SEBI
Thursday, March 19, 2020
Relaxation of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Due to the Covid -19 Pandemic
Due to the COVID 19 virus pandemic SEBI granted certain temporary relaxations to the Listed Entities from the compliance under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”).
The link for the aforesaid circular is as mentioned below:
Monday, March 23, 2020
Relaxations to Listed Entities Which Have Listed Their NCDs, NCRPs, MDs And CPs
SEBI has further issued relaxation to listed entities in respect of compliance of certain provisions by extending the timelines relating to Non-Convertible Debentures (NCDs), Non-Convertible Redeemable Preference Shares (NCRPS), Commercial Paper(s) due to COVID-19 virus pandemic.
The link for the aforesaid circular is as mentioned below:
Tuesday, March 24, 2020
Measures to Be Taken by Ministries and Departments of the Government of India Due to Covid-19 Pandemic
The Ministry of Home affairs had issued various guidelines had been issued about the measures to be taken by various ministries and departments for containment of COVID-19 Epidemic in the country. The same has been notified by SEBI.
The link for the aforesaid circular is as mentioned below:
https://www.sebi.gov.in/legal/circulars/mar-2020/sebi-notification-covid-19_46425.html
Thursday, March 26, 2020
Relaxation from Compliance with Certain Provision of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
SEBI had provided relaxation from compliance with certain provisions of LODR with respect to Reg. 40(9), Reg. 17(2), Reg. 18(2)(a), Reg. 19(3A), Reg. 20(3A), Reg. 21(3A), Reg. 44(5) etc.
The link for the aforesaid circular is as mentioned below:
Friday, March 27, 2020
Relaxation from Compliance of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011
SEBI has decided to extend the due date of filing disclosures in terms of Regulations 30(1), 30(2) and 31(4) of the SAST Regulations for the F.Y. ending March 31, 2020 to June 01, 2020 due to the COVID-19 pandemic which restricts travel and various other logistical challenges.
The link for the aforesaid circular is as mentioned below:
Monday, March 30, 2020
Relaxation from Compliance for Processing Demat Request due to Covid-19 Pandemic
NSDL has granted temporary relaxation in compliance with deadline prescribed for processing of Demat requests in SEBI (Depositories & Participants) Regulations, 2018.
The link for the aforesaid circular is as mentioned below:
Relaxation in Processing FPIS and DDPS due to Covid-19
SEBI has granted temporary relaxation from compliance of SEBI (Foreign Portfolio Investors) Regulation, 2019 till June 30, 2020.
The link for aforesaid circular is mention as below:
Monday, April 13, 2020
Relaxation in adherence to prescribed timelines issued by SEBI due to Covid-19
SEBI has issued directions to extend the timelines for processing investor requests pertaining to physical securities and Compliance and disclosures to be made under SEBI Regulations and various SEBI circulars. Relaxation is hereby being given to intermediaries / market participants for 21 days over and above the prescribed time limits, respectively, for activities / investor requests / compliance.
The Link for aforesaid circular is as mentioned below:
Wednesday, April 15, 2020
The Ministry of Home Affairs (MHA) revised guidelines on measures for containment of COVID-19
MHA has issued revised guidelines on the measures to be taken for containment of COVID-19 and directed that these will remain in force upto May 03, 2020. These guidelines permit continuation of certain services which includes the Securities and Exchange Board of India and Capital and Debt Market Services as notified by SEBI.
The Link for aforesaid notification is as mentioned below:
https://www.mha.gov.in/sites/default/files/MHAorder%20copy.pdf
Thursday, April 16, 2020
Relaxation in time period for certain activities carried out by depository participants, RTAs / issuers, KRAs, stock brokers
SEBI stated that due to COVID-19 pandemic the time period for the following activities carried out by the depository participants, stock brokers, share transfer agent / issuer is provided relaxations in processing of the Demat request form by Issuer / RTA and by the Participants, KYC application form and supporting documents of the clients.
The Link for aforesaid relaxation is as mentioned below:
Friday, April 17, 2020
Additional relaxations / clarifications in relation to compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR’) due to the COVID – 19 pandemic
SEBI has further issued clarifications regarding provisions of the LODR in the face of challenges faced by listed entities due to the COVID-19 pandemic with respect to Regulation 29 (2), Regulation 39 (3) of LODR.
The Link for aforesaid relaxation is as mentioned below:
Tuesday, April 21, 2020
One Time Relaxation with respect to validity of SEBI Observations
SEBI has granted One Time Relaxation in view of impact of COVID-19 in compliance of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 with respect to Regulation 44(1), 85 and 140 of ICDR Regulations, 2018.
The Link for aforesaid circular is as mentioned below:
Relaxation from certain provisions of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 in respect of Rights Issue
SEBI has provided temporary relaxations in the provisions related to Rights Issues as contained in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Relaxations with respect to the eligibility conditions related to Fast Track Rights Issues, Minimum Subscription, minimum threshold required for not filing draft letter of offer with SEBI.
The Link for aforesaid circular is as mentioned below:
Thursday, April 23, 2020
Relaxation in Regulation 24(i)(f) of the SEBI (Buy-back of Securities) Regulations, 2018 due to the COVID 19 pandemic
Due to COVID-19, SEBI has issued relaxation in SEBI (Buy-Back of Securities) Regulation, 2018 which shall come in force with immediate effect. This relaxation will be applicable till December 31, 2020.
The Link for aforesaid circular is as mentioned below:
Relaxation in holding AGM by top 100 listed entities by market capitalization, due to the COVID –19 pandemic
SEBI deals with Relaxation in relation to Regulation 44(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR’) on holding of Annual General Meeting (AGM) by top 100 listed entities by market capitalization. This Circular has come into force with immediate effect.
The Link for aforesaid circular is as mentioned below:
Friday, April 24, 2020
Clarification on Know Your Client (KYC) Process and Use of Technology for KYC
SEBI has issued guidelines in relation to Know Your Customer (KYC) and Customer Due Diligence (CDD) policies as part of KYC are the foundation of an effective Anti-Money Laundering process.
The Link for aforesaid clarification is as mentioned below:
https://www.sebi.gov.in/legal/circulars/apr-2020/clarification-on-know-your-client-kyc-process-and-use-of-technology-for-kyc_46565.html
Wednesday, May 06, 2020
Relaxations relating to Procedural Matters—Issues and Listing
SEBI has granted relaxations in procedural matters relating to issues and listings under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. In the wake of global pandemic COVID-19, SEBI has issued these relaxations for all the openings happening till July 31, 2020.
The link for aforesaid circular is mentioned below:
Tuesday, May 12, 2020
Additional relaxation in relation to compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 –Covid-19 pandemic
In view of the CoVID-19 pandemic, SEBI had provided relaxations to listed entities, from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘SEBI LODR’ / ‘LODR). It has been decided to grant the following further relaxations / issue clarifications regarding provisions of the LODR in the face of challenges faced by listed entities due to the COVID-19 pandemic.
The link for aforesaid Circular is mentioned below:
Thursday, May 14, 2020
Relaxation from compliance of minimum public Shareholding (MPS) requirements
SEBI provided relaxation for listed entities for whom the deadline to comply with MPS requirements falls between the period from March 1, 2020 to August 31, 2020 and also advised the Stock exchange not to take any penal action against such entities. SEBI also directed stock exchanges that penal action, if any initiated by stock exchanges, from March 01, 2020 till date of non-compliances of MPS requirements by such listed entities may be withdrawn.
