Rajveer-code/IndiaFinBench huggingface dataset:
Source: SEBI

The Board may specify changes or issue observations, if any, on the draft offer document within twenty one days from the later of the following dates: a) the date of receipt of the draft offer document under sub-regulation (1); or b) the date of receipt of satisfactory reply from the lead manager(s), where the Board has sought any clarification or additional information from them; or c) the date of receipt of clarification or information from any regulator or agency, where the Board has sought any clarification or information from such regulator or agency; or d) the date of receipt of a copy of in-principle approval letter issued by the stock exchange(s).

Question: Under SEBI (Issue and Listing of Municipal Debt Securities) Regulations 2015, within how many days of the relevant trigger date may SEBI specify changes or issue observations on a draft offer document?
Answer: Twenty one days
Source: SEBI

Regulation 19(3): An investment adviser shall conduct yearly audit in respect of compliance with these regulations from a member of Institute of Chartered Accountants of India or Institute of Company Secretaries of India or Institute of Cost Accountants of India and submit a report of the same as may be specified by the Board.

Question: What type of audit is required of an investment adviser under SEBI IA Regulations, 2013, and who is qualified to conduct it?
Answer: Under Regulation 19(3), an investment adviser must conduct a yearly compliance audit in respect of compliance with these regulations. The audit must be conducted by a member of the Institute of Chartered Accountants of India, Institute of Company Secretaries of India, or Institute of Cost Accountants of India. The adviser must also submit a report of the audit as specified by the Board.
Source: SEBI

Passage A:
Custodian in which the sponsor or its associates hold fifty per cent or more of the voting rights shall not act as a custodian for that mutual fund. A custodian in which fifty per cent or more of the directors represent the interest of the mutual fund shall not act as a custodian for that mutual fund.

Passage B:
No custodian in which a trustee company or asset management company or sponsor or any of their associates or any of the shareholders of the asset management company holding more than fifty per cent of the paid-up capital of the asset management company, is a director shall function as custodian of the mutual fund.

Question: Do the two passages prescribe different tests for disqualifying a custodian from acting for a mutual fund based on its relationship with the sponsor?
Answer: Yes
Source: RBI

Table 1: Bucket B4 — Tier 1 Capital Ratio as at the end of previous FY: Above 11.5% and up to 13.5% — Dividend allowed as a % of adjusted PAT: 40.

Illustration 1: Tier 1 Capital ratio as on March 31, 20X1 (D): 11.72%. The CET1 ratio falls in bucket B4. Adjusted PAT: ₹13,750 crore. Max payable as per Table 1 (40% of 13,750) (F): 5,500.

Question: A Small Finance Bank has a Tier 1 Capital Ratio of 11.72% and an Adjusted PAT of ₹13,750 crore. According to Table 1 of the RBI SFB Dividend Directions 2026, what is the maximum dividend allowable under the bucket framework?
Answer: ₹5,500 crore. Calculation: Bank falls in Bucket B4 (above 11.5% and up to 13.5%), which allows 40% of Adjusted PAT. 40% × ₹13,750 = ₹5,500 crore.
Source: SEBI

Any material change in the information furnished or uploaded under these regulations shall be updated by the intermediary promptly but not later than fifteen days of the occurrence of such change.

Question: Within how many days must an intermediary update material changes to the information it has furnished or uploaded under SEBI (Intermediaries) Regulations, 2008?
Answer: Fifteen days
Source: RBI

Passage A:
Section A of the Directions on implementation of Legal Entity Identifier (LEI) shall come into force with immediate effect.

Passage B:
Section B of the Directions on implementation of Unique Transaction Identifier (UTI) shall come into effect from January 01, 2027.

Question: Do Section A and Section B of the RBI Master Direction on Unique Identifiers in Financial Markets 2026 both come into force on the same date?
Answer: No
Source: SEBI

Regulation 9(e): the promoter of the credit rating agency, in terms of regulation 4, shall maintain a minimum shareholding of 26% in the credit rating agency for a minimum period of three years from the date of grant of registration by the Board.

