NSE/CML/2020/53 and notice no. 20201106-39 dated 06.11.2020, respectively has issued circular stating Action(s) to be initiated against listed companies for non-payment of outstanding Annual Listing Fees (“ALF”) for Financial Year 2020-21....

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Rights issue of units by an unlisted Infrastructure Investment Trust (InvIT)

Chapter VIA of the of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) provides the framework for private placement of units by InvITs which are not eligible to be listed. In exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the InvIT ...

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Compliances for Listed Companies with Respect to Companies Came Under the Ambit of IBC, 2016

The Companies which are listed on stock exchanges has to mandatorily comply with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2018 or SEBI (LODR). These companies needs to comply with the Quarterly/half yearly/annual and general compliances under SEBI Listing Regulations (LODR), ...

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Amazon (Gopal Subramanium) vs. Reliance/Future Group (Harish Salve): An Intriguing Battle of Market Share & Nerves

Amazon (Gopal Subramanium) vs. Reliance/Future Group (Harish Salve): An Intriguing Battle of Market Share & Nerves All of us are aware of the much talked about announcement of the acquisition of the Kishor Biyani’s Future Group Retail Business including Big Bazar by the Mukesh Ambani’s Reliance Industries (RIL) for a c...

Read More

Report on disclosures pertaining to analyst meets, investor meets & conference calls

The issue of information asymmetry between various classes of investors arising out of limited disclosures in respect of analyst meets/ institutional investors meet/ conference calls was discussed by Primary Markets Advisory Committee (PMAC) in the meeting in July, 2020....

Read More

Consultation Paper on Review of requirement of Minimum Public Offer for large issuers

The objective of this consultation paper on Review of requirement of Minimum Public Offer for large issuers in terms of Securities Contracts (Regulation) Rules, 1957 is to seek comments/ views from the public and market intermediaries on Review of requirement of Minimum Public Offer to large issuers in terms of Securities Contracts (Regu...

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Consultation paper on review of SEBI (Delisting of Equity Shares) Regulations, 2009 

SEBI vide notification dated June 10, 2009 notified the SEBI (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations), thereby superseding the earlier SEBI (Delisting of Securities) Guidelines, 2003. Since then, several amendments have been carried out in the Delisting Regulations according to the changing needs and developm...

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SEBI Consultation Paper on Applicability & role of Risk Management Committee

Considering the multitude of risks faced by listed entities, risk management has emerged as a very important function of the board. The Covid-19 pandemic has also reinforced the need for a robust risk management framework....

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Extend SEBI Settlement Scheme, 2020 till 31.03.2021 & Relax Provisions

Direct Taxes Professionals’ Association, Kolkata has made a Representation on the Settlement Scheme-2020 introduced in terms of Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018 vide Public Notice dated July 27, 2020. Text of the representation is as follows:- Date: 22.10.2020 To, Shri Ajay Tyagi, IAS Chairman, Securi...

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SEBI imposes Rs. 5 Lakh Penalty for non-genuine trading in Illiquid Stock Options

In respect of Pradeep Kumar Kayan (SEBI) - SEBI conducted an investigation into the trading activities of certain entities in Illiquid Stock Options at BSE  for the period April 1, 2014 to September 30, 2015. It was observed that during the investigation period, total 2,91,643 trades comprising substantial 81.38% of all the trades executed ...

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SAT Quashes SEBI’s penalty of Rs. 20 lakhs on DHFL

Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal) - Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal) 1. The present appeal has been filed questioning the legality and validity of the order dated 29th May, 2020 passed by the Adjudicating Officer under section 15-1 of the Securities and Exchange Board of India Act, 1992 (h...

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Complaints lodged in SCORES system & related correspondence, can be accessed online

Avinash Chandra Trivedi Vs CPIO (SEBI Appellate Authority) - Avinash Chandra Trivedi Vs CPIO (SEBI Appellate Authority) It is observed that the Action History of the complaint reveals the action taken and the date-wise progress disposal of the complaint. It is understood that all the complaints which are lodged in the SCORES system and the related corresponde...

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Credit Rating of Securities – Jindal Power Ltd. Vs ICRA Ltd

Jindal Power Ltd. v. ICRA Ltd. (Delhi High Court) - Jindal Power Ltd. v. ICRA Ltd. (Delhi High Court) In order to protect the interest of investors and help them make an informed decision, SEBI has made credit rating of securities offered by Indian companies by way of public or rights issues to be mandatory.  The rating signifies the ability and wil...

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Seize ₹ 3.83 Cr from Dynamatic CEO in Insider Trading case: SEBI

Dr. Udayant Malhoutra Vs SEBI (SAT Mumbai) - Dr. Udayant Malhoutra Vs SEBI (Securities Appellate Tribunal, Mumbai) 1. The present appeal has been filed against an ex-parte order dated June 15, 2020 passed by the Whole Time Member (‘WTM’ for short) of Securities and Exchange Board of India (‘SEBI’ for short) directing th...

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SEBI revises regulatory measures introduced on March 20, 2020

Press Release No. 59/2020 - (25/11/2020) - SEBI vide Press Release dated March 20, 2020 had introduced certain regulatory measures as per Annexure A of the said Press Release, in view of the then ongoing market volatility and keeping in view the objective of ensuring orderly trading and settlement, effective risk management, price discovery ...

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SEBI Chairman launches Securities Market Trainers (SMARTs) Program

Press Releases No. 58/2020 - (25/11/2020) - Shri Ajay Tyagi, Chairman, SEBI launched the Securities Market Trainers (SMARTs) progamme in Mumbai today. The SMARTs programme is a new initiative of SEBI for enhancing the Investor Education activities. Shri G. Mahalingam, Whole Time Member, Executive Directors and other officials of SEBI attended...

