Blog

Jul 23, 2018

Trading Hours of Stock Exchanges

The Securities and Exchange Board of India Vide its circular NoSEBI/HO/MRD/DRMNP/CIR/78 dated 4th May, 2018 had permitted the stock exchanges to permit stock exchangesto set their trading hours in the Equity Derivatives segment between 9:00 AM and 11:55 PM, which was similar to the trading hours for commodity derivatives segment which were presently fixed between 10:00 AM and 11:55 PM.It had also stated that the above provisions will be applicable from 1st October 2018......

Aug 06, 2018

Discontinuance of acceptance of cash by Stock brokers from clients

The Securities Exchange Board of India Vide its Notification No SEBI/HO/MIRSD/DOP/CIR/P/2018/113 dated 12th July stated that “All payments shall be received / made by the stock brokers from / to the clients strictly by account payee crossed cheques / demand drafts or by way of direct credit into the bank account through electronic fund transfer, or any other mode permitted by the Reserve Bank of India. The stock brokers shall accept cheques drawn only by the clients and also issue cheques in favour of the clients only, for their transactions. Stock Brokers shall not accept cash from the.....

Aug 18, 2018

Discontinuation of registration of Sub-brokers as intermediary with SEBI

SEBI Board in its meeting held on 21-06-2018 decided to discontinue the registration of sub-brokers with SEBI. Consequently, SEBI vide its Circular No. SEBI/HO/MIRSD/DoP/CIR/P/2018/117 has decided the following:  No fresh registration shall be granted to any person as Sub-Broker. Any pending applications for registration, shall be returned to the concerned Stock Exchanges for onward transmission to the applicant.  The registered Sub-Brokers shall have time till March 31, 2019 in order to migrate to act as an AP and / or Trading Member. The Sub-Brokers, who do not choose to migrate into A.....

Oct 16, 2018

Monthly report of FPI registration on SEBI’s website

<!-- wp:paragraph --> <p>The Securities Exchange Board of India(SEBI) Vide its Circular No SEBI/HO/FPIC/CIR/P/2018/135 dated 10th October 2018 has decided that – For the purpose of ensuring transparency in processing of applications for FPI(Foreign Portfolio Investors) registration, the average time taken by the DDP(Deisgnated Depository Participant) shall be disseminated on SEBI’s website on a monthly basis.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><br> https://www.sebi.gov.in/legal/circulars/oct-2018/monthly-report-of-fpi-registration-on-sebi-s-website_40694.html</p> <!-- /wp.....

Oct 16, 2018

Participation of Eligible Foreign Entities (EFEs)in the commodity derivatives market

<!-- wp:paragraph --> <p>Currently, foreign entities are not permitted to directly participate in the Indian commodity derivatives market, even if they import/export various commodities from/to India. It has been decided to permit foreign entities having actual exposure to Indian commodity markets, to participate in the commodity derivative segment of recognized stock exchanges for hedging their exposure. Such foreign entities shall be known as “Eligible Foreign Entities” (EFEs).<br>Criteria for Eligible Foreign Entity:</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>.....

Nov 17, 2018

Streamlining the Process of Public Issue of Equity Shares and convertibles

<!-- wp:paragraph --> <p> The Securities Exchange Board of India(SEBI) Vide its Circular No SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated 1st November 2018 has decided to introduce the use of Unified Payments Interface (UPI) as a payment mechanism with Application Supported by Block Amount (ASBA) for applications in public issues by retail individual investors through intermediaries (Syndicate members, Registered Stock Brokers, Registrar and Transfer agent and Depository Participants). The proposed process would increase efficiency, eliminate the need for manual intervention at various stages, and wil.....

Dec 16, 2018

Disclosure of reasons for delay in submission of financial results by listed entities

<!-- wp:paragraph --> <p>Regulation 33 of The SEBI Listing Regulations, 2015 specifies that, listed entities shall submit quarterly and annual financial results to stock exchanges within 45/60 days from the end of the quarter/financial year. Wherever there were delays in submission in the past, the fact of delay was intimated by the listed entity, the reasons for the same were not disclosed. Therefore, SEBI Vide its Circular No CIR/CFD/CMD-1/142/2018 dated 19th November 2018 has introduced a new requirement whereby the listed entity shall disclose detailed reasons for such delay to the stock e.....