The link for aforesaid Circular is mentioned below:
Relaxations relating to procedural matters—takeovers and buy-back
SEBI has with immediate effect granted one-time relaxations from strict enforcement of certain regulations of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Buy-back of Securities) Regulations, 2018 pertaining to open offers and buy-back tender offers opening upto July 31, 2020.
The link for aforesaid Circular is mentioned below:
Friday, May 15, 2020
Relaxation in Timelines for Compliance with Regulatory Requirements
In view of the current situation, arising due to COVID-19 pandemic, lockdown imposed by the Government and representations received from Stock Exchanges, SEBI has granted relaxations for the following compliances with various regulatory requirements by the trading members, clearing members and depository participants.
The link for aforesaid Circular is mentioned below:
Wednesday, May 20, 2020
Advisory on Disclosure of Material Impact of Covid–19 Pandemic on Listed Entities Under SEBI (LODR) Regulations, 2015
SEBI has advised / encouraged listed entities to evaluate the impact of the COVID-19 pandemic on their business, performance and financials, both qualitatively and quantitatively, to the extent possible and disseminate the same to the Stock Exchanges. This circular has come into force with immediate effect.
The link for aforesaid Circular is mentioned below:
Monday, June 08, 2020
Further Relaxation from compliances to listed issuers proposing to list NCDS, NCRPS and CPS
SEBI has provided further relaxation with regard to disclosure of Financial Results on or before June 30, 2020, for listed issuers who intend/ propose to list their Non-Convertible Debentures (NCDs) /Non-Convertible Redeemable Preference Share (NCRPS) /Commercial Papers (CPs), which is in partial amendment of March 23, 2020 circular where the disclosures were required to be submitted by May 31, 2020.
The Link for aforesaid circular is as mentioned below:
Tuesday, June 09, 2020
Relaxations from certain provisions of the SEBI (ICDR) Regulations, 2018 in respect of Further Public Offer (FPO)
SEBI has provided temporary relaxations in the eligibility conditions related to Fast Track FPO as contained in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”), which are detailed as below and shall be valid for all the FPO’s that will be opened on or before March 31, 2021 and shall not applicable for issuance of warrants.
The Link for aforesaid circular is as mentioned below:
Tuesday, June 16, 2020
SEBI (SAST) (Amendment) Regulations, 2020
SEBI has notified the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2020 with respect to Regulation 3(2) and Regulation 6(1). The relaxation from the first proviso under Regulation 6(1) is granted till March 31, 2021.
for aforesaid notification is as mentioned below:
SEBI (ICDR) (Amendment) Regulations, 2020
SEBI has notified the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2020 and the amendment is made under Regulation 172(3) of ICDR Regulations.
The Link for aforesaid notification is as mentioned below:
Monday, June 22, 2020
SEBI (ICDR) (Second Amendment) Regulations, 2020
SEBI has decided to relax the pricing methodology for preferential issues by listed companies having stressed assets and exempted allottees of preferential issues from open offer obligations in such cases, with immediate effect.
The Link for aforesaid notification is as mentioned below:
SEBI (SAST) (Second Amendment) Regulations, 2020
SEBI has notified Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2020. A new Regulation 10(2B) related to “General Exemption” has been inserted and changes have been made in Regulation 164A and Regulation 165.
The Link for aforesaid notification is as mentioned below:
Tuesday, June 23, 2020
Extension for temporary relaxation in processing of documents pertaining to FPIs
SEBI has granted temporary relaxation in processing of FPIs till August 31, 2020 which SEBI as per circular dated March 30, 2020 had given till June 30, 2020. All other terms and conditions specified in the circular dated March 30, 2020 remain unchanged.
The Link for aforesaid circular is as mentioned below:
Wednesday, June 24, 2020
Extension of time for submission of Financial Results
SEBI has extended the timeline for submission of financial results for the quarter and the year ending March 31, 2020 under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 [‘LODR Regulations’] upto to July 31, 2020.
The Link for aforesaid circular is as mentioned below:
Thursday, June 25, 2020
Extension of time for submission of Annual Secretarial Compliance (ASC)Report
SEBI has extended the timeline for submission of the ASC Report for the year 2019-2020 by listed entities upto July 31, 2020 which SEBI as per circular dated March 19, 2020 had given till June 30, 2020.
The Link for aforesaid circular is as mentioned below:
Amendments to SEBI (Prohibition of Insider Trading) Regulations, 2015
SEBI in its Board meeting considered and approved the amendments to the SEBI (Prohibition of Insider Trading) Regulations, 2015 and SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (“Takeover Regulations”).
The link for the aforesaid press release is as mentioned below:
https://www.sebi.gov.in/media/press-releases/jun-2020/sebi-board-meeting_46929.html
Friday, June 26, 2020
Relaxation of time gap between two Board / Audit Committee meetings of listed entities
SEBI has relaxed the maximum time gap between two Board/Audit Committee meetings of listed entities till July 31, 2020. The Board of Directors and Audit Committees of listed entities shall ensure that they meet atleast 4 times a year, as stipulated under Regulations 17(2) and 18(2)(a) of the LODR Regulations, 2015.
The link for aforesaid circular is as mentioned below:
https://www.sebi.gov.in/legal/circulars/jun-2020/relaxation-of-time-gap-between-two-board-audit-committee-meetings-of-listed-entities-owing-to-the-covid-19-pandemic_46945.html
Tuesday, June 30, 2020
Relaxation in timelines for compliance with regulatory requirements
SEBI has extended the timelines for the following compliances with various regulatory requirements by Depository Participants (DPs) / Registrars to Issue & Share Transfer Agents (RTAs) for Processing of the demat request form by Issuer / RTA, Processing of the demat request form by the Participants, Redressal of investor grievances, Transmission of securities and Closure of demat account and Submission of half yearly Internal Audit report (IAR) by DPs.
The link for aforesaid circular is as mentioned below:
Thursday, July 09, 2020
Amendment in SEBI (International Financial Service Center) Guidelines, 2015
Under the revised framework, any Indian recognized stock exchange or any stock exchange of a foreign jurisdiction may form a subsidiary to provide the services of stock exchange in IFSC, wherein at least 51% of paid up equity share capital is held by such exchange and remaining share capital may be offered to any other person, whether Indian or of foreign jurisdiction.
The link for aforesaid Circular is as mentioned below:
Wednesday, July 15, 2020
Relaxation from Compliance to Listed Issuers Proposing to List NCDs, NCPRs And CPs in Respect with Financials
SEBI has permitted listed issuers who have issued Non- Convertible Debentures (NCDs)/ Non-Convertible Redeemable Preference Shares (NCRPS)/ Commercial Paper(s) (CPs), on or after July 01, 2020 and intend/ propose to list such issued NCDs/NCRPS/CPs, on or before July 31, 2020, to use available financials as on December 31, 2019.
The link of aforesaid Circular is as mentioned below:
Friday, July 17, 2020
SEBI (Prohibition of Insider Trading) (Amendments) Regulations, 2020
SEBI has issued SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2020 to further amend the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 with respect to Regulation 3(5), Regulation 3(6), Regulation 7(2), Schedule B-Code of Conduct- Clause 4(3)(b), Clause 12 of Schedule B and Clause 10 of Schedule C, Clause 13 of Schedule B and Clause 11 of Schedule C.
