Blog

Jan 23, 2021

Monthly Reporting of Portfolio Managers

<!-- wp:paragraph --> <p>SEBI vide circular No. SEBI/HO/IMD/DF1/CIR/P/2021/02</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>dated 8<sup>th</sup> January, 2021, has mentioned about the applicability of Monthly Reporting of Portfolio Managers</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>1.&nbsp; Portfolio&nbsp; Managers are&nbsp; required&nbsp; to submit&nbsp; a&nbsp; monthly&nbsp; report regarding their portfolio management activity, on SEBI Intermediaries Portal within 7 working days of the end of each month, as per a prescribed format.</p> <!-- /wp:paragraph --> <!-- wp:paragr.....

Jan 23, 2021

Creation of Security in issuance of listed debt securities and ‘due diligence’ by debenture trustee(s) - Extension of timeline for implementation

<!-- wp:paragraph --> <p>SEBI vide Notification No. SEBI/HO/MIRSD/CRADT/CIR/P/2020/254 has specified requirements with regard to creation of security in issuance of listed debt securities and due diligence to be carried out by debenture trustee(s), which were applicable from January 01, 2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>After taking into consideration the representation received from debenture trustees and the challenges arising out of the prevailing business and market conditions due to COVID-19 pandemic, it has been decided to extend the implementation date of the pr.....

Jan 23, 2021

Relaxation in timelines for compliance with regulatory requirements

<!-- wp:paragraph --> <p>SEBI vide Notification No. SEBI/HO/MIRSD/DOP/CIR/P/2020/255 has decided to extend the timelines for compliance with the following regulatory requirements by the trading members / clearing members:</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>i)&nbsp; Maintenance of&nbsp;&nbsp; call&nbsp;&nbsp; recordings&nbsp;&nbsp; of&nbsp;&nbsp; orders/&nbsp;&nbsp; instructions received from clients has been granted extension till 28<sup>th</sup> February, 2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p>ii) KYC application form and supporting documents of the clien.....

Mar 19, 2021

Master Circular for Depositories

<!-- wp:paragraph --> <p>SEBI vide Master Circular no.<br> SEBI/HO/MRD2/DDAP/CIR/P/2021/18<br> dated 5th February, 2021 has issued a<br> master circular with respect to<br> Depositories.<br> The Master Circular consists of<br> four sections i.e. Beneficial Owner<br> (BO) Accounts, Depository<br> Participants (DP) Related, Issuer<br> related and Depositories.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/mastercirculars/ feb-2021/master-circular-fordepositories_ 49029.html">https://www.sebi.gov.in/legal/mastercirculars/ feb-2021/master-circular-ford.....

Mar 19, 2021

Revised Framework for Innovation Sandbox

<!-- wp:paragraph --> <p>SEBI vide circular No.<br> SEBI/HO/ITD/ITD/CIR/P/2021/16 dated<br> 2nd February 2021, has issued a<br> revised framework for Innovation<br> Sandbox.<br> SEBI had proposed a concept of<br> “Innovation Sandbox”. Innovation<br> Sandbox facilitates access to an<br> environment (testing facilities and<br> test data) provided by Enabling<br> Organizations like Stock Exchanges,<br> Depositories and Qualified Registrar<br> and Share Transfer Agents<br> (QRTAs)where in innovators<br> (hereinafter referred to as Sandbox<br> Applicants) would be testing their<br> innovations .....

Mar 19, 2021

Revision of Monthly Cumulative Report (MCR)

<!-- wp:paragraph --> <p>SEBI vide Circular no. SEBI/HO/IMD/DF3/CIR/P/2021/014<br> dated 29th January, 2021 has issued a circular on monthly Cumulative Report (MCR).<br> Pursuant to introduction of a new scheme category and to bring transparency in reporting of segregated portfolios, it has been decided to modify MCR format from January 2021 onwards.<br> The revised format can be referred through the following link:</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/circulars/jan-2021/circular-on-revision-of-monthly-cumulative-report_48927.html">https:/.....

