Rajveer-code/IndiaFinBench huggingface dataset:
Source: RBI

Illustration 2: Net profit (PAT) for FY 20X1-X2 (A): 40,500 crore. Net NPAs as on March 31, 20X2 (B): 5,000 crore. Adjusted PAT i.e., (C) = (A) - 50% of (B): 38,000 crore. Tier 1 Capital ratio as on March 31, 20X1 (D): 15%. The CET1 ratio falls in bucket B5.

Question: A Small Finance Bank has a PAT of ₹40,500 crore and Net NPA of ₹5,000 crore. What is its Adjusted PAT as defined in the RBI SFB Dividend Directions 2026?
Answer: ₹38,000 crore. Calculation: ₹40,500 - (50% × ₹5,000) = ₹40,500 - ₹2,500 = ₹38,000 crore.
Source: RBI

Press Release dated March 21, 2026 — Auction of State Government Securities (Revised). The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on March 24, 2026 (Tuesday). Payment by successful bidders will be made during banking hours on March 25, 2026 (Wednesday).

Question: For the State Government securities auction covered in this revised press release, what is the sequence of key events from the announcement to settlement?
Answer: March 21, 2026 (revised press release issued) → March 24, 2026 (auction conducted on E-Kuber) → March 25, 2026 (payment by successful bidders).
Source: SEBI

Seventh Schedule — Restrictions on Investments. 9. No mutual fund [scheme] shall make any investment in— (a) any unlisted security of an associate or group company of the sponsor; or (b) any security issued by way of private placement by an associate or group company of the sponsor; or (c) the listed securities of group companies of the sponsor which is in excess of 25 per cent of the net assets.

Question: What two categories of securities of associate or group companies of the sponsor are absolutely prohibited for mutual fund investment under the Seventh Schedule?
Answer: Unlisted securities of an associate or group company of the sponsor; and securities issued by private placement by an associate or group company of the sponsor
Source: SEBI

Regulation 3(1): On and from the commencement of these regulations, no person shall act as an investment adviser or hold itself out as an investment adviser unless he has obtained a certificate of registration from the Board under these regulations.

Question: Under the SEBI (Investment Advisers) Regulations, 2013, can a person provide investment advisory services without first obtaining a certificate of registration from SEBI?
Answer: No. Regulation 3(1) prohibits any person from acting as an investment adviser or holding itself out as an investment adviser unless it has obtained a certificate of registration from the Board (SEBI) under these regulations.
Source: SEBI

Regulation 5(2): In case of an indirect acquisition where (a) the proportionate net asset value of the target company as a percentage of the consolidated NAV, (b) the proportionate sales turnover as a percentage of consolidated sales turnover, or (c) the proportionate market capitalisation as a percentage of enterprise value of the entity being acquired is in excess of eighty per cent, such indirect acquisition shall be regarded as a direct acquisition for all purposes including timing, pricing and compliance requirements.

Question: Under Regulation 5(2) of SEBI Takeovers Regulations 2011, under what condition is an indirect acquisition treated as a direct acquisition for all purposes of the regulations?
Answer: When the proportionate NAV, proportionate sales turnover, or proportionate market capitalisation of the target company exceeds 80% of the consolidated NAV, consolidated sales turnover, or enterprise value (respectively) of the entity being acquired, on the basis of the most recent audited annual financial statements.
Source: SEBI

Passage A:
Regulation 5(c) (original, pre-2018): the applicant has a minimum net worth of rupees five crores.

Passage B:
Regulation 5(c) (as substituted w.e.f. 30-05-2018): the applicant has a minimum net worth of rupees twenty five crore.

Question: Do the original and 2018-amended versions of Regulation 5(c) prescribe the same minimum net worth requirement for credit rating agency applicants?
Answer: No
Source: SEBI

Passage A:
Each scheme of the social impact fund shall have a corpus of at least five crore rupees.