The link of aforesaid notification is as mentioned below:
http://egazette.nic.in/WriteReadData/2020/220574.pdf
Monday, July 20, 2020
Eligibility Criteria for Selection of Underlying Commodity Futures for Options on Commodity Futures
The underlying ‘Futures contracts’ on the corresponding commodity shall be amongst the top five futures contracts in terms of total trading turnover value of previous twelve months.
The link of aforesaid circular is as mentioned below:
Wednesday, July 22, 2020
SEBI (Settlement Proceedings) (Amendment) Regulations, 2020
SEBI notified the Securities and Exchange Board of India (Settlement Proceedings) (Amendment) Regulations, 2020 to further amend Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018 with respect to Regulation 15(2), Regulation 34, Schedule II, in Chapter I, a new Clause 11A is inserted etc.
The link for the aforesaid notification is as mentioned below:
http://egazette.nic.in/WriteReadData/2020/220638.pdf
Thursday, July 23, 2020
Allowing Offer for Sale (OFS) And Rights Entitlements (RE) Transactions During Trading Window Closure Period
As per Clause 4 (3) (b) of Schedule B read with Regulation 9 of PIT Regulations, inter-alia, states that trading window restrictions shall not apply in respect of transactions mentioned therein or transactions undertaken through such other mechanism as may be specified by the Board from time to time.
The link of aforesaid circular is as mentioned below:
Reporting to Stock Exchanges Regarding Violations Under PIT Regulations, 2015 Relating to the Code of Conduct (COC)
SEBI issued a circular for reporting to stock exchanges regarding violations under SEBI (Prohibition of Insider Trading) Regulations, 2015. This circular is issued in supersession of Circular No. SEBI/HO/ISD/ISD/CIR/P/2019/82 dated July 19, 2019.
The link of aforesaid Circular is as mentioned below:
Friday, July 24, 2020
Relaxations Relating to Procedural Matters – Issues and Listing
SEBI further extended the relaxations relating to procedural matters- Issues and Listing upto December 31, 2020 which SEBI had earlier granted the relaxations in enforcement of the SEBI (Issue of Capital and Disclosure Requirements), 2018 pertaining to Rights issue opening up to July 31, 2020.
The link of aforesaid Circular is as mentioned below:
Monday, July 27, 2020
Relaxations Relating to Procedural Matters- Takeover and Buyback
SEBI further extended the open offers and buy-back of shares further till December 31, 2020 which had earlier granted one-time relaxations for the strict enforcement of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 and SEBI (Buy-Back of Securities) Regulations, 2018 pertaining to open offers and buy-back of shares through tender offers till July 31, 2020.
The link for aforesaid Circular is as mentioned below:
SEBI-Settlement Scheme 2020
SEBI vide its public notice introduced a ‘Settlement Scheme 2020’ to provide a one-time settlement opportunity to the entities that have executed trade reversals in the stock options segment of BSE during the period from April 1, 2014 to September 30, 2015, against whom any proceedings are pending. Onetime settlement period shall commence on August 01, 2020 and end on October 31,2020.
The link for the aforesaid public notice is as mentioned below:
Wednesday, July 29, 2020
Extension of Time for Submission of Financial Results for the Quarter/Half Year/ Financial Year Ended 30th June 2020
SEBI further extended the timeline upto September 15, 2020 for submission of financial results under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘LODR Regulations’), for the quarter/half year/financial year ended June 30, 2020.
The link of aforesaid Circular is as mentioned below:
Friday, July 31, 2020
Use of Digital Signature Certifications for Authentication / Certification of Filings / Submissions Made to Stock Exchanges
SEBI allowed authentication/ certification of any filing / submission made to stock exchanges by listed entities under the LODR Regulations using digital signature certifications till December 31, 2020. Earlier, this was permitted till June 30, 2020. This Circular shall apply for filings / submissions made from July 1, 2020.
The link of aforesaid Circular is as mentioned below:
Clarification on Applicability of Regulation 40(1) Of Sebi (LODR) Regulations, 2015 to Open Offers, Buybacks and Delisting of Securities of Listed Entities
SEBI clarified that shareholders holding securities in physical form are allowed to tender shares in open offers, buy-backs through tender offer route and exit offers in case of voluntary or compulsory delisting. However, such tendering shall be as per the provisions of respective regulations SEBI mentioned in order to give clarification with respect to applicability of regulation 40 (1) of SEBI (LODR) Regulations, 2015 to open offers, buybacks and delisting of securities of listed entities.
The link of aforesaid Circular is as mentioned below:
Monday, August 03, 2020
Procedural Guidelines for Proxy Advisors
Regulation 24(2) read with 23(1) of SEBI (Research Analyst) Regulations, 2014 mandates proxy advisors to abide by Code of Conduct specified therein. SEBI has issued procedural guidelines which shall also comply by Proxy Advisors. The procedural guidelines are as follows and it shall come into force from September 1, 2020.
The link for aforesaid Circular is as mentioned below:
https://www.sebi.gov.in/legal/circulars/aug-2020/procedural-guidelines-for-proxyadvisors_47250.html
Tuesday, August 04, 2020
Grievance Resolution between Listed Entities and Proxy Advisors
SEBI has stated that the listed entities may approach SEBI, who will examine the matter for non-compliance by proxy advisors with the provisions of the Code of Conduct under regulation 24(2) read with regulation 23(1) of the SEBI (Research Analyst) Regulations, 2014 and the procedural guidelines for proxy advisors.
The link for aforesaid Circular is as mentioned below:
Thursday, August 06, 2020
Administration and Supervision of Investment Advisors
SEBI has decided to recognize a wholly-owned subsidiary of the stock exchange (stock exchange subsidiary) to administer and supervise Investment Advisors registered with SEBI subject to fulfillment of few criteria’s. The criteria’s are mentioned in the below mentioned link.
The link of aforesaid circular is as mentioned below:
Friday, August 07, 2020
SEBI (International Financial Service Centers) Guidelines, 2015- Amendment
SEBI has amended SEBI (International Financial Services Centres) Guidelines, 2015. The amendment is made in Clause 4 (2) of SEBI (IFSC) Guidelines, 2015 which states about the Eligibility and Shareholding limit for clearing corporations desirous of operating in IFSC.
The link of aforesaid circular is as mentioned below:
Monday, August 10, 2020
Resources for Trustees of Mutual Fund
As per Regulation 18 (25) (B) (i) of SEBI (Mutual Funds) Regulations, 1996, Trustees of Mutual Funds shall obtain internal audit reports at regular intervals from independent auditors appointed by them. SEBI has issued administrative assistance to the Trustees of Mutual Fund, for monitoring the activities of Assets Management Company (AMC). This Circular shall come into force with effect from October 1, 2020.