Question: What shareholding requirement must the promoter of a credit rating agency maintain under SEBI (CRA) Regulations, 1999, and for how long?
Answer: Under Regulation 9(e), the promoter of a credit rating agency must maintain a minimum shareholding of 26% in the credit rating agency for a minimum period of three years from the date of grant of registration by the Board.
Source: SEBI

Regulation 6A: Notwithstanding anything contained in these regulations, no person who is a wilful defaulter shall make a public announcement of an open offer for acquiring shares or enter into any transaction that would attract the obligation to make a public announcement of an open offer for acquiring shares under these regulations. Provided that this regulation shall not prohibit the wilful defaulter from making a competing offer upon any other person making an open offer for acquiring shares of the target company.

Question: What does Regulation 6A of SEBI Takeovers Regulations 2011 prohibit, and what exception does it carve out for wilful defaulters?
Answer: Regulation 6A prohibits wilful defaulters from making a public announcement of an open offer or entering into any transaction triggering an open offer obligation. However, it does not prohibit a wilful defaulter from making a competing offer when another person has made an open offer for shares of the same target company.
Source: SEBI

Regulation 3(1): On and from the commencement of these regulations, no entity or person shall act as an Alternative Investment Fund unless it has obtained a certificate of registration from the Board.

Question: Can an entity in India operate as an Alternative Investment Fund without obtaining a certificate of registration from SEBI under the SEBI (AIF) Regulations, 2012?
Answer: No. Under Regulation 3(1), no entity or person shall act as an Alternative Investment Fund on and from the commencement of these regulations unless it has obtained a certificate of registration from the Board (SEBI).
Source: SEBI

"private placement" means an offer or invitation made to two hundred or fewer identified persons... Provided that... any offer or invitation made to qualified institutional buyers shall not be considered while calculating the limit of two hundred persons.

Question: Under SEBI (Issue and Listing of Municipal Debt Securities) Regulations 2015, if a municipal issuer makes a private placement offer to 170 non-QIB investors and 45 qualified institutional buyers simultaneously, does this exceed the private placement limit?
Answer: No. The 45 qualified institutional buyers are excluded from the calculation, so only 170 persons are counted, which is within the two hundred person limit
Source: RBI

Entities without an LEI code shall not be eligible to undertake transactions in the financial markets regulated by the Reserve Bank. Entities shall ensure that their LEI code is considered current under the rules of the global LEI system and has not lapsed.

Question: Under the RBI Master Direction on Unique Identifiers 2026, are entities without an LEI code permitted to transact in RBI-regulated financial markets?
Answer: No. Entities without an LEI code are not eligible to undertake transactions in the financial markets regulated by the Reserve Bank.
Source: SEBI

The original Regulation 47 of SEBI (Mutual Funds) Regulations required: 'Every mutual fund shall ensure that the asset management company computes and carries out valuation of investments made by its scheme(s) in accordance with the investment valuation norms specified in the Eighth Schedule.' This obligation was subsequently moved to Regulation 25(19) and Regulation 47 was substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 2023.

Question: Under the original SEBI (Mutual Funds) Regulations, which regulation required mutual funds to ensure that their AMC computed valuations in accordance with the Eighth Schedule?
Answer: Regulation 47
Source: SEBI

Where an application is rejected for the reason that it contains false or misleading information, no such opportunity may be given and the applicant shall not make any application for grant of certificate under these regulations or any other regulations for a period of one year from the date of such rejection.

Question: For how long is an applicant barred from making a fresh registration application if their application is rejected for containing false or misleading information?
Answer: One year from the date of rejection
Source: SEBI

Regulation 4(d): a foreign credit rating agency incorporated in a Financial Action Task Force (FATF) member jurisdiction and recognised under their law, having a minimum of five years' experience in rating securities.

Question: A foreign credit rating agency was incorporated in its home country in January 2018 and began actively rating securities in its home jurisdiction from July 2019. It applies to promote a new CRA in India in December 2025. Does it meet the 'minimum of five years' experience in rating securities' requirement under SEBI (CRA) Regulations, 1999?
Answer: The foreign CRA began rating securities from July 2019. By December 2025, it has had 6 years and 5 months of rating experience (July 2019 to December 2025). This exceeds the minimum five-year experience requirement. Yes, the foreign CRA meets the five-year experience requirement.
Source: SEBI

Disqualification from being appointed as trustees. 16. (5) Two-thirds of the trustees shall be independent persons and shall not be associated with the sponsors or be associated with them in any manner whatsoever. (6) In case a company is appointed as a trustee then its directors can act as trustees of any other trust provided that the object of the trust is not in conflict with the object of the mutual fund.

