AIFs Without Funds Or Schemes Must File 'NIL' Quarterly Reports; SEBI Cancels Two Registrations

The Securities and Exchange Board of India (SEBI) on Friday cancelled the registrations of India Electronic Development Fund and Domus Capital LLP as Alternative Investment Funds (AIFs) for failure to file mandatory Quarterly Activity Reports (QARs). SEBI's Designated Authority S. Madhusudhanan held that AIFs which have not raised funds or launched schemes are still required to submit NIL quarterly reports within the timelines prescribed under the AIF Regulations and the SEBI Master...

SEBI Proposes Overhaul Of Exchange-Traded Derivatives Rules, Seeks Simplified and Unified Structure

On 14 May, the Securities and Exchange Board of India (SEBI) issued a consultation paper proposing amendments to the regulatory framework for exchange-traded derivatives, aimed at simplifying compliance, removing redundant provisions, and improving ease of doing business. Among the key proposals, SEBI has suggested deleting provisions on “Close to the Money” (CTM) option series and related norms for “Options in Goods” in commodity derivatives. The master circular currently requires stock...

SEBI Proposes Allowing Municipalities To Refinance Existing Debt Through Bond Issuances

The Securities and Exchange Board of India (SEBI) on Wednesday proposed allowing municipal bodies to refinance existing debt through bond issuances, use part of the proceeds for project-linked working capital, and revise the framework for pooled municipal bond fundraising, as part of a review of the municipal debt securities framework. The proposals form part of a consultation paper seeking amendments to the SEBI (Issue and Listing of Municipal Debt Securities) Regulations, 2015. SEBI has...

SEBI Proposes Wider Use Of Mutual Fund Intraday Borrowings Beyond Redemption Payout Needs

The Securities and Exchange Board of India (SEBI) has proposed recognising intraday borrowing facilities used by mutual funds as a cash management tool. If approved, this would allow mutual funds to use such borrowing lines beyond meeting redemption payout timing mismatches, including for trade settlements, forex settlements and derivative obligations. SEBI said the carve-out for intraday borrowings in the SEBI (Mutual Funds) Regulations, 2026 was enabled after representations from the...

SEBI Orders Former Religare Chair Rashmi Saluja To Disgorge ₹1.99 Crore In Insider Trading Case

The Securities and Exchange Board of India (SEBI) on Wednesday directed former Religare Enterprises Limited (REL) executive chairperson Rashmi Saluja to disgorge ₹1.99 crore for insider trading in REL shares linked to the Burman Group's open offer. It has also imposed a ₹40 lakh monetary penalty on her. SEBI Whole Time Member Kamlesh C Varshney passed the order, holding that Saluja sold REL shares while in possession of unpublished price-sensitive information (UPSI) relating to the Burman...

SEBI Proposes Higher Client Position Limits For Agricultural Commodity Derivatives

The Securities and Exchange Board of India (SEBI) has proposed increasing client position limits for agricultural commodity derivatives while revising the penalty framework for breaches of those limits. Position limits cap the number of contracts a trader can hold in a commodity at any given time. SEBI said these limits are meant to curb excessive speculation, prevent concentration of positions in the hands of a few participants, and reduce systemic risk. At present, agricultural commodities...

SEBI Proposes Phased Physical Settlement For Select Agricultural Commodity Derivatives Contracts

The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing a phased introduction of physical settlement for select agricultural commodity derivatives contracts. Under the proposal, certain delivery-based agricultural commodity contracts could begin trading as financially settled instruments, with a mandatory shift to physical settlement once predefined thresholds are met. SEBI has sought stakeholder comments on the proposed pilot framework, which is aimed at...

SEBI Penalises Kishore, Rakesh Biyani, Ex-Future Retail CFO ₹50 Lakh Over Disclosure Lapses

The Securities and Exchange Board of India (SEBI) on Tuesday imposed a consolidated penalty of ₹50 lakh on Future Retail founder Kishore Biyani, former managing director Rakesh Biyani, and the company's former chief financial officer C.P. Toshniwal for disclosure violations relating to related party transactions involving the company. SEBI's Quasi Judicial Authority Santosh Shukla passed the order. The proceedings concern alleged securities law violations by promoters of Future Retail Limited...

BofA Securities Settles SEBI Case On Payment Of ₹58.50 Lakh Over Insider Trading Compliance Lapses

The Securities and Exchange Board of India (SEBI) has closed adjudication proceedings against BofA Securities India Limited, the Indian securities arm of Bank of America. The company paid ₹58.50 lakh to settle allegations that, in its role as a merchant banker, it failed to maintain a Structured Digital Database required under insider trading regulations. In the settlement order, SEBI Adjudicating Officer Amit Kapoor said: “...in view of the acceptance of the settlement terms and the receipt of...

SEBI Proposes Allowing Depositories To Use Up To 5% Of IPF Investment Income For Administrative Expenses

The Securities and Exchange Board of India (SEBI) has floated a consultation paper proposing to allow depositories to use up to 5% of the annual interest or income earned from investments of their Investor Protection Fund (IPF) corpus to meet expenses related to the IPF Trust. The move would align the framework applicable to depositories with that currently applicable to stock exchanges. SEBI noted that stock exchanges are currently permitted to utilise up to 5% of the interest or income...

SEBI Proposes “GARUDA” Fast-Track Framework To Cut AIF Launch Timeline To 10 Days

The Securities and Exchange Board of India (SEBI) has issued a consultation paper proposing a new fast-track mechanism titled “Green-Channel: AIF Rollout Upon Document Acknowledgement” (GARUDA) for processing Placement Memorandums (PPMs) filed by Alternative Investment Funds (AIFs). SEBI noted that the AIF industry has been growing rapidly and that the inflow of applications for registration and scheme launches has increased significantly. The proposals aim to facilitate faster and more...

SEBI Proposes Scrapping Mandatory Merchant Banker Requirement For Buy-Backs; Seeks Public Comments

The Securities and Exchange Board of India (SEBI) has proposed dispensing with the mandatory requirement of appointing merchant bankers for buy-backs, as part of a wider review and rationalisation of the SEBI (Buy-Back of Securities) Regulations, 2018. The proposals also include changes relating to shareholder intimation, promoter participation, minimum public shareholding compliance, interval between buy-backs, and open market buy-backs through stock exchanges. SEBI said it had earlier...