The link of aforesaid circular is as mentioned below:
https://www.sebi.gov.in/legal/circulars/aug-2020/resources-for-trustees-of-mutualfunds_47291.html
Thursday, August 13, 2020
Handling of Scores complaints by Stock Exchanges and Standard Operating Procedure for non-redressal of grievances by Listed Companies
SEBI has laid down detailed procedure for handling complaints by the Stock Exchange as well as Standard Operating Procedure (SoP) for actions to be taken against listed companies for failure to redress investor grievances. The procedure for handling complaints by the stock exchanges as well as SoP is as follows:
- Handling of Complaints by Stock Exchanges
- Action for failure to redress investors complaints
- Action after redressal of investor grievances by the Company
The link of aforesaid circular is as mentioned below:
Tuesday, August 18, 2020
Corrigendum to Master Circular for Depositories dated October 25, 2019 on Preservation of Records
SEBI has stated about the period of preservation of records and documents by the Depositories and Depository Participants in terms of Regulation 54 and 66 of the SEBI (Depositories and Participants) Regulations, 2018. Depositories and Depository Participants are required to preserve the records and documents for a minimum period of 8 years.
The link of aforesaid circular is as mentioned below:
Friday, August 21, 2020
Securities and Exchange Board of India (International Financial Services Centres) Guidelines, 2015 – Amendments
SEBI has further amended SEBI (IFSC) Guidelines, 2015 to amend Clause 19 of said Guidelines. Clause 19 states about the reporting of Financial Statements.
The entities issuing and/or listing their debt securities in IFSC shall prepare their statement of accounts in accordance with IFRS/ US GAAP/ IND AS or accounting standards as applicable to them in their place of incorporation. In case an entity does not prepare its statement of accounts as mentioned above, a quantitative summary of significant differences between national accounting standards and IFRS shall be prepared by such entity and incorporated in the relevant disclosure documents to be filed with the exchange.
The link of aforesaid circular is as mentioned below:
Securities and Exchange Board of India (International Financial Services Centers) Guidelines, 2015 – Amendments
SEBI has further amended SEBI (IFSC) Guidelines, 2015 for incorporating new Clause 8 (3) in SEBI (IFSC) Guidelines, 2015 as an entity, based in India or in a foreign jurisdiction, may provide financial services in IFSC, subject to compliance with the applicable regulatory framework/ guidelines for such financial services, as
specified by the Board, from time to time.
The link of aforesaid circular is as mentioned below:
Thursday, August 27, 2020
Execution of Power of Attorney (POA) by the Client in Favor of the Stock Broker/ Stock Broker and Depository Participant
SEBI has issued Guidelines for execution of Power of Attorney (PoA) by the client favouring Stock Broker / Stock Broker and Depository Participant. Later certain clarifications were issued. It has been observed that PoA is invariably obtained from the investors as part of the KYC and account opening process. Such PoA executed by clients has further found to have been misused by the stock brokers by taking authorization even for activities.
The link of aforesaid circular is as mentioned below:
Grievance Resolution Between Listed Entities and Proxy Advisers’ –Extension of Timeline for Implementation
SEBI extended the timeline for compliance with the requirements of SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/119 dated August 04, 2020 i.e. “Grievance Resolution between listed entities and proxy advisers”.
Accordingly, the provisions of said SEBI Circular shall be applicable with effect from January 01, 2021, earlier the effective date of said SEBI Circular was September 01, 2020.
The link of aforesaid circular is as mentioned below:
Friday, August 28, 2020
Procedural Guidelines for Proxy Advisors’-Extension of Implementation Timeline
SEBI has extended the timeline for compliance with the requirements of SEBI “Procedural Guidelines for Proxy Advisors” by four months after considering requests received from registered proxy advisors, and the prevailing business and market conditions due to the COVID-19 Pandemic. Accordingly, the provisions of said SEBI Circular shall be applicable with effect from January 01, 2021, earlier the effective date of said SEBI Circular was September 01, 2020.
The link of aforesaid circular is as mentioned below:
Monday, August 31, 2020
Extension of Relaxation in Processing of Documents Pertaining to FPIS due to Covid 19
SEBI extended the timeline of relaxation granted by the SEBI in processing of documents pertaining to FPIs for the entities from jurisdictions which are still under lockdown till the time lockdown is lifted from such jurisdictions due to COVID-19.
The link of aforesaid circular is as mentioned below:
Tuesday, September 01, 2020
Review of debt and money market securities transactions disclosure
SEBI issued circular in order to enhance transparency, it is now decided that the details of debt and money market securities transacted (including inter scheme transfers) in its scheme’s portfolio shall be disclosed on daily basis with a time lag of 15 days in a revised format.
The link of aforesaid circular is as mentioned below:
Wednesday, September 02, 2020
Disclosures on Margin obligations given by way of Pledge/ Re-pledge in the Depository System
SEBI had issued guidelines on acceptance of collateral from clients in the form of securities by Trading Member(TM) / Clearing Member (CM), only by way of ‘margin pledge’, created in the Depository system. Considering the representations received and in consultation with market participants, for ease of doing business it has been decided that disclosures specified under Regulation 29(4) of Takeover Regulations, in relation to shares encumbered with TM /CM as a collateral from clients for margin obligation in the ordinary course of stock broking business are dispensed with.
The link of aforesaid circular is as mentioned below:
Review of provision regarding segregation of portfolio due to the COVID – 19 pandemic
SEBI has reviewed the provisions regarding segregation of portfolio due to the COVID-19 pandemic and has provided that if the CRA is of the view that the restructuring by the lenders/ investors is solely due to COVID-19 related stress or under the aforementioned RBI framework, CRAs may not consider the same as a default event and/or recognize default.
The link of aforesaid circular is as mentioned below:
Monday, September 07, 2020
Re-lodgement of Transfer Requests Shares
In terms of Regulation 40 (1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, transfer of securities held in physical mode has been discontinued w.e.f. April 01, 2019.
It has been decided to fix March 31, 2021 as the cut-off date for re-lodgement of transfer deeds. Further, the shares that are re-lodged for transfer (including those request that are pending with the listed company / RTA, as on date) shall henceforth be issued only in demat mode.
The link of aforesaid circular is as mentioned below:
https://www.sebi.gov.in/legal/circulars/sep-2020/re-lodgement-of-transfer-requests-shares_47500.html
Tuesday, September 08, 2020
Entities permitted to undertake e-KYC Aadhaar Authentication service of UIDAI in Securities Market – Addition of NSE to the list
SEBI permitted eight entities to undertake Aadhaar Authentication service of UIDAI subject to compliance of the conditions as laid down in this regard. National Stock Exchange of India Limited is recommended by UIDAI and SEBI which shall undertake Aadhaar Authentication service of the UIDAI subject to compliance of the conditions.
The link of aforesaid circular is as mentioned below:
Wednesday, September 09, 2020
Operating Guidelines for Portfolio Managers in International Financial Services Centre (IFSC)
The IFSC Guidelines and related Circulars issued by SEBI from time to time provide for a broad framework for operation of various intermediaries (including Portfolio Managers) therein, as defined in Clause 2(1)(g) of the IFSC Guidelines. SEBI can issue guidelines for any entity desirous of undertaking any other financial services relating to securities market. Based on the representations received from various stakeholders, it has been decided to put in place ‘Operating Guidelines for Portfolio Managers in IFSC’.
The link of aforesaid circular is as mentioned below:
Tuesday, September 01, 2020
Review of debt and money market securities transactions disclosure
SEBI issued circular in order to enhance transparency, it is now decided that the details of debt and money market securities transacted (including inter scheme transfers) in its scheme’s portfolio shall be disclosed on daily basis with a time lag of 15 days in a revised format.