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SEBI relaxes requirement of Testing of software related to Trading

Circular No. SEBI/HO/MRD1/DSAP/CIR/P/2020/234 - (24/11/2020) - It has been decided that requirement of mandatory mock trading sessions to facilitate testing of new software or existing software that has undergone any change of functionality shall be optional if a Stock Exchange provides suitable simulated test environment to test new software or existing softwa...

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UPI mechanism & additional online application mode for public issue of debt securities

Circular No. SEBI/HO/DDHS/CIR/P/2020/233 - (23/11/2020) - After consultation with stakeholders, it has been decided to introduce the following in addition to the already specified modes under the ASBA Circular: 2.1.1. Providing an option to investors to apply in public issues of debt securities through the app / web interface of Stock Exchange(s) with a fa...

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Pass special resolution if remuneration payable to executive promoter director exceeds 5% of net profit: SEBI

Notification No. SEBI/HO/CFD/CMD1/0W/P/2020/19620/1 - (18/11/2020) - SEBI held that in case if the aggregate remuneration payable to all executive promoter directors exceeds 5 per cent of the net profits, the Company shall be required to pass a special resolution under clause (ii) of regulation 17(6) (e) of LODR Regulations, subject to the condition that such approva...

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Recent Posts in "SEBI"

Brief Executive Summary of SEBI (ILDS) Regulations, 2008

A business may require funds from time to time to expand and/or diversify its operations. It may resort to a variety of financial resources, initially broken into two broad categories, debt and equity. 'Debt' involves borrowing money to be repaid, plus interest, while "equity" involves raising money by selling interests in the company....

Read More
Posted Under: SEBI |

SEBI revises regulatory measures introduced on March 20, 2020

Press Release No. 59/2020 (25/11/2020)

SEBI vide Press Release dated March 20, 2020 had introduced certain regulatory measures as per Annexure A of the said Press Release, in view of the then ongoing market volatility and keeping in view the objective of ensuring orderly trading and settlement, effective risk management, price discovery and maintenance of market integrity. The...

Read More

SEBI Chairman launches Securities Market Trainers (SMARTs) Program

Press Releases No. 58/2020 (25/11/2020)

Shri Ajay Tyagi, Chairman, SEBI launched the Securities Market Trainers (SMARTs) progamme in Mumbai today. The SMARTs programme is a new initiative of SEBI for enhancing the Investor Education activities. Shri G. Mahalingam, Whole Time Member, Executive Directors and other officials of SEBI attended the launch function. The individuals wh...

Read More

SEBI relaxes requirement of Testing of software related to Trading

Circular No. SEBI/HO/MRD1/DSAP/CIR/P/2020/234 (24/11/2020)

It has been decided that requirement of mandatory mock trading sessions to facilitate testing of new software or existing software that has undergone any change of functionality shall be optional if a Stock Exchange provides suitable simulated test environment to test new software or existing software that has undergone any change of func...

Read More

UPI mechanism & additional online application mode for public issue of debt securities

Circular No. SEBI/HO/DDHS/CIR/P/2020/233 (23/11/2020)

After consultation with stakeholders, it has been decided to introduce the following in addition to the already specified modes under the ASBA Circular: 2.1.1. Providing an option to investors to apply in public issues of debt securities through the app / web interface of Stock Exchange(s) with a facility to block funds through Unified Pa...

Read More

Report on disclosures pertaining to analyst meets, investor meets & conference calls

The issue of information asymmetry between various classes of investors arising out of limited disclosures in respect of analyst meets/ institutional investors meet/ conference calls was discussed by Primary Markets Advisory Committee (PMAC) in the meeting in July, 2020....

Read More
Posted Under: SEBI |

Consultation Paper on Review of requirement of Minimum Public Offer for large issuers

The objective of this consultation paper on Review of requirement of Minimum Public Offer for large issuers in terms of Securities Contracts (Regulation) Rules, 1957 is to seek comments/ views from the public and market intermediaries on Review of requirement of Minimum Public Offer to large issuers in terms of Securities Contracts (Regu...

Read More
Posted Under: SEBI |

Consultation paper on review of SEBI (Delisting of Equity Shares) Regulations, 2009 

SEBI vide notification dated June 10, 2009 notified the SEBI (Delisting of Equity Shares) Regulations, 2009 (Delisting Regulations), thereby superseding the earlier SEBI (Delisting of Securities) Guidelines, 2003. Since then, several amendments have been carried out in the Delisting Regulations according to the changing needs and developm...

Read More
Posted Under: SEBI |

Pass special resolution if remuneration payable to executive promoter director exceeds 5% of net profit: SEBI

Notification No. SEBI/HO/CFD/CMD1/0W/P/2020/19620/1 (18/11/2020)

SEBI held that in case if the aggregate remuneration payable to all executive promoter directors exceeds 5 per cent of the net profits, the Company shall be required to pass a special resolution under clause (ii) of regulation 17(6) (e) of LODR Regulations, subject to the condition that such approval of the shareholders shall be […...

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Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT

Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/232 (17/11/2020)

Securities and Exchange Broad of India CIRCULAR SEBI/HO/DDHS/DDHS/CIR/P/2020/232 November 17, 2020 To, All Infrastructure Investment Trusts (“InvITs”) All Parties to InvITs All Stock Exchanges All Merchant Bankers and other Intermediaries Madam/Sir, Sub: Amendments to guidelines for preferential issue and institutional placement of un...

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Consequences of non-payment of outstanding Annual Listing Fees for FY 2020-21 | Listed Companies – Be Alert !!!!!

NSE and BSE both vide Circular Ref No: NSE/CML/2020/53 and notice no. 20201106-39 dated 06.11.2020, respectively has issued circular stating Action(s) to be initiated against listed companies for non-payment of outstanding Annual Listing Fees (“ALF”) for Financial Year 2020-21....