Dec 16, 2018

Transfer of securities only in demat form- Deadline extended till 1st April, 2019

<!-- wp:paragraph --> <p>The SEBI on March 28, 2018 decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in the dematerialized form with a depository. This measure was to come into effect from December 5, 2018. Subsequently, SEBI has received representations from shareholders for extension of the date of compliance. In view of the same, SEBI vide its Press Release No. 49/2018 dated 03rd December 2018 has extended the deadline for compliance of the aforesaid requirement til.....

Jan 19, 2019

Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode

<!-- wp:paragraph --> <p>In terms of SEBI (Listing&nbsp; Obligations&nbsp; and&nbsp; Disclosure Requirements) 2018, probate of will or will has been prescribed as documentary requirement for transmission of securities held in physical mode. With</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>regard to transmission of securities held in dematerialized mode, the same is dealt in terms of bye laws of the Depositories. In order to harmonize the procedures for transmission of securities in dematerialized mode with that of transmission of securities in physical mode, SEBI vide its Circular No......

Feb 26, 2019

Relaxation from requirement to furnish a copy of PAN for transfer of equity shares of listed entities executed by non-resident

<!-- wp:paragraph --> <p>As per SEBI Regulations, 2015, transferee as well as transferor shall<br> furnish a copy of their PAN card to the listed entity for registration of transfer of securities. In order to address the difficulties faced by non-resident investors who donot have PAN, SEBI vide Circular No. SEBI / HO / MIRSD / DOS3 / CIR / P / 2019 / 30 dated 11th February 2019 has decided to grant relaxation to non-residents from the requirement to furnish PAN and permit them to transfer equity shares held by them in listed entities to their<br> immediate relatives subject to the following co.....

Mar 18, 2019

Revision in Haircut on Central Government Securities accepted as Collateral

<!-- wp:paragraph --> <p>Based on the feedback received from the Clearing Corporations and the recommendations of the Risk Management Review Committee of SEBI, SEBI vide Circular No. SEBI/HO/MRD/DRMNP/CIR/P/2019/33 dated 21st February 2019 has decided to revise the minimum haircuts applicable to the Central Government securities deposited by clearing members. The revised haircuts are as follows:</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>The classification of the Government of India Dated Securities, as above, shall be reviewed on 15th of every month. The revision in classification, .....

Apr 18, 2019

Framework for Utilization of Regulatory fee foregone by SEBI

<!-- wp:paragraph --> <p>With a view to encourage the participation by Farmers / Farmer Producer Organizations(FPOs) in agricultural commodity derivatives markets, SEBI has reduced the regulatory fee on Stock Exchanges w.r.t turnover in agricultural commodity derivatives. In order to pass on the desired benefits from reduction of regulatory fees on agricultural commodity derivatives, SEBI vide Circular No. SEBI/HO/CDMRD/DMP/CIR/P/2019/40 dated 20th March 2019 has decided that the stock exchanges dealing with agricultural commodity derivatives shall create a separate fund earmarked for the bene.....

Apr 18, 2019

Revised Guidelines for System Audit for Mutual Funds / Asset Management Companies (AMCs)

<!-- wp:paragraph --> <p>Requirement of system audit for mutual funds was introduced vide SEBI Circular SEBI / IMD / CIR No.9 / 176988 / 2009 dated September 16, 2009. Considering the importance of systems audit in technology driven asset management activity and standardize the systems audit, SEBI vide Circular No. SEBI/HO/IMD/ DF2/CIR/P/2019/57 dated 11th April 2019 has issued revised guidelines which are detailed in the circular.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/circulars/apr-2019/system-audit-framework-for-mutual-funds-asset-managem.....

May 16, 2019

Permitting Foreign Portfolio Investors (FPI) to invest in Municipal Bonds

<!-- wp:paragraph --> <p>RBI  vide  A.P. Circular  No.  33  dated25-04-2019 has permitted FPIsto invest in municipal bonds. SEBI vide Circular No. IMD/FPIC/CIR/P/2019/62 dated 08-05-2019 has decided to permit FPIs to invest in municipal bonds in  accordance  with  the  provisions  of  Regulation  21(1)(p)  of  SEBI (Foreign  Portfolio  Investors)  Regulations,  2014.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/circulars/may-2019/permitting-foreign-portfolio-investors-fpi-to-invest-in-municipal-bonds_42927.html">https://www.sebi......