The link of aforesaid circular is as mentioned below:
Wednesday, September 02, 2020
Disclosures on Margin obligations given by way of Pledge/ Re-pledge in the Depository System
SEBI had issued guidelines on acceptance of collateral from clients in the form of securities by Trading Member(TM) / Clearing Member (CM), only by way of ‘margin pledge’, created in the Depository system. Considering the representations received and in consultation with market participants, for ease of doing business it has been decided that disclosures specified under Regulation 29(4) of Takeover Regulations, in relation to shares encumbered with TM /CM as a collateral from clients for margin obligation in the ordinary course of stock broking business are dispensed with.
The link of aforesaid circular is as mentioned below:
Review of provision regarding segregation of portfolio due to the COVID – 19 pandemic
SEBI has reviewed the provisions regarding segregation of portfolio due to the COVID-19 pandemic and has provided that if the CRA is of the view that the restructuring by the lenders/ investors is solely due to COVID-19 related stress or under the aforementioned RBI framework, CRAs may not consider the same as a default event and/or recognize default.
The link of aforesaid circular is as mentioned below:
Monday, September 07, 2020
Re-lodgement of Transfer Requests Shares
In terms of Regulation 40 (1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, transfer of securities held in physical mode has been discontinued w.e.f. April 01, 2019.
It has been decided to fix March 31, 2021 as the cut-off date for re-lodgement of transfer deeds. Further, the shares that are re-lodged for transfer (including those request that are pending with the listed company / RTA, as on date) shall henceforth be issued only in demat mode.
The link of aforesaid circular is as mentioned below:
https://www.sebi.gov.in/legal/circulars/sep-2020/re-lodgement-of-transfer-requests-shares_47500.html
Tuesday, September 08, 2020
Entities permitted to undertake e-KYC Aadhaar Authentication service of UIDAI in Securities Market – Addition of NSE to the list
SEBI permitted eight entities to undertake Aadhaar Authentication service of UIDAI subject to compliance of the conditions as laid down in this regard. National Stock Exchange of India Limited is recommended by UIDAI and SEBI which shall undertake Aadhaar Authentication service of the UIDAI subject to compliance of the conditions.
The link of aforesaid circular is as mentioned below:
Wednesday, September 09, 2020
Operating Guidelines for Portfolio Managers in International Financial Services Centre (IFSC)
The IFSC Guidelines and related Circulars issued by SEBI from time to time provide for a broad framework for operation of various intermediaries (including Portfolio Managers) therein, as defined in Clause 2(1)(g) of the IFSC Guidelines. SEBI can issue guidelines for any entity desirous of undertaking any other financial services relating to securities market. Based on the representations received from various stakeholders, it has been decided to put in place ‘Operating Guidelines for Portfolio Managers in IFSC’.
The link of aforesaid circular is as mentioned below:
Automation of Continual Disclosures under Regulation 7(2) Of SEBI (Prohibition of Insider Trading) Regulations, 2015 – System Driven Disclosures
SEBI had further amended implementation of system driven disclosures in phases, under SEBI (SAST) Regulations, 2011 and SEBI (PIT) Regulations, 2015. The details of the amendment are mentioned in the below mentioned link.
The link of aforesaid Circular also mentioning the detail of Annexure A is as mentioned below:
Friday, September 11, 2020
Asset Allocation of Multi Cap Funds
SEBI has issued guidelines regarding categorization and rationalization of Mutual Fund Schemes. Minimum investment in equity & equity related instruments – 75% of total assets in certain manner.
The link for aforesaid Circular is as mentioned below:
Sunday, September 13, 2020
Press Note Clarifying Circular on Asset Allocation of Multi Cap Funds
The multi cap schemes have taken over 80% investment in the large cap stocks in relation with the large cap schemes and some multi cap schemes and further giving zero investment to the small cap schemes. Keeping this in mind, SEBI had put a 25% minimum investment in the large, small, and medium cap schemes and the remaining 25% to be disbursed according to the fund manager.
SEBI clarified that the merging of multi cap and large schemes can happen or the multi cap scheme can be converted to another scheme category. The board has taken into consideration the degrading conditions of the financial market and has given time to the Mutual funds till January 31, 2021 to rebalance the portfolio.
The link for aforesaid Press release is as mentioned below:
Wednesday, September 16, 2020
SEBI permits the Listing and Trading of Units of InvITs And REITs on Recognized Stock Exchanges in IFSC
SEBI has permitted the units of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) in the ‘Permissible Jurisdictions’ as permissible security under sub-clause (vi) of Clause 7 of SEBI International Financial Services Centres (IFSC) Guidelines, 2015. Thus, permitting dealing in units by stock exchanges operating in IFSC, if certain conditions are fulfilled. The details of conditions are mentioned in the below mentioned link.
The link for aforesaid circular is as mentioned below:
Thursday, September 17, 2020
Circular on Mutual Funds
SEBI has issued a circular on Mutual Funds which shall be applicable with effect from January 1, 2021.There are certain modifications introduced by the circular. The details of the modification are mentioned in the below mentioned circular.
The link for aforesaid circular is as mentioned below:
https://www.sebi.gov.in/legal/circulars/sep-2020/circular-on-mutual-funds_47574.html
Monday, September 21, 2020
Write off of shares held by FPIs
SEBI issued the Operational Guidelines, write-off of securities held by FPIs who wish to surrender their registration was permitted only in respect of shares of companies that are unlisted or illiquid or suspended or delisted. However, through the current circular, it has been decided to permit said FPIs to write-off shares of all companies which they are unable to sell.
The link for aforesaid circular is as mentioned below:
https://www.sebi.gov.in/legal/circulars/sep-2020/write-off-of-shares-held-by-fpis_47608.html
Wednesday, September 23, 2020
Resources for Trustees of Mutual Funds
SEBI has decided to lay down the guidelines on resources for Trustees of Mutual Funds, shall be applicable from January 01, 2021.
The link for aforesaid circular is as mentioned below:
System-Driven Disclosures (SDD) under SEBI (SAST) Regulations, 2011
SEBI has issued a System-Driven Disclosures (SDD) under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SAST) with an aim to implement SDD in SAST disclosures too. That shall be done by aligning the practices of PAN capture.
The link for aforesaid circular is as mentioned below:
Monday, September 28, 2020
Amendments to Guidelines for Preferential Issue and Institutional Placement of Units by a Listed InvIT
SEBI has further amended the guidelines for preferential issue and institutional placement of units by a listed InvIT. The guidelines are mentioned in the below mentioned link for reference.
The link for aforesaid circular is as mentioned below:
Amendments to Guidelines for Preferential Issue and Institutional Placement of Units by A Listed REIT
SEBI has further amended the guidelines for preferential issue and institutional placement of units by a listed REIT. The guidelines are mentioned in the below mentioned link for reference.
The link for aforesaid circular is as mentioned below:
Tuesday, September 29, 2020
Relaxation with Respect to validity of SEBI Observations and Revision in Issue size
SEBI has provided relaxations relaxations till March 31, 2020 pertaining to validity of regulatory approval for launching IPO and rights issue, in view of the prevailing conditions due to COVID-19 pandemic. This circular will come into force from October 1, 2020.