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Posted Under: SEBI |

SEBI prescribes uniform fines for non-compliance with continuous disclosure requirements

Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/231 (13/11/2020)

In order to ensure effective enforcement of continuous disclosure obligations by issuers of listed Non-Convertible Debt Securities or NCRPS or Commercial Papers, it has been decided to lay down a similar uniform structure for imposing fines for non-compliance with continuous disclosure requirements after discussion with market participant...

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SEBI: Monitoring & Disclosures by Debenture Trustee(s)

Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/230 (12/11/2020)

Debenture trustee shall incorporate the terms and conditions of periodical monitoring in the debenture trust deed wherein listed entity shall be liable to provide relevant documents/ information, as applicable, to enable the debenture trustee(s) to submit the following reports/ certification to Stock Exchange(s) within the timelines menti...

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SEBI Consultation Paper on Applicability & role of Risk Management Committee

Considering the multitude of risks faced by listed entities, risk management has emerged as a very important function of the board. The Covid-19 pandemic has also reinforced the need for a robust risk management framework....

Read More
Posted Under: SEBI |

Rights issue of units by an unlisted Infrastructure Investment Trust (InvIT)

Chapter VIA of the of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) provides the framework for private placement of units by InvITs which are not eligible to be listed. In exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the InvIT ...

Read More
Posted Under: SEBI |

Compliances for Listed Companies with Respect to Companies Came Under the Ambit of IBC, 2016

The Companies which are listed on stock exchanges has to mandatorily comply with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2018 or SEBI (LODR). These companies needs to comply with the Quarterly/half yearly/annual and general compliances under SEBI Listing Regulations (LODR), ...

Read More
Posted Under: SEBI |

Amazon (Gopal Subramanium) vs. Reliance/Future Group (Harish Salve): An Intriguing Battle of Market Share & Nerves

Amazon (Gopal Subramanium) vs. Reliance/Future Group (Harish Salve): An Intriguing Battle of Market Share & Nerves All of us are aware of the much talked about announcement of the acquisition of the Kishor Biyani’s Future Group Retail Business including Big Bazar by the Mukesh Ambani’s Reliance Industries (RIL) for a c...

Read More
Posted Under: SEBI |

Guidelines for issue of Units by an Unlisted Infrastructure Investment Trust (InvIT)

1. Relevant Circular – SEBI Circular SEBI/HO/DDHS/DDHS/CIR/P/2020/223 2. Relevant Date – 4th November 2020 3. Relevant Chapter – Chapter VIA 4. Relevant Regulation SEBI (Infrastructure Investment Trusts) Regulations, 2014 5. Purpose of the Circular –  To enable Unlisted InvITs to raise further funds through right ...

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Posted Under: SEBI |

Action against companies defaulting in payment of Listing Fees: NSE

Ref No: NSE/CML/2020/53 (06/11/2020)

All listed companies are requested to take note that the following action shall be taken if a listed company fail to pay the outstanding ALF (including the listing fee for Financial Year 2020-21) on or before November 20, 2020,...

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Norms regarding holding of liquid assets in open ended debt schemes & stress testing of open ended debt schemes

Circular No. SEBI/HO/IMD/DF3/CIR/P/2020/229 (06/11/2020)

All open ended debt schemes (except Overnight Fund, Liquid Fund, Gilt Fund and Gilt Fund with 10 year constant duration) shall hold at least 10% of their net assets in liquid assets. For this purpose, ‘liquid assets’ shall include Cash, Government Securities, T-bills and Repo on Government Securities....

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Introduction of ‘Flexi Cap Fund’ as a new category under Equity Schemes

Circulars No. SEBI/HO/IMD/DF3/CIR/P/2020/228      (06/11/2020)

In order to give more flexibility to the mutual funds and taking into account the recommendations of Mutual Fund Advisory Committee (MFAC), a new category named Flexi Cap Fund under Equity Schemes will be available with the following scheme characteristics....

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Framework governing Clearing Corporations for BCP & DR, Cyber Security & outsourcing activities by LPCC

Circular No. SEBI/HO/MRD2/DCAP/CIR/P/227 (06/11/2020)

LPCC has been permitted to enter into outsourcing agreements with existing Clearing Corporations for the purpose of using their core and critical IT support infrastructure / activities for running the core activities (transaction process, clearing and settlement) of the LPCC and related operations....

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Investor Grievance Redressal Mechanism

Circular No. SEBI/HO/MIRSD/DOC/CIR/P/2020/226 (06/11/2020)

Securities and Exchange Board of India SEBI/HO/MIRSD/DOC/CIR/P/2020/226 November 06, 2020 To, The Managing Director/Executive Director, All Stock Exchanges Dear Madam/Sir, Subject: Investor Grievance Redressal Mechanism 1. In order to further strengthen the Investor Grievance Redressal Mechanism, based on feedback received from market par...

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Advisory for Financial Sector Organizations regarding SaaS based solutions

Circular No. SEBI/HO/MIRSD2/DOR/CIR/P/2020/221 (03/11/2020)

Indian Computer Emergency Response Team (CERT-in) has issued an advisory for Financial Sector organizations. The advisory has been forwarded to SEBI for bringing the same to the notice of financial sector organization. The advisory is enclosed at Annexure A of this circular....

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Enhancement of Overseas Investment limits for Mutual Funds

Circular No. SEBI/HO/IMD/DF3/CIR/P/2020/225 (05/11/2020)

Mutual Funds can make overseas investments subject to a maximum of US $ 600 million per Mutual Fund, within the overall industry limit of US $ 7 billion. Mutual Funds can make investments in overseas Exchange Traded Fund (ETF(s)) subject to a maximum of US $ 200 million per Mutual Fund, within the overall industry limit of US $ 1 billion....