Mar 19, 2021

Master Circular on Surveillance of Securities Market

<!-- wp:paragraph --> <p>SEBI vide Master Circular no. SEBI/HO/ISD/ISD/CIR/P/2021/22 dated 1st March, 2021 has issued a master circular with respect to Surveillance of Securities Market.<br> In order to enable the users to have an access to all the applicable circulars at one place, the Master Circular on Surveillance of Securities Market has been prepared.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/master-circulars/mar-2021/master-circular-on-surveillance-of-securities-market_49354.html">https://www.sebi.gov.in/legal/master-circulars/mar-2021/m.....

Mar 19, 2021

Code of Conduct & Institutional mechanism for prevention of Fraud or Market Abuse

<!-- wp:paragraph --> <p>SEBI vide circular No. SEBI/HO/MRD/DCAP/CIR/P/2021/23 dated 3rd March, 2021 has decided that the Code of Conduct and Institutional Mechanism for prevention of fraud or market abuse shall be applicable to Stock Exchanges, Clearing Corporations and Depositories.<br> Accordingly, Institutions shall formulate a Code of Conduct to regulate, monitor and report trading by their designated persons towards achieving compliance with the PIT(Prohibition of Insider Trading) Regulations.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/cir.....

Sep 15, 2021

Guidelines pertaining to Surrender of FPI Registration

<!-- wp:paragraph --> <p>SEBI vide Circular no. SEBI/ HO/ IMD/ FPI&amp;C/ CIR/ P/ 2021/045 dated 30th March, 2021 has stated that while making an application to SEBI for seeking “No Objection Certificate” (NOC) for surrender, the DDP(Designated Depository Participant) shall confirm the following with respect to the FPI:<br> i)Accounts held by the applicant in the capacity of FPI have NIL balance and are blocked for further transactions.<br> ii)There are no dues/ fees pending towards SEBI.<br> iii)There are no actions/ proceedings pending against the said applicant.<br> iv)The CP code of th.....

Sep 15, 2021

Timelines for updation of Scheme Information Document (SID)and Key Information Memorandum (KIM)

<!-- wp:paragraph --> <p> SEBI vide Circular no. SEBI/HO/IMD/IMD-IDOF2/P/CIR/2021/0560 dated 30<sup>th</sup> April, 2021 has decided that the updation of SID and KIM for the half-year ended March, 2021 shall be completed by May 31, 2021 </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/circulars/apr-2021/timelines-for-updation-of-scheme-information-document-sid-and-key-information-memorandum-kim-_50020.html">https://www.sebi.gov.in/legal/circulars/apr-2021/timelines-for-updation-of-scheme-information-document-sid-and-key-information-memorandum-kim-_50.....

Sep 15, 2021

Business responsibility and sustainability reporting by listed entities

<!-- wp:paragraph --> <p>SEBI vide circular No. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated 10<sup>th</sup> May, 2021 has stated that reporting of company’s performance on sustainability related factors has become as vital as reporting on financial and operational performance. With effect from the financial year 2022-2023, filing of Business   Responsibility   and   Sustainability   Report shall be mandatory for the top 1000 listed companies (by market capitalization) and shall replace the existing Business Responsibility Report </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a hre.....

Sep 16, 2021

Enhancement of overall limit for overseas investment by Alternative Investment Funds (AIFs)/Venture Capital Funds (VCFs)

<!-- wp:paragraph --> <p>SEBI vide Circular no. SEBI/HO/IMD/DF6/CIR/P/2021/565 dated 21<sup>st</sup> May, 2021 has increased the overall limit for overseas investment by AIFs and VCFs.SEBI registered AIFs and VCFs are permitted to invest overseas upto an overall limit of USD 750 million. The said limit has now been enhanced to USD 1500 million</p> <!-- /wp:paragraph -->.....