The link for aforesaid circular is as mentioned below:
Thursday, October 01, 2020
Framework for monitoring of foreign holding in Depository Receipts
SEBI has issued the circular in which the obligations of Indian Depository and Domestic Custodian, whereby, Indian Depositories were required to develop a system to monitor the foreign holding, including that held by way of DRs, as per the limits prescribed under the Foreign Exchange Management Act, 1999 and applicable SEBI Regulations, and disseminate the information regarding outstanding DRs and available limit for conversion. For this purpose, the Circular provided that Indian Depositories shall have necessary arrangement with the Domestic Custodian and / or Foreign Depository.
The link for aforesaid circular is mentioned below:
Relaxation in timelines for compliance with regulatory requirements
SEBI has issued extension 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 upto December 31, 2020.
The link for aforesaid circular is mentioned below:
Circular on Review of provisions regarding valuation of debt and money market instruments due to the COVID – 19 pandemic
SEBI has provided relaxation to Credit Rating Agencies in recognition of default for restructuring by the lender/ investors solely due to COVID-19 related stress upto December 31, 2020. 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.
The link for aforesaid circular is mentioned below:
Standard Operating Procedure in the cases of Trading Member / Clearing Member leading to default – Extension of timeline for submission of the Undertaking cum Indemnity bond by the Trading members (TMs) / Clearing Members (CMs) for all the bank accounts.
In view of the prevailing situation due to Covid-19 pandemic and representation received from the Stock Exchanges, 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.
The link for aforesaid circular is mentioned below:
Monday, October 05, 2020
Standardization of timeline for listing of securities issued on a private placement basis
SEBI has issued 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. The details of timelines are mentioned on the below mentioned link.
The link for aforesaid circular is mentioned below:
Circular on Review of Dividend option(s) / Plan(s) in case of Mutual Fund Schemes
SEBI mandates that when units are sold, and sale price (NAV) is higher than face value of the unit, a portion of sale price that represents realized gains shall be credited to an Equalization Reserve Account and which can be used to pay dividend and there is a need of clear communication to the investor that under dividend option of a Mutual Fund Scheme, certain portion of his capital (Equalization Reserve) can be distributed as dividend.
The link for aforesaid circular is mentioned below:
Circular on Product Labeling in Mutual Fund schemes – Risk-o-meter
SEBI, based on the recommendation of Mutual Fund Advisory Committee (MFAC), has reviewed the guidelines for product labeling in mutual funds and the certain matters has been decided. The details of guidelines are mentioned on the below mentioned link.
The link for aforesaid circular is mentioned below:
Thursday, October 08, 2020
Extension of facility for conducting extraordinary meeting(s) of unit holders of InvITs and REITs through Video Conferencing or Other Audio-Visual Means (VC/OAVM)
SEBI has decided to extend the facility of VC or OAVM for conducting extraordinary meetings(s) of unitholders by InvITs/ REITs upto December 31, 2020.
The link for aforesaid circular is mentioned below:
Circular on Guidelines on Inter Scheme Transfers of Securities
SEBI has prescribed additional safeguards to ensure that such Inter Schemes Transfers (ISTs)of securities are in conformity with the objectives that is 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.
The link for aforesaid circular is mentioned below:
Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020
SEBI notified Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2020 to further amend Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2018.
The link for aforesaid notification is as mentioned below:
http://egazette.nic.in/WriteReadData/2020/222313.pdf
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2020
SEBI notified Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2020 to further amend Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The link for aforesaid notification is as mentioned below:
http://egazette.nic.in/WriteReadData/2020/222322.pdf
Securities and Exchange Board of India (Debenture Trustees) (Amendment) Regulations, 2020
SEBI notified Securities and Exchange Board of India (Debenture Trustees) (Amendment) Regulations, 2020. Through this notification SEBI has amended and made changes in Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993.
The link for aforesaid notification is as mentioned below:
http://egazette.nic.in/WriteReadData/2020/222323.pdf
http://egazette.nic.in/WriteReadData/2020/222324.pdf
Tuesday, October 13, 2020
Standardization of procedure to be followed by Debenture Trustee (s) in case of ‘Default’ by Issuers of listed debt securities
SEBI after consultation with stakeholders including investors, Debenture Trustee(s), Issuers etc., prescribed the process to be followed by the Debenture Trustee(s) in case of ‘Default’ by issuers of listed debt securities including seeking consent from the investors for enforcement of security and/or entering into an Inter-Creditor Agreement (“ICA”).
The link for aforesaid circular and procedure is as mentioned below:
Monday, October 19, 2020
Utilization of Fund Created out of the Regulatory Fee Forgone by SEBI – Additional Guidelines
After deliberation with the Commodity Derivatives Advisory Committee (CDAC) and based on the recommendations of CDAC, SEBI has decided to permit the Stock Exchanges (SE) to utilize the separate fund created by the SE, out of the regulatory fee forgone by the SEBI, for the additional activities (as given in the circular) by the SE for the benefit of and easy participation by Farmers/ Farmers Producers Orgnizations (FPOs) in the agricultural commodity derivatives market.
The link for aforesaid circular is as mentioned below:
Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Second Amendment) Regulations, 2020
SEBI notified the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Second Amendment) Regulations, 2020. Through this notification SEBI has amended and made the changes in Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations, 2003.
The link for aforesaid notification and tables is as mentioned below:
http://egazette.nic.in/WriteReadData/2020/222561.pdf
Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2020
SEBI notified Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2020. Through this notification SEBI has amended and made the changes in Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012.
The link for aforesaid notification and tables is as mentioned below:
http://egazette.nic.in/WriteReadData/2020/222560.pdf
Thursday, October 22, 2020
Contribution by Issuers of listed or proposed to be listed debt securities towards creation of “Recovery Expense Fund”
SEBI notified about the contribution by Issuers of listed or proposed to be listed debt securities towards creation of “Recovery Expense Fund.” 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. The provisions of this circular shall come into force w.e.f. January 01, 2021.
The link for the aforesaid circular is as mentioned below:
Clarification on Investor Grievances Redressal Mechanism on handing of SCORES complaints by stock exchanges
The changes in Circular dated August 13, 2020 on Investor grievances redressal mechanism on handing of SCORES complaints by stock exchanges and Standard Operating Procedure (SoP) for non-redressal of grievances by listed company, in respect of Paras 16, 27, 32 and Point 2c of Annexure -1 to the said circular, read the words “promoter and promoter group” and “promoter or promoter group” as “promoter(s).”
The link for the aforesaid circular is as mentioned below:
Processing of applications for registrations of AIFs and launch of schemes
SEBI notified about the processing of applications for registration of Alternation Investment Funds (AIFs) and launch of schemes. In the Circular, it has been observed that 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.
The link for the aforesaid circular is as mentioned below:
Saturday, October 31, 2020
Public notice in respect of Extension of the SEBI Settlement Scheme 2020
SEBI vide Public Notice approved the extension of the period of SEBI Settlement Scheme 2020 till December 31, 2020, in view of the representations received by SEBI, seeking extension of the period of the Scheme.