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Guidelines for rights issue of units by an unlisted InvIT

Notification No. SEBI/HO/DDHS/DDHS/CIR/P/2020/223 (04/11/2020)

Chapter VIA of the of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) provides the framework for private placement of units by InvITs which are not eligible to be listed. In order to enable unlisted InvITs to raise further funds, it has been decided to provide a mechanism for raising of funds by unlisted InvI...

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Creation of Security in issuance of listed debt securities & ‘due diligence’ by debenture trustee(s)

Notification No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/218 (03/11/2020)

Regulation 13 of the DT Regulations stipulates that the debenture trustee shall enter into a written agreement with the Issuer before the debenture trustee agrees to act as debenture trustee in respect of the said issue of debt securities....

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SEBI amends Schemes of Arrangement by Listed Entities

Circulars No. SEBI/HO/CFD/DIL1/CIR/P/2020/215 (03/11/2020)

SEBI Circular No. CFD/DIL3/CIR/2017/21 dated March 10, 2017 has laid down the framework for Schemes of Arrangement by listed entities and relaxation under Rule 19(7) of the Securities Contracts (Regulation) Rules, 1957....

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Analysis of SEBI’s Settlement Scheme 2020

Under SEBI’s Settlement Scheme 2020, the entities who have executed trade reversals on the stock options segment of BSE during the period from April 1, 2014 to September 30, 2015 against whom any proceedings are pending are eligible to avail the one time settlement opportunity....

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Posted Under: SEBI |

SEBI extends SEBI Settlement Scheme 2020 till 31.12.2020

NA (31/10/2020)

Competent authority of SEBI has approved the extension of the period of the SEBI Settlement Scheme 2020 till December 31, 2020 considering large scale disruption caused by the Covid-19 pandemic...

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SEBI (Prohibition of Insider Trading) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/38. (29/10/2020)

These regulations may be called the Securities and Exchange Board of India (Prohibition of Insider Trading) (Second Amendment) Regulations, 2020. They shall come into force on the date of their publication in the Official Gazette....

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SEBI (Mutual Funds) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/39. (29/10/2020)

1. These Regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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SEBI Chairman interacts with investors and other stakeholders from USA

Press Releases No. 57/2020 (28/10/2020)

Securities and Exchange Board of India Press Releases No. 57/2020 SEBI Chairman interacts with investors and other stakeholders from USA; Participants emphasize need for early finalization of direct listing scheme, development of Corporate Bond market and further reforms in IPO regulations Shri Ajay Tyagi, Chairman, SEBI along with other ...

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Portfolio Managers – Frequently Asked Questions

A portfolio manager is a body corporate, which, pursuant to a contract with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or goods or funds of the client....

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Posted Under: SEBI |

SEBI imposes Rs. 5 Lakh Penalty for non-genuine trading in Illiquid Stock Options

In respect of Pradeep Kumar Kayan (SEBI)

SEBI conducted an investigation into the trading activities of certain entities in Illiquid Stock Options at BSE  for the period April 1, 2014 to September 30, 2015. It was observed that during the investigation period, total 2,91,643 trades comprising substantial 81.38% of all the trades executed in Stock Options Segment of BSE were fou...

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Posted Under: SEBI | |

Plea for extension of date for SEBI Settlement Scheme

For News Plea for extension of date for SEBI Settlement Scheme SEBI had introduced a Settlement Scheme, 2020, which provides onetime settlement during the period from 1st August, 2020 and the concluding date is  31st October 2020, to provide one time settlement opportunity to the entities which have executed trade reversals in the stock ...

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Posted Under: SEBI |

Is SMAIT a Trust registered as an AIF qualify as Qualified Buyer?

SEBI/F10/IMD/OF6/0W/KAS/2020/17875 (26/10/2020)

The existing SEBI norms limit Qualified Buyers only to those AlFs which are body corporate. Since SMAIT (the Fund) is a Trust registered as an AIF will SMAIT (the Fund) also qualify as Qualified Buyer and can invest/ acquire Security Receipts?...

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SAT Quashes SEBI’s penalty of Rs. 20 lakhs on DHFL

Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal)

Dewan Housing Finance Corporation Ltd. Vs SEBI (Securities Appellate Tribunal) 1. The present appeal has been filed questioning the legality and validity of the order dated 29th May, 2020 passed by the Adjudicating Officer under section 15-1 of the Securities and Exchange Board of India Act, 1992 (hereinafter referred to as ‘SEBI Act’...

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Extend SEBI Settlement Scheme, 2020 till 31.03.2021 & Relax Provisions

Direct Taxes Professionals’ Association, Kolkata has made a Representation on the Settlement Scheme-2020 introduced in terms of Regulation 26 of the SEBI (Settlement Proceedings) Regulations, 2018 vide Public Notice dated July 27, 2020. Text of the representation is as follows:- Date: 22.10.2020 To, Shri Ajay Tyagi, IAS Chairman, Securi...

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Posted Under: SEBI |

Registration For Alternative Investment Fund (AIF)

No entity or person shall act as an Alternative Investment Fund (AIF) unless it has obtained a certificate of registration from the Board (Securities and Exchange Board of India). Alternative Investment Fund shall seek registration in one of the categories mentioned hereunder: CATEGORY CATEGORY I AIF CATEGORY II AIF CATEGORY III AIF Prima...

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Posted Under: SEBI |

Whether a BRLM can share bidding data available on website of stock exchanges for IPO?

CFD/DI L-1/OW/2020/17828/1 (23/10/2020)

i. Whether a BRLM can share the standalone or aggregate bidding data available on the website of the stock exchanges for IPO, Rights issue, and FPO of specified securities and units with the investors, during the bidding period; ii. Whether a BRLM can share the standalone or aggregate bidding data available on the website of the stock...