Sep 16, 2021

Enhancement of Overseas Investment limits for Mutual Funds

<!-- wp:paragraph --> <p>SEBI vide circular No. SEBI/HO/IMD/IMDII/DOF3/P/CIR/2021/571 dated 3<sup>rd</sup> June, 2021 has increased the overall limit for overseas investment by Mutual Funds.</p> <!-- /wp:paragraph --> <!-- wp:list {"ordered":true} --> <ol><li>Mutual Funds can make overseas investments subject to a maximum of USD 1 billion per Mutual Fund, within the overall industry limit of US $ 7 billion</li><li>Mutual Funds can make investments in overseas Exchange Traded Fund (ETF)  subject  to  a maximum  of USD 300  million per  Mutual  Fund, within the overall industry limit of .....

Sep 21, 2021

Master Circular for Commodity Derivatives Market

<!-- wp:paragraph --> <p>SEBI vide Master Circular no. SEBI/HO/CDMRD/DMP/P/CIR/2021/589 dated 1st July, 2021 has issued Master Circular for Commodity Derivatives Market.<br>Commodity Derivatives Market Regulation Department (CDMRD) also has been issuing a Master circular comprising of information mentioned in various circulars pertaining to commodity derivatives segment. The master circular can be referred through the following link: </p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/master-circulars/jul-2021/master-circular-for-commodity-derivatives-m.....

Sep 21, 2021

Master Circular for Stock Exchange and Clearing Corporations

<!-- wp:paragraph --> <p>SEBI vide Master circular No. SEBI/HO/MRD2/MRD2_DCAP/P/CIR/2021/0000000591 dated 5th July, 2021 has issued master circular for Stock Exchange and Clearing Corporations.<br> The Master Circular is a compilation of all the existing/applicable circulars issued by Market Regulation Department of SEBI to Stock Exchanges and Clearing Corporations. The master circular can be referred through the following link:</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/master-circulars/jul-2021/master-circular-for-stock-exchanges-and-clearing-.....

Sep 21, 2021

Prudential norms for liquidity risk management for open ended debt schemes

<!-- wp:paragraph --> <p>SEBI vide Circular No. EBI/HO/IMD/DF3/CIR/P/2020/22 dated 25th June, 2021 has specified norms regarding holding of liquid assets in open ended debt schemes &amp; stress testing of open ended debt schemes.<br> i. This framework specified by AMFI(Association of Mutual Funds in India) shall come into force with effect from December 1, 2021, for all the existing open ended debt schemes (except Overnight Fund, Gilt Fund and Gilt Fund with 10 year constant duration) and schemes to be launched on or thereafter.<br> ii. However, mutual funds may at their discretion, choose to .....

Sep 21, 2021

Clarification on extension of time of passing of ordinary and special resolutions by companies on account of Covid-19

<!-- wp:paragraph --> <p>MCA vide Circular No. 10/2021 dated 23th June, 2021 has clarified that companies can conduct their EGMs through VC or OAVM or transact items through postal ballot in accordance with the framework provided upto 31st December, 2021.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MjA1NTg=&amp;docCategory=NotificationsAndCirculars&amp;type=download">https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MjA1NTg=&amp;docCategory=NotificationsAndCirculars&amp;type=download</a></p> <!-- /wp:paragraph -->.....

Sep 21, 2021

Relaxation on levy of additional fees in filing of certain forms under Companies act, 2013 and LLP act, 2008

<!-- wp:paragraph --> <p>MCA vide Circular No. 11/2021 dated 30th June, 2021 has notified that no additional fees shall be levied upto 31st August, 2021 for the delayed filing of forms (other than CHG-1 Form, CHG-4 Form and CHG-9 Form) which were due for filing during 1st April, 2021 to 30th June, 2021. For such delayed filings upto 31st August, 2021 only normal fees shall be payable.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.mca.gov.in/bin/ebook/dms/getdocument?doc=MjE2OTA=&amp;docCategory=NotificationsAndCirculars&amp;type=download">https://www.mca.gov.in/bin/.....

Sep 22, 2021

Tendering of shares in open offers, buy-back offers and delisting offers by marking lien in the Demat account of the shareholders.