Passage B:
Each scheme of the Alternative Investment Fund shall have corpus of at least twenty crore rupees.

Question: Do the two passages prescribe different minimum corpus requirements for social impact funds versus other AIF schemes?
Answer: Yes
Source: SEBI

Regulation 13(e): individuals registered as investment advisers whose number of clients exceed three hundred at any point of time or the fee collected during the financial year exceeds three crore rupees, whichever is earlier shall — (i) immediately intimate the Administration and Supervisory Body and initiate the process of transition from individual to non-individual investment adviser.

Question: An individual investment adviser currently has 287 clients. Over the next month, 18 new clients are onboarded. How many total clients does the adviser now have, and by how many clients does this exceed the regulatory threshold that triggers mandatory transition to non-individual status?
Answer: Total clients after onboarding: 287 + 18 = 305. The regulatory threshold under Regulation 13(e) is 300 clients. Excess above threshold: 305 − 300 = 5 clients. The adviser has exceeded the threshold by 5 clients and must immediately initiate the transition to non-individual investment adviser status.
Source: SEBI

Regulation 3(2): No acquirer who together with persons acting in concert holds 25% or more but less than the maximum permissible non-public shareholding, shall acquire within any financial year additional shares or voting rights entitling them to exercise more than five per cent of the voting rights, unless an open offer is made.

Question: An acquirer holds 28% voting rights in a listed company with 10 crore total shares outstanding. What is the maximum number of additional shares they can acquire in financial year 2024-25 without triggering a mandatory open offer under Regulation 3(2)?
Answer: 5% of 10 crore = 50 lakh shares.
Source: SEBI

Where the certificate was granted for a specified period, an application for grant of certificate under sub-regulation (1) shall be made by the intermediary at least three months prior to the expiry of such period or three months prior to expiry of two years from the commencement of these regulations in relation to such intermediary, whichever is earlier and if the intermediary fails to do so, it shall cease to act as an intermediary on and from the expiry of the aforementioned period.

Question: An intermediary's time-limited certificate expires in 18 months from the commencement of the SEBI (Intermediaries) Regulations 2008. Under this provision, when is the earliest date by which it must apply for renewal?
Answer: The intermediary must apply at least three months before the earlier of: (a) expiry of the certificate (15 months from commencement), or (b) three months before two years from commencement (21 months). Since the certificate expires at 18 months, three months before that is 15 months from commencement — which is earlier than 21 months. So it must apply by 15 months from commencement.
Source: SEBI

Regulation 2(1)(ab): 'accredited investor' means any person who is granted a certificate of accreditation by an accreditation agency who — (ii) in case of a body corporate, has net worth of at least fifty crore rupees.

Question: A body corporate has a net worth of Rs 45 crore. Can it qualify as an accredited investor under SEBI AIF Regulations, 2012? By how much does it fall short of the accredited investor threshold?
Answer: No. Under Regulation 2(1)(ab)(ii), a body corporate must have a net worth of at least Rs 50 crore to qualify as an accredited investor. With a net worth of Rs 45 crore, the body corporate falls short by Rs 5 crore (Rs 50 crore − Rs 45 crore = Rs 5 crore). It does not qualify as an accredited investor.
Source: SEBI

The SEBI (AIF) Regulations, 2012 were the first set of regulations governing the alternative investment fund industry in India in a consolidated manner. The provision permitting social impact funds to issue 'social units' and to raise funds from social investors was inserted by the SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2022, w.e.f 25.07.2022. Before July 2022, social impact funds could not issue social units under the AIF Regulations.

Question: Under SEBI AIF Regulations, from which date could social impact funds start issuing 'social units' under the AIF regulatory framework?
Answer: 25 July 2022, following the Third Amendment Regulations, 2022
Source: SEBI

The definition of 'associate' in SEBI ICDR Regulations was substituted by the SEBI (ICDR) (Amendment) Regulations, 2025, w.e.f. 08.03.2025. Prior to its substitution, 'associate' was defined as 'a person which is an associate of the issuer and as defined under the Companies Act, 2013'. After the amendment, 'associate' means a person or any entity which is an associate under sub-section (6) of section 2 of the Companies Act, 2013 or under the applicable accounting standards.

