Rajveer-code/IndiaFinBench huggingface dataset:
Source: SEBI

Restrictions on business activities of the asset management company. 24. The asset management company shall...not undertake any business activities other than in the nature of management and advisory services provided to pooled assets including offshore funds, insurance funds, pension funds, provident funds, or such categories of foreign portfolio investor subject to such conditions, as may be specified by the Board, if any of such activities are not in conflict with the activities of the mutual fund.

Question: What is the primary restriction on additional business activities an AMC may engage in under the post-2011 SEBI (Mutual Funds) Regulations?
Answer: The AMC shall not undertake any business activities other than management and advisory services provided to pooled assets (including offshore funds, insurance funds, pension funds, provident funds, and certain foreign portfolio investors)
Source: SEBI

Regulation 17(10)(e): The escrow account deposited with the bank in cash shall be released to the entire amount to the manager to the open offer, in the event of forfeiture for non-fulfillment of any of the obligations under these regulations, for distribution in the following manner, after deduction of expenses of registered market intermediaries: (i) one third to the target company; (ii) one third to the Investor Protection and Education Fund; (iii) one third distributed pro-rata among the shareholders who have accepted the open offer.

Question: Under Regulation 17(10)(e), if an acquirer's escrow account is forfeited for non-fulfillment of open offer obligations, how is the forfeited amount distributed?
Answer: After deduction of expenses of registered market intermediaries: one-third to the target company; one-third to the Investor Protection and Education Fund (IPEF); and one-third distributed pro-rata among shareholders who accepted the open offer.
Source: SEBI

Every company shall notify the particulars of trades by designated persons to the stock exchange on which the securities are listed within two trading days of receipt of the disclosure or becoming aware of the trade, as the case may be.

Question: Under SEBI PIT Regulations 2015, within how many trading days must a company notify the stock exchange of trades by designated persons after receiving a disclosure?
Answer: Within two trading days
Source: RBI

Passage A:
The auction will be conducted using multiple price method.

Passage B:
For uniform price-based auction, bids will get accepted at the cut off yield/price accepted in the auction.

Question: Does the GoI dated securities auction announced on March 28, 2026 use a uniform price method where all successful bidders receive securities at the same cut-off price?
Answer: No
Source: SEBI

Investment, borrowing, restriction, etc. 44. (2) The mutual fund shall not borrow except to meet temporary liquidity needs of the mutual funds for the purpose of repurchase, redemption of units or payment of interest or dividend to the unitholders: Provided that the mutual fund shall not borrow more than 20 per cent of the net asset of the scheme and the duration of such a borrowing shall not exceed a period of six months.

Question: For what purpose may a mutual fund borrow under SEBI (Mutual Funds) Regulations, and what are the two quantitative limits on such borrowing?
Answer: To meet temporary liquidity needs for repurchase, redemption or payment of interest or dividend; borrowing shall not exceed 20 per cent of the net assets of the scheme; duration shall not exceed six months
Source: SEBI

Regulation 10: The certificate of registration granted under regulation 9 shall be valid till it is suspended or cancelled by the Board.

Question: For how long is a certificate of registration granted to an investment adviser under SEBI (Investment Advisers) Regulations, 2013 valid?
Answer: The certificate of registration is valid till it is suspended or cancelled by the Board — it does not have a fixed expiry date. Under Regulation 10, the certificate remains in force indefinitely unless the Board suspends or cancels it.
Source: SEBI

Passage A:
Regulation 23(1): An open offer for acquiring shares once made shall not be withdrawn except: (a) statutory approvals having been finally refused; (b) the acquirer, being a natural person, has died; (c) any condition in the underlying agreement is not met for reasons outside the acquirer's reasonable control; or (d) such circumstances as in the opinion of the Board merit withdrawal.

Passage B:
Regulation 6A: No person who is a wilful defaulter shall make a public announcement of an open offer. Provided that this regulation shall not prohibit the wilful defaulter from making a competing offer upon any other person making an open offer.