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Processing of applications for registrations of AIFs & launch of schemes

Circular No. SEBI/HO/IMD/DF6/CIR/P/2020/209 (22/10/2020)

While processing applications for registration of AIFs and launch of new schemes, it has been observed that the Manager of AIF often proposes to set up an Investment Committee with the mandate to provide investment recommendations or advice to the Manager....

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Handling of SCORES complaints by stock exchanges- Reg.

Notification No. SEBI/HO/OIAE/IGRD/CIR/P/2020/208 (22/10/2020)

Clarification on SEBI Circular SEBI/HO/OIAE/IGRD/CIR/P/2020/152 dated 13 August, 2020 on Investor grievances redressal mechanism – Handling of SCORES complaints by stock exchanges and Standard Operating Procedure for non-redressal of grievances by listed companies....

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Contribution by Issuers of listed or proposed to be listed debt securities towards creation of Recovery Expense Fund

Circular No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/207 (22/10/2020)

In order to enable the Debenture Trustee(s) to take prompt action for enforcement of security in case of ‘default’ in listed debt securities, a ‘Recovery Expense Fund’ (REF) shall be created which shall be used in the manner as decided in the meeting of the holders of debt securities....

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Regulatory measures to continue till November 26, 2020

Press Releases No. 56/2020 (22/10/2020)

It has been decided that the regulatory measures introduced vide SEBI Press Release dated March 20, 2020 shall continue to be in force till November 26, 2020....

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AMFI Guidance on MFD Nomenclature

After the notification of the SEBI Investment Adviser (Amendment) Regulations, 2020 on 3rd July, 2020, the Association of Mutual Funds in India (“AMFI”) has issued guidance regarding nomenclature to be used by Registered Mutual Fund Distributor. As per the said Regulations, no distributor shall use the nomenclature “Independent Fina...

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Posted Under: SEBI |

SEBI Guidelines for Data Sharing

Data- In the context of Data Sharing policy, Data consists of all the information both structured and unstructured collected and reported in various databases of Securities and Exchange Board of India (SEBI). Data refers to raw data only. Any kind of secondary data are not to be considered as data under this policy....

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Posted Under: SEBI |

IFSCA introduces Framework for Regulatory Sandboxto tap into innovative FinTech solutions

The International Financial Services Centres Authority (IFSCA), with an objective to develop a world class FinTech hub at the IFSC located at GIFT City in Gandhinagar (Gujarat, India), endeavours to encourage the promotion of financial technologies (‘FinTech’) initiatives in financial products and financial services across the spectru...

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Posted Under: SEBI |

SEBI (Alternative Investment Funds) (Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/37 (19/10/2020)

1. These regulations may be called the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Second Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/36 (19/10/2020)

1. These regulations may be called the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Second Amendment) Regulations, 2020....

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Utilization of Fund Created out of Regulatory Fee Forgone by SEBI – Additional Guidelines

Circular No. SEBI/HO/CDMRD/DNPMP/CIR/P/2020/206 (19/10/2020)

In order to encourage the participation of Farmers / Farmers Producers Organizations (FPOs) in agricultural commodity derivatives markets, the Stock Exchanges have created a separate fund, out of the regulatory fee so forgone by SEBI. The Stock Exchanges have been permitted by SEBI to utilize the said fund exclusively for the benefit of a...

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SEBI steps up efforts for ‘Data Culture’ through ‘Data Democratization’

Press Releases No. 55/2020 (19/10/2020)

Thus, MDAC is part of SEBI’s initiatives to make shareable data on the Indian securities market, available for researchers, policy makers, general public alike and to enhance the quality of such data. Some of the other initiatives taken by SEBI, through its Department of Economic and Policy Analysis (DEPA), include:...

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Analysis of Amendment in SEBI Guidelines for Investment Advisers

Securities and Exchange Board of India (SEBI) has notified Securities and Exchange Board of India (Investment Advisers) Regulations, 2013 on 21st January, 2013 and amended from time to time. SEBI, after considering the inputs from public consultation, reviewed the framework for regulation of Investment Advisers (IA) and in exercise of the...

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Posted Under: SEBI |

PACL investors with claims upto ₹ 7000 can claim till 31.10.2020

NA (15/10/2020)

The Committee has vide Public Notice dated July 21, 2020 also provided similar facility to the investors with claim amount between Rs 5001/- and Rs 7000/-and accordingly, the web-portal was made operational from August 01, 2020. The last date for accepting such rectified application is October 31, 2020....

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SEBI Caution Investors against unsolicited investment tips

Press Releases No. 53/2020 (14/10/2020)

It has come to the notice of SEBI that unsolicited messages containing stock tips/ investment advice with respect to listed companies are increasingly being circulated through bulk SMS, websites and social media platforms like WhatsApp, Telegram,etc....

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Procedure for Debenture Trustee(s) in case of ‘Default’ by Issuers of listed debt securities

Circulars No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/203 (13/10/2020)

Representations were made by Debenture Trustee(s) regarding the process to be followed in case of ‘Default’ by issuers of listed debt securities. After consultation with stakeholders including investors, Debenture Trustee(s), Issuers etc., procedures to be followed by the Debenture Trustee(s) in case of ‘Default’ by issuers of lis...

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Regulation of Inter-transfer Mutual Fund Norms by SEBI

The Securities and Exchange Board of India (SEBI) on Oct 8, 2020, has stiffened Inter-scheme transfer (IST) rules for mutual funds for the purpose of ensuring safety to the investors’ interest and will be likely to be effective from January 1, 2021. SEBI has tightened MF norms on inter-scheme transfers (ISTs) by imposing certain co...