Question: Which amendment to SEBI ICDR Regulations broadened the definition of 'associate' to also include entities qualifying as associates under applicable accounting standards?
Answer: The SEBI (ICDR) (Amendment) Regulations, 2025, effective from 08.03.2025
Source: RBI

D. Profits ineligible for payment of dividend. 10. The following profits shall not be available for payment of dividend: (1) Any exceptional and / or extra-ordinary profits / income shall not be available for payment of dividend. (2) If the audit report by the statutory auditor contains a modified opinion that indicates an overstatement of the PAT, the same shall not be available for payment of dividend, to the extent it is included in PAT.

Question: What categories of profit are excluded from dividend payment eligibility under the RBI SFB Dividend Directions, 2026?
Answer: Any exceptional and/or extra-ordinary profits/income; and any overstatement of PAT identified in a modified audit opinion, to the extent included in PAT
Source: SEBI

Where the issuer desires to roll-over the municipal debt securities issued, it shall do so only upon passing of a special resolution to that effect and give twenty one days' notice of the proposed roll over to the holders of municipal debt securities: Provided that, if the holders of municipal debt securities do not provide consent for the proposed roll over within the notice period, the issuer shall redeem the municipal debt securities of such holders.

Question: Under SEBI (Issue and Listing of Municipal Debt Securities) Regulations 2015, if a roll-over notice is dispatched to holders on 5 May 2025, what is the earliest date on which the roll-over can take effect (assuming all holders consent)?
Answer: 26 May 2025 (after expiry of the twenty one days notice period from 5 May)
Source: RBI

Illustration 3: Net profit (PAT) for FY 20X1-X2 (A): ₹1,500 crore. Interim dividend paid for FY 20X1-20X2 (H): ₹500 crore. Maximum Eligible Dividend (G): ₹1,125 crore. As the bank has already paid interim dividend of ₹500 crore, the final dividend shall not be more than (G) - (H).

Question: In Illustration 3 of the RBI SFB Dividend Directions 2026, the bank paid interim dividend during FY 20X1-X2 before declaring the final dividend. What does this sequencing imply about when the Maximum Eligible Dividend constraint applies — at the time of the interim dividend, or cumulatively across both payments?
Answer: The constraint applies cumulatively across both payments. The Maximum Eligible Dividend (₹1,125 crore) is the total permitted across the full financial year. Since ₹500 crore has already been paid as interim dividend, the final dividend is capped at the remaining ₹625 crore (₹1,125 - ₹500).
Source: SEBI

Regulation 9(2): Any material alteration to the fund strategy shall be made with the consent of atleast two-thirds of unit holders by value of their investment in the Alternative Investment Fund.

Question: What level of investor consent is required to make a material alteration to an Alternative Investment Fund's strategy under SEBI AIF Regulations, 2012?
Answer: Under Regulation 9(2), any material alteration to the fund strategy requires the consent of at least two-thirds of unit holders by value of their investment in the Alternative Investment Fund.
Source: SEBI

Under the SEBI (Mutual Funds) Regulations, 1996, the minimum networth requirement for an asset management company was originally set at rupees ten crore. The SEBI (Mutual Funds) (Amendment) Regulations, 2014 (w.e.f. 06-05-2014) substituted this threshold with 'rupees fifty crore', raising the minimum networth requirement substantially. Existing AMCs that did not meet this higher threshold were given three years from the date of notification of the 2014 amendment to increase their networth to the revised limit.