<!-- wp:paragraph --> <p>SEBI vide Circular no. SEBI/HO/CFD/DCR-III/CIR/P/2021/615<br> dated 13th August, 2021 has issued Circular related to lien of shares tendering.<br> i. Under the existing mechanism, the shares tendered by the shareholders are required to be directly transferred to the account maintained by the Clearing Corporation and different tendering processes are being adopted by Depositories. Such transfer involves systematic risk, substantial time and cost.<br> ii. In consultation with Depositories, Clearing Corporations and Stock Exchanges, it has been decided that a lien shall b.....

Sep 22, 2021

Requirement of minimum number and holding of unit holders for unlisted Infrastructure Investment Trusts (InvITs)

<!-- wp:paragraph --> <p>SEBI vide Circular No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/611 dated 4th August, 2021 has clarified that Registered unlisted InvITs which have already issued units as on the date of this circular, shall comply with the provisions of sub-regulation (3) of Regulation 26B of the InvIT Regulations within a period of six months from the date of this circular.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/circulars/aug-2021/requirement-of-minimum-number-and-holding-of-unit-holders-for-unlisted-infrastructure-investment-trusts-invit.....

Sep 22, 2021

Holding of Annual General Meeting (AGM) by top 100 listed entities by market capitalization

<!-- wp:paragraph --> <p>SEBI vide Circular No. SEBI/HO/CFD/CMD1/P/CIR/2021/602 dated 23rd July, 2021 has extended the time period for holding an AGM of Top 100 listed entities by market capitalization.<br> Earlier, Top 100 listed entities by market capitalization were instructed to hold their AGM within a period of five months from the date of closing of the financial year.<br> It has been decided to extend the timeline for conduct of AGM by top-100 listed entities by market capitalization. Accordingly, such entities shall hold their AGM within a period of six months from the date of closing .....

Sep 22, 2021

Tendering of shares in open offers, buy-back offers and delisting offers by marking lien in the Demat account of the shareholders- disclosure to investors

<!-- wp:paragraph --> <p>SEBI vide Circular No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/621 dated August 31st, 2021 has mandated mutual funds to disclose the following to the investors in which the unit holders are invested as on the date on which the disclosures are stipulated:<br> i. risk-o-meter of the scheme and the benchmark along with the performance disclosure of the scheme vis-à-vis benchmark and<br> ii. details of the portfolio while communicating the fortnightly, monthly and half-yearly statement of scheme portfolio via email.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href=.....

Sep 22, 2021

Introduction of T+1 rolling settlement on an optional basis – w.e.f 1st January, 2022

<!-- wp:paragraph --> <p>SEBI vide Circular No. SEBI/HO/MRD2/DCAP/P/CIR/2021/628 dated 7th September, 2021 has introduced T+1 rolling settlement on an optional basis.<br> i. SEBI has been receiving request from various stakeholders to further shorten the settlement cycle. Based on discussions with Market Infrastructure Institutions (Stock Exchanges, Clearing Corporations and<br> Depositories), it has been decided to provide flexibility to Stock Exchanges to offer either T+1 or T+2 settlement cycle.<br> ii. Accordingly, a Stock Exchange may choose to offer T+1 settlement cycle on any of the scr.....

Oct 20, 2021

Streamlining issuance of SCORES( SEBI Complaints Redress System) Authentication- for companies intending to list their securities on SEBI recognized stock exchanges

<!-- wp:paragraph --> <p>SEBI vide Circular No. SEBI/HO/OIAE/IGRD/CIR/P/2021/642 dated 14th October, 2021 has now decided to introduce an online mechanism for obtaining SCORES credentials for all companies intending to list their securities on SEBI recognized stock exchanges.<br> This has been done as part to streamline the redressal of investor grievances against companies before listing.</p> <!-- /wp:paragraph --> <!-- wp:paragraph --> <p><a href="https://www.sebi.gov.in/legal/circulars/oct-2021/streamlining-of-issuance-of-scores-authentication_53291.html">https://www.sebi.gov.in/legal/circ.....

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