The link for the aforesaid public notice is as mentioned below:
Tuesday, November 03, 2020
Schemes of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of Rule 19 of the Securities Contracts (Regulation) Rules, 1957
SEBI made certain amendments in Circular dated March 10, 2017 i.e. Framework for Schemes of Arrangement by listed entities and relaxation under Rule 19(7) of the Securities Contracts (Regulation) Rules, 1957 as provided in the Annexure to this Circular, to streamline the processing of draft schemes filed with the stock exchanges. These amendments are aimed at ensuring that the recognized stock exchanges refer draft schemes to SEBI only upon being fully convinced that the listed entity is in compliance with SEBI Act, Rules, Regulations and circulars issued thereunder.
This Circular shall be applicable for all the schemes filed with the stock exchanges after November 17, 2020.
The link of aforesaid Circular and Annexure is as mentioned below:
Creation of Security in issuance of listed debt securities and ‘due diligence’ by debenture trustee(s)
In order to give effect to the amendments to the SEBI (Issue and Listing of Debt Securities) Regulations, 2008 (“ILDS Regulations) and SEBI (Debenture Trustees) Regulations, 1993 (“DT Regulations”), SEBI issued the guidelines as given under the circular on Creation of Security in issuance of listed debt securities and ‘due diligence’ by debenture trustee(s). The provisions of this circular shall come into force w.e.f. January 01, 2021 i.e. for new issues proposed to be listed on or after January 01, 2021.
The link of aforesaid Circular and Annexure is as mentioned below:
Advisory for Financial Sector Organizations regarding Software as a Service (SaaS) based solutions
SEBI notified that Indian Computer Emergency Response Team (CERT-in) has issued an advisory for Financial Sector organizations regarding using of Software as a Service (SaaS) by the financial sector institutions.
The link for aforesaid Circular is mentioned below:
Wednesday, November 04, 2020
Guidelines for rights issue of units by an unlisted Infrastructure Investment Trust (InvITs)
SEBI notified the guidelines to enable unlisted InvITs to raise further funds through rights issue of units. The guidelines in respect of a rights issue of units by an unlisted InvITs.
The link for aforesaid Circular is mentioned below:
Thursday, November 05, 2020
Circular on Enhancement of Overseas Investment limits for Mutual Funds
SEBI decided to modify clause 1(b) of SEBI Circular No. SEBI/IMD/CIR No.7/104753/08 dated September 26, 2007 and clause 2 of SEBI Circular SEBI/IMD/CIR No.2/122577/08 dated April 08, 2008 and enhance the investment limits per Mutual Fund.
The link of aforesaid Circular along with Annexure is as mentioned below:
https://www.sebi.gov.in/legal/circulars/nov-2020/investor-grievance-redressal-mechanism_48105.html
Friday, November 06, 2020
Outsourcing of activities, Business Continuity Plan and Disaster Recovery, and Cyber Security and Cyber Resilience framework to Limited Purpose Clearing Corporation (LPCC)
SEBI notified that for compliance with requirement under Regulation 7 of SECC Amendment Regulations 2020, the framework governing the outsourcing activities by the LPCC is placed as Annexure I of the Circular. Further the framework governing arrangements with existing Clearing Corporations for the purpose of BCP and DR, and Cyber Security is placed at Annexure II.
The link for aforesaid Circular along with Annexure is as mentioned below:
Introduction of “Flexi Cap Fund” as a new category under Equity Schemes of Mutual Funds
SEBI after taking into account the recommendations of Mutual Fund Advisory Committee (MFAC) and in order to give more flexibility to the mutual funds introduced a new category fund named as “Flexi Cap Fund” under Equity Schemes with the following scheme characteristics:
| Category of Scheme | Scheme Characteristics | Type of Scheme (Uniform description of scheme) |
| Flexi Cap Fund | Minimum investment in equity & equity related instruments – 65% of total assets | An open ended dynamic equity scheme investing across large cap, mid cap, small cap stocks |
The link for aforesaid Circular is as mentioned below:
Norms regarding holding of liquid assets in open ended debt schemes & stress testing of open ended debt schemes
In order to augment the liquidity risk management framework for all open ended debt schemes, defined in SEBI circulars SEBI/HO/IMD/DF3/CIR/P/2017/114 dated October 6, 2017 and SEBI/HO/IMD/DF3/CIR/P/2017/126 dated December 4, 2017, SEBI issued norms for holding of liquid assets in open ended debt schemes & stress testing of open ended debt schemes.
The link for aforesaid circular along with Annexure is as mentioned below:
Thursday, November 12, 2020
Monitoring and Disclosures by Debenture Trustee(s)
SEBI prescribed the manner in which Debenture Trustee(s) shall monitor and disclose the ‘security created’ / ‘assets on which charge is created’
The link for aforesaid circular and annexure is as mentioned below:
Friday, November 13, 2020
Non-compliance with provisions related to continuous disclosures
In order to ensure effective enforcement of continuous disclosure obligations by issuers of listed Non-Convertible Debt Securities or NCRPS or Commercial Papers lay down a uniform structure for imposing fines for non-compliance with continuous disclosure requirements after discussion with market participants and notified that in the interests of investors and the securities market, the Stock Exchanges shall levy fine and take action in case of non-compliances with continuous disclosure requirements by issuers of listed Non-Convertible Debt Securities and/ or NCRPS and/ or Commercial Papers.
The link for aforesaid circular and annexure is as mentioned below:
Tuesday, November 17, 2020
Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT
SEBI made amendment in clause 4.1 of the guidelines for preferential issue and institutional placement of units by a listed InvIT notified by the circular no. SEBI/HO/DDHS/DDHS/CIR/P/2019/143 dated November 27, 2019.
The link for aforesaid circular and procedure is as mentioned below:
Friday, November 20, 2020
Report on disclosures pertaining to analyst meets, investor meets and conference calls
The recommendations of the group formed a group under the chairmanship of Mr. Keki Mistry, Vice-Chairman and CEO of HDFC Ltd, to deal with issues concerning of information asymmetry between various classes of investors arising out of limited disclosures in respect of analyst meets/ institutional investors meet/ conference calls and strengthening the disclosure framework, to be included along with the current regulatory requirements specified under SEBI (LoDR) Regulations, 2015 are given in the report.
The link for aforesaid report and format are as mentioned below:
Consultation paper on Review of SEBI (Delisting of Equity Shares) Regulations, 2009
SEBI with a view to further streamline and strengthen the delisting process /regulations, has placed a consultation paper on ‘review of SEBI (Delisting of Equity Shares) Regulations, 2009’ for public comments. Through this consultation paper, a comprehensive review of the delisting regulations is proposed.
The link for aforesaid consultation paper is as mentioned below:
Consultation paper on review of requirement of Minimum Public Offer for large issuers in terms of Securities Contracts (Regulation) Rules 1957
SEBI placed a consultation paper on ‘Review of requirement of Minimum Public Offer for large issuers in terms of Securities Contracts (Regulation) Rules, 1957’ for public comments.
The link for aforesaid consultation paper is as mentioned below:
Monday, November 23, 2020
Consultative paper on Re-classification of Promoter/Promoter Group Entities and disclosure of Promoter Group Entities in the shareholding pattern
SEBI put a Consultation Paper on the proposals with respect to review of Re-classification of Promoter/ Promoter Group Entities and Disclosure of the Promoter Group Entities in the Shareholding Pattern for public comments. The comments to be sent by email in prescribed format or by post to the given address, not later than December 24, 2020.