Question: What is the minimum proportion of independent persons required among the trustees of a mutual fund under SEBI (Mutual Funds) Regulations, 1996?
Answer: Two-thirds
Source: RBI

The Security Council Committee pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da'esh), Al Qaida and associated individuals...removed the entry below from the ISIL (Da'esh) and Al Qaida Sanctions List. The entity Al-Nusrah Front was Listed on: 14 May 2014 (amended on 7 Jun. 2017, 5 Jun. 2018, 15 Nov. 2021). The UNSC press release SC/16306 was dated February 27, 2026.

Question: For how long was the Al-Nusrah Front listed on the ISIL (Da'esh) and Al-Qaida Sanctions List before it was removed per the UNSC press release of February 27, 2026?
Answer: Approximately 11 years and 9 months — from May 14, 2014 to February 27, 2026.
Source: SEBI

Investment, borrowing, restriction, etc. 44. (2) The mutual fund shall not borrow except to meet temporary liquidity needs...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: A mutual fund scheme with net assets of Rs500 crore needs to borrow for redemption pressure. What is the maximum it may borrow, and for what maximum duration?
Answer: Rs100 crore (20% of Rs500 crore net assets); maximum duration of six months
Source: RBI

List of circulars superseded vide Master Direction - Reserve Bank of India (Unique Identifiers in Financial Markets) Directions, 2026: (1) FMRD.FMID No.14/11.01.007/2016-17 dated June 01, 2017; (2) FMRD.FMID.No.10/11.01.007/2018-19 dated November 29, 2018; (3) FMRD.FMID.No.15/11.01.007/2018-19 dated April 26, 2019; (4) FMRD.FMID.No.24/11.01.007/2019-20 dated March 27, 2020; (5) CO.FMRD.MIOD.No.8/11.01.057/2025-26 dated February 18, 2026.

Question: Among the five circulars superseded by the RBI Master Direction on Unique Identifiers 2026, which was the most recently issued before the Master Direction?
Answer: CO.FMRD.MIOD.No.8/11.01.057/2025-26 dated February 18, 2026, which is the most recent of the five superseded circulars.
Source: RBI

A bank which satisfies the eligibility criteria laid down in paragraph 7 above may declare and pay dividend up to the limits prescribed under Table 1 below, but in aggregate not exceeding 75% of the PAT for the period for which the dividend is being proposed.

Question: Under the RBI SFB Dividend Directions 2026, what is the maximum aggregate dividend a Small Finance Bank can declare, regardless of its Tier 1 Capital Ratio bucket?
Answer: Not exceeding 75% of the PAT for the period for which the dividend is proposed.
Source: SEBI

Disqualification from being appointed as trustees. 16. (7) In case a company is appointed as the trustee of a mutual fund, the Chairperson of the board of directors of that trustee company shall be an independent director: Provided that a trustee company, already appointed as the trustee of a mutual fund shall comply with this sub-regulation within a period as may be specified by the Board from time to time.

Question: What requirement applies to the Chairperson of a trustee company appointed as trustee of a mutual fund under SEBI (Mutual Funds) Regulations, 1996?
Answer: The Chairperson of the board of directors of the trustee company shall be an independent director
Source: SEBI

A company shall not make any offer of buy-back within a period of one year reckoned from the date of expiry of buyback period of the preceding offer of buy-back, if any.

Question: Under SEBI (Buy-Back of Securities) Regulations 2018, how long must a company wait after the expiry of a preceding buy-back period before making another buy-back offer?
Answer: One year from the date of expiry of the buyback period of the preceding offer.
Source: RBI

Passage A:
Auction Week 2 (April 06-10, 2026): ₹34,000 crore — (i) 10 Year for ₹34,000 crore.

Passage B:
Auction Week 6 (May 04-08, 2026): ₹34,000 crore — (i) 10 Year for ₹34,000 crore.

Question: Do auction weeks 2 and 6 of the GoI issuance calendar for H1 FY2026-27 have the same structure in terms of total amount and securities offered?
Answer: Yes
Source: SEBI

Regulation 10(f): no scheme of the Alternative Investment Fund shall have more than one thousand investors: Provided that accredited investors shall be excluded while computing the number of investors in a scheme of an Alternative Investment Fund.