May 16, 2019

Networth Requirements for Clearing Corporations inInternationalFinancial Services Centre(IFSC)

<!-- wp:paragraph --> <p>SEBI vide Circular No. SEBI/HO/MRD/DRMNP/CIR/P/2019/60 dated 26-04-2019 has specified the net worth requirements for Clearing Corporations operating in IFSC. The requirements are as follows –</p> <!-- /wp:paragraph --> <!-- wp:table --> <table class="wp-block-table"><tbody><tr><td> Applicant seeking recognition as Clearing Corporation </td><td> Rs. 50 Crores </td></tr><tr><td> Recognized Clearing Corporation on commencement of operations, at all times </td><td> Rs. 50 Crores&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (or) Capital as determined under reg.....

Jun 21, 2019

Press Release on MoU between SEBI &MCA for Data Exchange

<!-- wp:paragraph --> <p>SEBI vide Press Release No. 15/2019 dated June 07, 2019prMou was signed between SEBI and Ministry of Corporate Affairs (MCA) on June 7, 2019 for data exchange.</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>MoU facilitate sharing of data and information on Automatic and regular basis which helps in Monitoring the happening corporate frauds.</li><li>MoU enables sharing of specific information like details of suspended companies, delisted companies, shareholding pattern from SEBI and Financial Statements filed with ROC, Return of Allotment of Shares and Audit Repor.....

Jun 21, 2019

Clarification on Transfer of Securities held in Physical form

<!-- wp:paragraph --> <p>SEBI vide Press Release No. 12/2019 declares that Transfer of shares held in physical form from April 01, 2019 shall be in Dematerialized form with a Depository. </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>Investor can still hold shares in physical form even after April 01, 2019. The Regulation is only on transfer of Share.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/media/press-releases/mar-2019/transfer-of-securities-held-in-physical-mode-clarification_42503.html">https://www.sebi.gov.in/media/press-releases/mar-201.....

Sep 23, 2019

Parking of funds in Short Term Deposits of Scheduled Commercial Banks by Mutual Funds – Pending Deployment.

<!-- wp:paragraph --> <p>SEBI vide Circular no. SEBI/HO/IMD/ DF4/CIR/P/2019/093 dated August 16<sup>th</sup>, 2019 it is clarified that Trustees/Asset&nbsp; Management Companies&nbsp; (AMCs)shall&nbsp; ensure&nbsp; that&nbsp; no funds of a scheme is parked in Short Term deposit (STD) of a bank which has invested in that scheme. Trustees/AMCsshall&nbsp; also&nbsp; ensure&nbsp; that&nbsp; the&nbsp; bank&nbsp; in&nbsp; which a scheme&nbsp; has STD do&nbsp; not&nbsp; invest in&nbsp; the&nbsp; said&nbsp; scheme&nbsp; until&nbsp; the&nbsp; scheme&nbsp; has STDwith such Bank.</p> <!-- /wp:paragraph -.....

Jan 21, 2020

Annual System audit for Market Infrastructure Institutions (MIIs)

<!-- wp:paragraph --> <p>SEBI vide Notification No. SEBI/HO/MRD1/ICC1/CIR/P/2020/03 dated 07<sup>th</sup>January, 2020 it provided, </p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Framework to conduct Annual System Audit of Market Infrastructure Institutions  and </li><li>Terms of Reference (TOR) for System Audit Program</li><li>MIIs  are  also  advised  to  maintain  a  list  of  all  the  relevant  SEBI circulars/  directions/ advice,  etc.  pertaining  to  technology  and  compliance thereof,  as  per  format  enclosed in  the Circular,</li><li>MIIs are advise.....

Jan 21, 2020

Regulation of management and advisory services by Asset Management Companies to Foreign Portfolio Investors

<!-- wp:paragraph --> <p>SEBI vide circular No. SEBI/HO/IMD/DF2/CIR/P/2019/155 dated 16<sup>th</sup>December, 2019 it has been decided that,</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>AMCs&nbsp; may&nbsp; provide&nbsp; management&nbsp; and&nbsp; advisory&nbsp; services&nbsp; in&nbsp; terms&nbsp; of Regulation&nbsp; 24(b)&nbsp; of MF&nbsp; Regulations to FPIs&nbsp; falling&nbsp; under the&nbsp; following categories of FPIs as specified in FPI Regulations:</p> <!-- /wp:paragraph --> <!-- wp:list --> <ul><li>Government&nbsp; and&nbsp; Government&nbsp; related&nbsp; investors&nbsp; such.....

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