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Posted Under: SEBI |

FAQs on SEBI (PIT) Regulations 2015

Whether requirement of pre-clearance is applicable for exercise of employee stock options? Whether trading in ADRs and GDRs by employees of Indian companies who are foreign nationals is covered under provisions of PIT Regulations on code of conduct?...

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Posted Under: SEBI |

SEBI’s consultation paper on LODR Regulations – Its impact on listed entities

Corporate Governance is one of the important pillars for managing a corporate entity. It ensures transparency and ethical behavior in dealing with laws, procedures and practices while making informed managerial decisions for the benefit of all the stakeholders....

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Posted Under: SEBI |

SEBI (Issue and Listing of Debt Securities) (Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/35 (08/10/2020)

1. These regulations may be called the Securities and Exchange Board of India (Issue and Listing of Debt Securities) (Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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SEBI (Debenture Trustees) (Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/34 (08/10/2020)

1. These regulations may be called the Securities and Exchange Board of India (Debenture Trustees) (Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2020

Notification No. SEBI/ LAD-NRO/GN/2020/33 (08/10/2020)

SEBI via amendment dated October 8, 2020, has brought the new requirement in Part A of Schedule III of Listing Obligations and Disclosure Requirements (LODR) vide Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2020. Part A of Schedule III of the LODR, requires the li...

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Guidelines on Inter Scheme Transfers of Securities

Notification No. SEBI/HO/IMD/DF4/CIR/P/2020/202 (08/10/2020)

Presently, transfers of securities from one scheme to another scheme in the same mutual fund is allowed only if such transfers are done at the prevailing market price for quoted instruments on spot basis and the securities so transferred are in conformity with the investment objective of the scheme to which such transfer has been made....

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SEBI allows conducting of EGMs of unit holders of InvITs & REITs via VC/OAVM

Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/201 (08/10/2020)

SEBI: Extension of facility for conducting extraordinary meeting(s) (EGMs) of unit holders of InvITs and REITs through Video Conferencing or Other Audio-Visual Means (VC/OAVM) Securities and Exchange Board of India CIRCULAR SEBI/HO/DDHS/DDHS/CIR/P/2020/201 Dated: October 08, 2020 All Infrastructure Investment Trusts (InvITs) All Real Esta...

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SEBI (IFSC) Guidelines, 2015 Amendments- Analysis

SEBI UPDATES SEBI (IFSC) Guidelines, 2015 Amendments 1. Relevant Circular & Date :  SEBI/HO/MRD2/DCAP/CIR/P/2020/149 Dated 07th August 2020 2. Link to the SEBI (IFSC) Guidelines, 2015: https://taxguru.in/sebi/sebi-international-financial-services-centres-guidelines-2015.html 3. Object  of the Circular: To streamline the operations a...

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Posted Under: SEBI |

Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/32 (08/10/2020)

1. These regulations maybe called the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette....

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Arbitrage Funds-Safe & Most Tax Proficient Investment tool for Contingent Funds

Meaning, Modus operandi, and SEBI mandate of Arbitrage Funds  Arbitrage is the process of simultaneous buying and selling of financial instruments from different platforms, exchanges, or locations to cash in on the price difference (usually small in percentage terms). While getting into an arbitrage trade, the quantity of the underlying ...

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Posted Under: SEBI |

Evaluation methodology to know Risk level of MF Scheme

Evaluation methodology to know Risk level of Mutual Fund (MF) Scheme Pursuant to SEBI Guideline for Product Labeling in Mutual Fund Schemes – Risk-o-meter dated 05th October, 2020 Market Data suggests that investor returns are, in most cases, lower than investment returns. Mutual fund advisors say that this is because investors make som...

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Posted Under: SEBI |

SEBI guideline on Issuance, listing & trading of PNCPS & IPDIs/PDIs

Circulars No. SEBI/HO/DDHS/CIR/P/2020/199 (06/10/2020)

Issuance, listing and trading of Perpetual Non-Cumulative Preference  Shares (PNCPS) and Innovative Perpetual Debt Instruments (IPDIs)/ Perpetual Debt Instruments (PDIs) (commonly referred to as Additional  Tier 1 (AT 1) instruments)...

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Product Labeling in Mutual Fund schemes – Risk-o-meter

SEBI/HO/IMD/DF3/CIR/P/2020/197 (05/10/2020)

Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF3/CIR/P/2020/197  October 05, 2020 All Mutual Funds/ Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds/ Association of Mutual Funds in India (AMFI) Sir/ Madam, Subject: Product Labeling in Mutual Fund schemes – Risk-o-meter 1. Please ref...

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Review of Dividend option(s) / Plan(s) in case of Mutual Fund Schemes

SEBI/HO/IMD/DF3/CIR/P/2020/194 (05/10/2020)

There is a need to clearly communicate to the investor that, under dividend option of a Mutual Fund Scheme, certain portion of his capital (Equalization Reserve) can be distributed as dividend....

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Standardization of timeline for listing of securities issued on a private  placement basis under

Circular No. SEBI/HO/DDHS/CIR/P/2020/198 (05/10/2020)

SEBI has been receiving requests from various market participants for clarification on the time period within which securities issued on private placement basis under SEBI ILDS, SEBI NCPRS, SEBI SDI and SEBI ILDM Regulations need to be listed after completion of allotment....

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SEBI extends tenure of Smt. Madhabi Puri Buch as Whole-Time Member upto 04.10.2021

Notification No. S.O. 3464(E) (03/10/2020)

Central Government hereby extends the tenure of appointment of Smt. Madhabi Puri Buch as Whole-Time Member of the Securities and Exchange Board of India for a further period of one year beyond 04.10.2020 upto 04.10.2021 or until further orders, whichever is earlier....