Question: What is the maximum number of investors permitted in a single scheme of an Alternative Investment Fund under SEBI AIF Regulations, 2012? Are accredited investors counted toward this limit?
Answer: Under Regulation 10(f), no scheme of an AIF shall have more than one thousand investors. Accredited investors are explicitly excluded from the computation of this investor count — meaning the 1,000-investor cap applies only to non-accredited investors.
Source: SEBI

Regulation 22(1): An individual investment adviser shall not provide distribution services. (2) The family of an individual investment adviser shall not provide distribution services to the client advised by the individual investment adviser and no individual investment adviser shall provide advice to a client who is receiving distribution services from other family members.

Question: Can an individual investment adviser registered under SEBI IA Regulations, 2013 simultaneously provide distribution services to clients? Can the adviser's spouse provide distribution services to those same clients?
Answer: No on both counts. Under Regulation 22(1), an individual investment adviser is prohibited from providing distribution services. Under Regulation 22(2), the family of an individual investment adviser (which includes the spouse) cannot provide distribution services to the same clients advised by the individual investment adviser. Moreover, the individual investment adviser cannot provide advice to clients who are receiving distribution services from family members.
Source: SEBI

In an issue made through the book building process, the issuer may allocate up to sixty per cent. of the portion available for allocation to qualified institutional buyers to anchor investors. One-third of the anchor investor portion shall be reserved for domestic mutual funds. The bidding for anchor investors shall open one day before the issue opening date.

Question: If the total portion available for allocation to qualified institutional buyers in a book-built IPO is 900 crore rupees, what is the maximum amount (in crore rupees) that can be allocated to anchor investors who are domestic mutual funds?
Answer: 180 crore rupees (60% of 900 = 540 crore for anchor investors; one-third of 540 = 180 crore for domestic mutual funds)
Source: SEBI

Regulation 6(1): An acquirer who together with persons acting in concert holds shares or voting rights entitling them to exercise twenty-five per cent or more but less than the maximum permissible non-public shareholding, shall be entitled to voluntarily make a public announcement of an open offer for acquiring shares in accordance with these regulations, subject to their aggregate shareholding after completion of the open offer not exceeding the maximum permissible non-public shareholding.

Question: What shareholding range qualifies an acquirer to voluntarily make a public announcement of an open offer under Regulation 6(1) of SEBI Takeovers Regulations 2011?
Answer: The acquirer must hold shares or voting rights of 25% or more but less than the maximum permissible non-public shareholding, and the aggregate shareholding after completion of the offer must not exceed the maximum permissible non-public shareholding.
Source: RBI

Passage A:
Any exceptional and / or extra-ordinary profits / income shall not be available for payment of dividend.

Passage B:
A bank shall not pay dividend out of net unrealised gains arising on fair valuation of Level 3 financial instruments (including derivatives).

Question: Do both passages identify different categories of profits ineligible for dividend payment under RBI SFB Dividend Directions 2026?
Answer: Yes
Source: SEBI

The Manager or Sponsor shall have a continuing interest in the Alternative Investment Fund of not less than two and half percent of the corpus or five crore rupees, whichever is lower. For Category III Alternative Investment Fund, the continuing interest shall be not less than five percent of the corpus or ten crore rupees, whichever is lower. Each scheme of the Alternative Investment Fund shall have corpus of at least twenty crore rupees.

Question: For a Category I AIF with a scheme corpus of exactly twenty crore rupees, what is the minimum continuing interest the Manager or Sponsor must maintain — in crore rupees — as per SEBI AIF Regulations 2012?
Answer: 0.50 crore rupees (2.5% of 20 crore = 0.50 crore, which is lower than 5 crore)
Source: SEBI

Regulation 24A(2): A shareholder holding 10 per cent or more shares and/or voting rights in a credit rating agency shall not hold 10 per cent or more shares and/or voting rights, directly or indirectly, in any other credit rating agency. Provided that the said restriction shall not apply to holdings by Pension Funds, Insurance Schemes and Mutual Fund Schemes.