The link for aforesaid consultation paper is as mentioned below:
Introduction of Unified Payments Interface (UPI) mechanism and Application through Online interface and Streamlining the process of Public issues of securities
Introduced Unified Payments Interface (UPI) mechanism and an additional mode for application through online (app / web) interface in public issues of securities. The process flow for applying through online interface of stock exchanges or intermediaries and availing the option of blocking funds though UPI mechanism is placed at Annex I to this Circular.
The link for aforesaid circular and annexure is as mentioned below:
Tuesday, November 24, 2020
Testing of software used in or related to Trading and Risk Management
After due examination and consultation with stakeholders, SEBI 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 functionality.
The link for aforesaid circular is as mentioned below:
Tuesday, December 01, 2020
Relaxation in timelines for compliance with regulatory requirements
SEBI further extended below compliance requirements in view of the situation arising due to COVID-19 pandemic, lockdown imposed by the Government and representations received from Stock Exchanges:
For Trading members / clearing members
| S. No. | Compliance requirements for which timelines are extended | Extended timeline |
| I | Internal Audit for half year ended on September 30, 2020 | 31.12.2020 |
| II | System Audit for half year ended on September 30, 2020 | 31.12.2020 |
| III | Half yearly net worth certificate as on September 30, 2020 | 31.12.2020 |
| IV | Cyber Security and Cyber Resilience Audit for half year ended on September 30, 2020 | 31.01.2021 |
For Depository Participants (DPs)
| S. No. | Compliance requirements for which timelines are extended | Extended timeline / Period of exclusion |
| I | Submission of half yearly Internal Audit Report by DPs for the half year ended on September 30, 2020 | December 31, 2020 |
| II | KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days | Period of exclusion shall be from March 23, 2020 till December 31, 2020. A 15-day time period after December 31, 2020 is allowed to Depository / DPs, to clear the back log |
| III | Systems audit on annual basis for the financial year ended March 31, 2020 | December 31, 2020 |
The link of the aforementioned Circular is as mentioned below:
Wednesday, December 02, 2020
Operational guidelines for transfer and dematerialization of re-lodged physical shares
SEBI issued operational guidelines for Transfer and Dematerialization of re-lodged physical shares. Earlier, SEBI, vide circular no. SEBI/HO/MIRSD/RTAMB/CIR/P/2020/166 dated September 07, 2020, had fixed March 31, 2021 as the cut-off date for re-lodgment of transfer requests and had stipulated that such transferred shares shall be issued only in demat mode. The detailed operational guidelines for crediting the transferred shares into the respective demat account of the investor are in the link below:
Tuesday, December 08, 2020
Additional payment mechanism (ASBA, etc.) for payment of balance money in calls for partly paid specified securities issued by the listed entity
Considering that payment through ASBA mechanism is investor friendly and enables faster completion of the process, it has been decided to introduce ASBA, for making subscription and/or payment of calls in respect of partly paid specified securities through Self Certified Syndicate Banks (SCSBs) and intermediaries such as Trading Members/ Brokers – having three in one type account and Registrar and Transfer agents (RTA).
The link of the aforementioned Circular is as mentioned below:
Wednesday, December 09, 2020
Measures to increase participation by the public non-institutional shareholders/retail shareholders in the e-Voting process of listed entities
In order to increase the efficiency of the voting process, it has been decided by SEBI to enable e-voting to all the demat account holders, by way of a single login credential, through their demat accounts/ websites of Depositories/ Depository Participants. Demat account holders would be able to cast their vote without having to register again with the ESPs, thereby, not only facilitating seamless authentication but also enhancing ease and convenience of participating in e-voting process. The same shall be implemented in a phased manner.
The link of the aforementioned Circular is as mentioned below:
Friday, December 18, 2020
Clarifications with respect to the framework for issue of depository receipts
SEBI issued clarification with respect to its Circular No. SEBI/HO/MRD/DOP1/CIR/P/2019/106 dated October 10, 2019, prescribing framework for issue of depository receipts.
The link of the aforementioned Circular is as mentioned below:
Monday, December 21, 2020
Core Settlement Guarantee Fund, Default Waterfall and Stress Test for Limited Purpose Clearing Corporation (LPCC)
SEBI modified its Circular no. CIR/MRD/DRMNP/25/2014 dated August 27, 2014 Circular No. SEBI/HO/MRD2/DCAP/CIR/P/2020/01 dated January 03, 2020 Core Settlement Guarantee Fund, Default Waterfall and Stress Test for Limited Purpose Clearing Corporation (LPCC).
The link of the aforementioned Circular is as mentioned below:
Tuesday, December 22, 2020
Master Circular on (i) Scheme of Arrangement by Listed Entities and (ii) Relaxation under Sub-rule (7) of rule 19 of the Securities Contracts (Regulation) Rules, 1957
SEBI issued master circular for Scheme of Arrangement by listed Entities. SEBI, from time to time, has been issuing various circulars/directions which lay down the detailed requirements to be complied by listed entities while undertaking schemes of arrangements. In order to enable the users to have access to the applicable circulars at one place, Master Circular in respect of schemes of arrangement issued by the regulator.
The link of the aforesaid Master Circular is as mentioned below:
Thursday, December 31, 2020
Creation of Security in issuance of listed debt securities and ‘due diligence’ by debenture trustee(s) – Extension of timeline for implementation
Specified requirements with regards 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 are now extended till April 01, 2021.
The link of the aforesaid Circular is as mentioned below:
Relaxation in timelines for compliance with regulatory requirements
| S. No. | Compliance requirements for which timelines are extended | Extended timeline / Period of exclusion |
| I | Maintaining call recordings of orders/ instructions received from clients. | February 28, 2021. |
| II | KYC application form and supporting documents of the clients to be uploaded on system of KRA within 10 working days. | Period of exclusion shall be from January 01, 2021 till February 28, 2021. A 15-day time period after February 28, 2021, is allowed to clear the back log. |
The link of the aforesaid Circular is as mentioned below:
Circular on Mutual Funds
Upon consideration of the subsequent representation received from AMFI regarding operational challenges, it has been decided to extend the date of applicability of the SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2020/175 dated September 17, 2020, the uniform applicability of NAV in respect of purchase of units of mutual fund schemes upon realization of funds provision to February 1, 2021 (earlier it was to come into effect from January 1, 2021). All other conditions specified in SEBI circular dated September 17, 2020 remain unchanged.
The link of the aforesaid Circular is as mentioned below:
https://www.sebi.gov.in/legal/circulars/dec-2020/circular-on-mutual-funds_48630.html
Procedural guidelines for Proxy Advisors
In partial modification to SEBI Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/147 dated August 03, 2020 and SEBI Circular No. SEBI/HO/IMD/DF1/CIR/P/2020/157 dated August 27, 2020 on “Procedural Guidelines for Proxy Advisors.” In SEBI Circular dated August 03, 2020 Clause 1(c) of is modified and Clauses 1(c) and 1(e) shall be applicable with effect from February01, 2021.
The link of the aforesaid Circular is as mentioned below:
https://www.sebi.gov.in/legal/circulars/dec-2020/procedural-guidelines-for-proxy-advisors_48633.html
Outcome of SEBI Board Meeting- dt 06 August 2021
On 06th August 2021 SEBI Board met in Mumbai under the chairmanship of Shri Ajay Tyagi. The Board took decisions herewith attached