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SEBI relaxes timelines for compliance with regulatory requirements

Circulars No. SEBI/HO/MIRSD/DOP/CIR/P/2020/191 (01/10/2020)

In view of the prevailing situation due to Covid-19 pandemic and representation received from the Stock Exchanges, it has been decided to further extend the timelines for compliance with the regulatory requirements by the trading members / clearing members, mentioned in the SEBI circulars, as under:...

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SEBI Framework for monitoring of foreign holding in Depository Receipts

Circulars No. SEBI/HO/MRD/DCAP/CIR/P/2020/190 (01/10/2020)

Listed Company shall appoint one of the Indian Depository as the Designated Depository for the purpose of monitoring of limits in respect of Depository Receipts. The Designated Depository in co-ordination with Domestic Custodian, other Depository and Foreign Depository (if required) shall compute, monitor and disseminate the Depository Re...

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SEBI extends time to submit Undertaking by TM/CM for bank accounts

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/193 (01/10/2020)

It has been decided to extend the timeline for submission of the Undertaking cum Indemnity bond by the TM / CM for all the bank accounts by a period of one month i.e. till October 31, 2020....

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Review of provisions regarding valuation of debt & money market instruments

Circular No. SEBI/HO/IMD/DF4/CIR/P/2020/192 (01/10/2020)

In line with the same, discretion needs to be provided to valuation agencies engaged by AMCs/AMFI for recognition of default in case proposal of restructuring of debt is solely due to COVID-19 related stress. For the said purpose, any proposal of restructuring received by Debenture Trustees shall be communicated to investors immediately....

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Latest Insider Trading Regulations: Prohibitions & Exceptions

This article aims at understanding the complex legal aspects of the latest insider trading regulations which were notified in 2019. The insider trading regulations of 2019 completely replaced the regulations of 2015 and created a completely new legal framework. The new regulations introduced various prohibitions and exceptions to the prac...

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Posted Under: SEBI |

7 Important decision in SEBI Board Meeting held on 29.09.2020

Press Release No. 52/2020-SEBI (29/09/2020)

SEBI Board, inter-alia, took the following decisions: I. Amendments to SEBI (Debenture Trustee) Regulations, 1993, SEBI (Issue and Listing of Debt Securities) Regulations, 2008 and SEBI (Listing Obligations and Disclosure Requirements), 2015...

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Relaxation related to Validity of SEBI Observations & Revision in issue size

Circulars No. SEBI/HO/CFD/DIL1/CIR/P/2020/188 (29/09/2020)

SEBI vide circular no. SEBI/HO/CFD/DIL1/CIR/P/2020/66 dated April 21, 2020 had given certain relaxations with respect to validity of SEBI Observations and filing of fresh offer document in case of increase or decrease of issue size beyond a particular threshold....

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Importance of Circumstantial Evidence in Deciding Cases of Insider Trading

This article tries to map the judiciary’s stance on this issue and analyses the relevance which the judiciary associates to circumstantial evidence in cases of insider trading. This article analyses the above-mentioned issue through the lens of landmark case laws and also briefly touches on the stance of judiciaries of other jurisdictio...

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Posted Under: SEBI |

Disclosures for Inter-se Transfer between Promoters

The following are the Disclosures under Regulation 10(5), 10(6) and 10(7) – Intimation/reporting to Stock Exchanges in respect of acquisition under Regulation 10(1)(a) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and Regulation 7 (2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 Regulations 1...

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Posted Under: SEBI |

SEBI (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2020

Notification No. SEBI/LAD-NRO/GN/2020/31 (28/09/2020)

These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Fourth Amendment) Regulations, 2020. ...

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Operating Guidelines for Investment Advisers in IFSC – Amendments

SEBI/HO/IMD/DF1/CIR/P/2020/185 (28/09/2020)

Persons seeking registration under the Investment Adviser Regulations read with these Guidelines shall provide investment advisory services only to those persons referred in Clause 9 (3) of the IFSC Guidelines. Further, IAs shall ensure to comply with the applicable guidelines issued by the relevant overseas regulator/ authority, while d...

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SEBI on Recovery of assets of defaulter member & debit Balance in clients Accounts

Circulars No. SEBI/HO/MIRSD/DPIEA/CIR/P/2020/186 (28/09/2020)

Recovery of assets of defaulter member and recovery of funds from debit balance clients of defaulter member for meeting the obligations of clients / Stock Exchange / Clearing Corporation...

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SEBI amends guidelines for preferential issue & institutional placement of units by a listed REIT

Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/184 (28/09/2020)

EBI has granted certain relaxations for raising of equity capital. On similar lines the extant guidelines for preferential issue and institutional placement of units by listed REITs stand modified as set out in the Annexure to this circular....

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SEBI amends guidelines for preferential issue & institutional placement of units by a listed InvIT

Circular No. SEBI/HO/DDHS/DDHS/CIR/P/2020/183 (28/09/2020)

SEBI has granted certain relaxations for raising of equity capital. On similar lines the extant guidelines for preferential issue and institutional placement of units by listed InvITs stand modified as set out in the Annexure to this circular....

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Automation of Continual Disclosures under Insider Trading Regulation

 SEBI Circular, SEBI/HO/ISD/ISD/CIR/P/2020/168 dated September 09, 2020:  Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 – System driven disclosures:  Purpose: Purpose of this Circular is to automates the disclosure requirements under 7(2) of SEBI (Prohibition ...

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Posted Under: SEBI |

Summary of SEBI Circular titled ‘Guidelines for Investment Advisers’

So, finally a long wait is over as SEBI has come out with the Circular just a Week before the applicability of the new regulations. A Circular was expected from SEBI since the notification of new IA Regulations on 3rd July, 2020 to provide clarifications on certain points. Hence, SEBI has issued the Circular No. […]...