Question: Institution X holds 12% of the shares of CRA-1. It proposes to acquire a 9% stake in CRA-2. Would this acquisition violate Regulation 24A(2) of the SEBI (CRA) Regulations, 1999?
Answer: No, the proposed acquisition would not violate Regulation 24A(2). The restriction applies to a shareholder holding 10% or more in one CRA acquiring 10% or more in another CRA. Institution X already holds 12% (≥10%) in CRA-1. However, the proposed acquisition in CRA-2 is only 9%, which is below the 10% threshold. Since the combined holding in CRA-2 (9%) is less than 10%, the restriction under Regulation 24A(2) is not triggered. The acquisition is permissible.
Source: SEBI

Regulation 24(4): All rating decisions, including the decisions regarding changes in rating, shall be taken by the rating committee. (8) A credit rating agency shall not rate securities issued by it.

Question: Who has the authority to take rating decisions (including rating changes) under SEBI (CRA) Regulations, 1999? Can a CRA rate its own securities?
Answer: Under Regulation 24(4), all rating decisions — including decisions on changes in rating — must be taken by the rating committee. Individual analysts or management cannot unilaterally assign or change ratings. Under Regulation 24(8), a CRA is explicitly prohibited from rating securities issued by itself.
Source: SEBI

Regulation 13(h): the number of clients of a part-time investment adviser shall not exceed seventy-five in total at any point of time.

Question: A part-time investment adviser currently serves 68 clients. They plan to onboard 8 new clients in the coming week. After onboarding all 8 clients, how many total clients will the adviser have, and by how many would this exceed the regulatory limit? How many of the planned new clients can be legitimately onboarded?
Answer: Proposed total: 68 + 8 = 76 clients. The regulatory limit under Regulation 13(h) is 75 clients. Excess: 76 − 75 = 1 client. The adviser would exceed the limit by 1. Therefore, only 7 of the 8 planned new clients can be legitimately onboarded (68 + 7 = 75 = limit). The 8th client cannot be onboarded.
Source: SEBI

"institutional investor" means â€” (i) a qualified institutional buyer; or (ii) a family trust or an intermediary registered with the Board, having a net worth of more than five hundred crore rupees, as per the latest audited financial statements.

Question: Under SEBI (InvIT) Regulations 2014, does a family trust with a net worth of four hundred and ninety nine crore rupees (as per latest audited financial statements) qualify as an institutional investor?
Answer: No. The threshold is more than five hundred crore rupees; four hundred and ninety nine crore rupees falls below this threshold
Source: SEBI

Regulation 15(1) (pre-2018): Every credit rating agency shall, during the lifetime of securities rated by it continuously monitor the rating of such securities. Regulation 15(1) (as substituted by SEBI (CRA) (Amendment) Regulations, 2018, w.e.f. 30-05-2018): Every credit rating agency shall, during the lifetime of securities rated by it continuously monitor the rating of such securities, unless the rating is withdrawn, subject to the provisions of regulation 16(3).

Question: What change did the SEBI (CRA) (Amendment) Regulations, 2018 make to the continuous monitoring obligation under Regulation 15(1)?
Answer: The SEBI (Credit Rating Agencies) (Amendment) Regulations, 2018 (w.e.f. 30-05-2018) added a qualifying carveout to the continuous monitoring obligation in Regulation 15(1). The original version required CRAs to continuously monitor ratings 'during the lifetime of securities rated by it' with no exception. The 2018 amendment added the phrase 'unless the rating is withdrawn, subject to the provisions of regulation 16(3)' — clarifying that the monitoring obligation ceases if and when a rating is legitimately withdrawn in accordance with the conditions specified in Regulation 16(3) (i.e., winding up, merger, or as specified by the Board).
Source: SEBI

A request for prior approval, under clause (a) of sub regulation (1) which is complete in all respects shall be disposed off by the Board within a period of sixty days from the date of receipt of such request and where the decision of the Board has not been communicated to the intermediary within the said period of sixty days, the prior approval shall be deemed to have been granted.

Question: Under SEBI (Intermediaries) Regulations 2008, within how many days must SEBI dispose of a complete prior approval request for change in status or constitution? What is deemed to happen if SEBI fails to communicate its decision within this period?
Answer: Sixty days. If SEBI fails to communicate within sixty days, prior approval shall be deemed to have been granted.