Question: Is there a contradiction between Regulation 23(1) and Regulation 6A regarding the circumstances under which a wilful defaulter can withdraw from an open offer obligation?
Answer: No
Source: SEBI

Eligibility criteria for appointment of asset management company. 21. (1)(f) Provided further that an asset management company of a mutual fund eligible to launch only infrastructure debt fund schemes, shall have a networth of not less than rupees ten crore.

Question: What is the minimum networth required for an AMC that is only eligible to launch infrastructure debt fund schemes?
Answer: Not less than rupees ten crore
Source: SEBI

SEBI (Mutual Funds) Regulations, 1996: 'The mutual fund having an aggregate of securities which are worth Rs. 10 crores or more, as on the latest balance-sheet date, shall subject to such instructions as may be issued from time to time by the Board settle their transactions entered on or after January 15, 1998, only through dematerialised securities.' (This provision was inserted by the SEBI (Mutual Funds) (Amendment) Regulations, 1998, w.e.f. 12-1-1998.)

Question: From what date were mutual funds with securities worth Rs.10 crore or more required to settle transactions only through dematerialised securities?
Answer: Transactions entered on or after January 15, 1998
Source: SEBI

Regulation 16(1)(c): Category I Alternative Investment Funds shall not borrow funds directly or indirectly or engage in any leverage for the purpose of making investments or otherwise, except for borrowing funds to meet temporary funding requirements and day-to-day operational requirements for not more than thirty days, on not more than four occasions in a year and not more than ten percent of the investable funds.

Question: Under what conditions may a Category I Alternative Investment Fund borrow funds under SEBI AIF Regulations, 2012? What are the specific restrictions on such borrowing?
Answer: Under Regulation 16(1)(c), Category I AIFs shall not borrow funds or engage in leverage for investment purposes. The only permitted borrowing is for temporary funding requirements and day-to-day operational requirements, subject to three cumulative conditions: (1) borrowing shall not be for more than thirty days at a time; (2) borrowing shall not occur on more than four occasions in a year; and (3) borrowing shall not exceed ten percent of the investable funds.
Source: SEBI

Regulation 7(1)(a) (pre-2020 Amendment): A professional qualification or graduate degree or post-graduate degree or post graduate diploma (minimum two years in duration) in finance, accountancy, business management, commerce, economics, capital market, banking, insurance or actuarial science or other financial services as may be specified from a university or an institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or a professional qualification by completing a Post Graduate Program in the Securities Market (Investment Advisory) from NISM of a duration not less than one year or a professional qualification by obtaining a CFA Charter from the CFA Institute. [As substituted w.e.f. 30-09-2020 and further updated w.e.f. 25-11-2025]: A graduate degree or any equivalent educational qualification from a recognized institution or CFA Charter, and relevant certification from NISM or accredited body.

Question: How did the minimum qualification requirement for individual investment advisers under SEBI IA Regulations change with the 2020 amendment, and what further modification was made in 2025?
Answer: Under the original 2013 regulations, Regulation 7(1)(a) required a professional qualification or PG degree/diploma of minimum two years duration specifically in finance, accountancy, business management, commerce, economics, capital markets, banking, insurance, or actuarial science — or a CFA Charter. The SEBI (Investment Advisers) (Amendment) Regulations, 2020 (w.e.f. 30-09-2020) broadened this by permitting any professional qualification or graduate/post-graduate degree or diploma with no restriction on field of study, alongside NISM certification. The SEBI (Investment Advisers) (Second Amendment) Regulations, 2025 (w.e.f. 25-11-2025) further updated Regulation 7(1)(a) to require only a graduate degree (any discipline) or CFA Charter plus relevant NISM certification — removing the old requirement for a finance-specific discipline or work experience.
Source: SEBI

The audit committee shall have minimum three directors as members. At least two-thirds of the members of audit committee shall be independent directors. The audit committee shall meet at least four times in a financial year and not more than one hundred and twenty days shall elapse between two consecutive meetings.