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Posted Under: SEBI |

Excerpts from SEBI Investment Advisers Guidelines

SEBI has come out with detailed guidelines for Investment Advisers on September 23, 2020. Although the guidelines are more or less on the expected lines as most of the terms were already published in 4th consultation paper, SEBI has, vide this guidelines, provided detailed modus operandi as to client level segregation, transition from ind...

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Posted Under: SEBI |

SEBI Chairman’s Address at 25th AGM of AMFI

Ladies and Gentlemen, a very good morning to all of you. I would like to thank AMFI for giving me this opportunity to address their 25th AGM. Leaving aside the limitations of a virtual mode of address, I will try to share my thoughts with you on the Mutual Fund industry at this crucial time....

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Posted Under: SEBI |

Britannia Industries settles Alleged due diligence Case with SEBI

The Capital Market Regulator on 19th Sept 2020 has settled a case related to default in due diligence in the Britannia Industries and passed a final order to pay over Rs. 46 lakh towards settlement charge to markets regulator SEBI to resolve such alleged failure to carry out due diligence before giving effect to “Transmission of sha...

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Posted Under: SEBI |

NSE EMERGE: Investment opportunities in emerging companies

One revisits good schemes introduced some time back and forgotten due to a sudden change of fortune in the economy, temporarily. Let me enthuse you with some gems under the aegis of NSE, a world-famous investment platform to benefit all investment-related stakeholders. Let me introduce you to NSE – Emerge which is a credible and [&helli...

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Posted Under: SEBI |

Rationalization of Eligibility criteria & Disclosure requirements for Rights Issues

Press Release No. 51/2020-SEBI (23/09/2020)

Securities and Exchange Board of India Press Release No. 51/2020 Rationalization of Eligibility criteria and Disclosure requirements for Rights Issues SEBI has decided to amend SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 to rationalise eligibility criteria and disclosure requirements for Rights Issues’ with an ...

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Procedure of capturing PAN of promoters from listed companies- Reg.

SEBI/CIR/CFD/DCR1/CIR/P/2020/181 (23/09/2020)

It has been decided to use the procedure of capturing the PAN of the promoters from listed companies as mentioned in para 2,3 & 4 of the Annexure A of the circular dated September 09, 2020 for SAST disclosures too....

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SEBI guidelines on resources for Mutual Fund Trustees applicable from 01.01.2021

SEBI/HO/IMD/DF4/CIR/P/2020/178 (23/09/2020)

Securities and Exchange Board of India CIRCULAR SEBI/HO/IMD/DF4/CIR/P/2020/178 September 23, 2020 All Mutual Funds (MFs)/ Asset Management Companies (AMCs)/ Trustee Companies/ Board of Trustees of Mutual Funds/ Association of Mutual Funds in India (AMFI) Sir/ Madam, Sub: Resources for Trustees of Mutual Funds 1. SEBI, vide circular no. SE...

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SEBI Guidelines for Investment Advisers

SEBI/HO/IMD/DF1/CIR/P/2020/182 (23/09/2020)

Securities an Exchange Board of India CIRCULAR SEBI/HO/I M D/DF1/CIR/P/2020/182 September 23, 2020 All SEBI Registered Investment Advisers Sir/Madam, Subject: Guidelines for Investment Advisers 1. Securities and Exchange Board of India (SEBI), after considering the inputs from public consultation, reviewed the framework for regulation of ...

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SEBI: Alternate Risk Management Framework in case of Near Zero & Negative Prices

Circular No. SEBI/HO/CDMRD/DRMP/CIR/P/2020/176  (21/09/2020)

In order to enable risk management framework to handle such a scenario of ’near zero’ and negative prices, SEBI constituted a Task Force of Clearing Corporations (CCs) and market participants to review the risk management framework in such cases. The following has been decided based upon the recommendations of the said Task Force...

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SEBI permits Write-off of shares held by FPIs

Circular No. SEBI/HO/IMD/FPI&C/CIR/P/2020/177 (21/09/2020)

It has been decided to permit said FPIs to writeoff shares of all companies which they are unable to sell. In this regard, the process detailed at para 17 of Part C of the said Operational Guidelines shall be complied with....

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Latest SEBI News

Get the Latest News on SEBI from Taxguru. Read all the relevant SEBI circulars, updates to SEBI Act and SEBI Regulations exclusively at Taxguru. SEBI (Securities and Exchange Board of India) was established in 1988 as a non-statutory body to regulate the Indian securities market. On April 12th, 1992, the Government of India made SEBI an autonomous body and offered statutory powers by passing the SEBI Act 1992 in the Parliament. SEBI is the regulator for the Indian securities market and has three major functions:  quasi-judicial, quasi-legislative and quasi-executive. With the increase in the number of dealings in the Indian stock markets, a lot of malpractices was seen like price rigging, the unofficial premium on a new issue, delay in shares delivery, violations with respect to rules and regulations of the stock exchange and the listing requirements. With all such malpractices in place, the customers were losing their faith and confidence in the Indian stock exchange. Hence, the Indian government decided to set up a regulatory body or an agency known as SEBI (Securities Exchange Board of India). SEBI drafts the regulations in the legislative capacity, it conducts investigations and enforces actions as per its executive function and it also passes orders and rulings as per its judicial capacity.The Indian Government has been vested SEBI with the following powers:
  • for approving the by−laws of stock exchanges.
  • requiring the stock exchange for amending their by−laws.
  • inspecting the books of accounts and calling for periodical returns from the recognized stock exchanges.
  • inspecting the books of accounts of the financial intermediaries.
  • compelling companies for list their shares on stock exchanges.
  • registration brokers.
At Taxguru, we bring you all the recent and the latest news on SEBI and SEBI regulations. Our panel of experts publishes SEBI circulars as and when there are any developments. Find out all the trending and latest SEBI news here at Taxguru. Get to know more about SEBI Act and SEBI regulations with blogs and articles published by our experts.

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