Question: For a listed entity whose audit committee has the minimum permissible number of members under SEBI LODR Regulations 2015, what is the minimum number of those members who must be independent directors?
Answer: Two independent directors (two-thirds of minimum 3 members = 2, since two-thirds of 3 = 2)
Source: SEBI

Regulation 8(10): Where the acquirer or persons acting in concert acquires shares of the target company during the period of twenty-six weeks after the tendering period at a price higher than the offer price under these regulations, the acquirer and persons acting in concert shall pay the difference between the highest acquisition price and the offer price, to all the shareholders whose shares were accepted in the open offer, within sixty days from the date of such acquisition.

Question: Under Regulation 8(10), if an acquirer buys shares of the target company within 26 weeks after the tendering period at a price higher than the offer price, what obligation arises and within what timeframe must it be fulfilled?
Answer: The acquirer must pay the difference between the highest acquisition price and the open offer price to all shareholders whose shares were accepted in the open offer, within 60 days from the date of such acquisition. The obligation does not apply to acquisitions under another open offer, the Delisting Regulations, or ordinary open market purchases not involving negotiated transactions.
Source: RBI

Passage A:
Notwithstanding such repeal, any action taken or purported to have been taken, or initiated under the repealed Directions, instructions, or guidelines shall continue to be governed by the provisions thereof.

Passage B:
These Directions shall come into effect from Financial Year (FY) 2026-27.

Question: Does the repeal of the 2025 SFB Dividend Directions mean that all actions previously taken under them become immediately invalid from the date the 2026 Directions are issued?
Answer: No
Source: SEBI

Passage A:
Regulation 29(1): Any acquirer, together with persons acting in concert, acquiring shares or voting rights in a target company which taken together aggregates to five per cent or more of the shares of such target company, shall disclose their aggregate shareholding and voting rights.

Passage B:
Regulation 29(2): Any person who together with persons acting in concert holds shares or voting rights entitling them to five per cent or more shall disclose the change in shareholding or voting rights if such change exceeds two per cent of total shareholding or voting rights in the target company.

Question: Do Regulation 29(1) and Regulation 29(2) impose contradictory or duplicative disclosure obligations on an acquirer who crosses 5% while already holding 4% and now acquires 2% more (reaching 6% total)?
Answer: No
Source: SEBI

Regulation 13(h) (inserted by SEBI (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024): the number of clients of a part-time investment adviser shall not exceed seventy-five in total at any point of time. Regulation 2(1)(qa) (inserted w.e.f. 16-12-2024): 'part-time investment adviser' means an individual or a firm, who for consideration, is engaged in the business of providing investment advice and is also engaged in any other business activity or employment.

Question: When was the category of 'part-time investment adviser' and the 75-client limit introduced under SEBI IA Regulations, 2013, and what is the definition of a part-time investment adviser?
Answer: The concept of 'part-time investment adviser' and the 75-client limit were both introduced by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, with effect from 16 December 2024. A 'part-time investment adviser' is defined under Regulation 2(1)(qa) as an individual or a firm who, for consideration, is engaged in the business of providing investment advice and is also engaged in any other business activity or employment. Prior to this amendment, there was no regulatory distinction between full-time and part-time investment advisers.
Source: SEBI

These regulations shall come into force on the thirtieth day from the date of their publication in the Official Gazette and were published on 23rd September, 2011. The definition of 'Delisting Regulations' was inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2021, w.e.f. 6-12-2021. Previously, the regulations did not contain an explicit definition of 'Delisting Regulations' as a defined term.

Question: Was the term 'Delisting Regulations' a defined term in the SEBI Takeover Regulations 2011 at the time those regulations came into force in October 2011?
Answer: No — the definition of 'Delisting Regulations' was only inserted by the Third Amendment Regulations, 2021, effective from 6 December 2021