Question: What minimum AMC networth was introduced by the SEBI (Mutual Funds) Amendment Regulations, 2014, replacing the original threshold?
Answer: Rupees fifty crore (replacing the original requirement of rupees ten crore)
Source: SEBI

Passage A:
Regulation 10 (original, 2013): The certificate of registration granted under regulation 9 shall be valid for a period of five years from the date of its issue.

Passage B:
Regulation 10 (as amended by the SEBI (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016, w.e.f. 08-12-2016): The certificate of registration granted under regulation 9 shall be valid till it is suspended or cancelled by the Board.

Question: Do these two versions of Regulation 10 impose the same validity period for an investment adviser's certificate of registration?
Answer: No
Source: RBI

These Directions shall be applicable to Small Finance Banks (SFBs) (hereinafter collectively referred to as 'banks' and individually as a 'bank').

Question: To which category of banks do the RBI (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026 apply?
Answer: Small Finance Banks (SFBs)
Source: SEBI

Regulation 14(g) (original): the client shall agree to obtain a rating from at least two different rating agencies for any issue of debt securities whose size is equal to or exceeds, rupees one hundred crores. [Substituted by SEBI (CRA) (Second Amendment) Regulations, 2011, w.e.f. 27-12-2011]: the client shall obtain a rating for any issue of debt securities in accordance with the relevant regulations.

Question: Under the original SEBI (CRA) Regulations, 1999, what was the mandatory dual-rating requirement for large debt issues, and when was it removed?
Answer: Under the original Regulation 14(g), a client was required to obtain ratings from at least two different credit rating agencies for any debt securities issue of Rs 100 crore or more. This mandatory dual-rating requirement was removed by the SEBI (Credit Rating Agencies) (Second Amendment) Regulations, 2011, with effect from 27 December 2011. The 2011 amendment replaced this specific dual-rating obligation with a general requirement to obtain a rating 'in accordance with the relevant regulations.'
Source: SEBI

These regulations shall come into force on the ninetieth day from the date of their publication in the Official Gazette.

Question: Under SEBI (Investment Advisers) Regulations 2013, on which day from the date of publication in the Official Gazette did the regulations come into force?
Answer: The ninetieth day
Source: SEBI

Regulation 15(1)(c): Category I and II of Alternative Investment Funds shall invest not more than twenty five per cent of the investable funds in an Investee Company directly or through investment in the units of other Alternative Investment Funds: Provided that large value funds for accredited investors of Category I and II may invest up to fifty percent of the investable funds in an investee company directly or through investment in the units of other Alternative Investment Funds.

Question: What is the single-investee concentration limit for Category I and II Alternative Investment Funds under SEBI AIF Regulations, 2012? Does this limit differ for large value funds for accredited investors?
Answer: Under Regulation 15(1)(c), Category I and II AIFs may invest not more than 25% of their investable funds in any single investee company (directly or through other AIF units). Large value funds for accredited investors in Category I and II may invest up to 50% of investable funds in a single investee company.
Source: SEBI

Regulation 30 (continual disclosures) was omitted by the SEBI (SAST) (Second Amendment) Regulations, 2021, w.e.f. 1-4-2022. Prior to omission, Regulation 30 required every person holding 25%+ and all promoters to disclose their aggregate shareholding as of March 31 each year within 7 working days from year-end. Regulation 29(1) was also substituted by the same amendment, shifting from requiring disclosure only by the acquirer doing the acquisition to requiring disclosure by any acquirer (together with PAC) whose aggregate acquisition reaches 5% or more.

Question: What happened to the annual continual disclosure requirement for promoters and major shareholders under SEBI Takeovers Regulations 2011, and when was it removed?
Answer: Regulation 30, which required every person holding 25% or more of voting rights and all promoters to disclose their aggregate shareholding as of March 31 each financial year (within 7 working days from year-end), was omitted by the Second Amendment Regulations, 2021, with effect from April 1, 2022. This was part of a broader overhaul of disclosure obligations, including changes to Regulation 29. The annual continual disclosure was likely subsumed into or replaced by disclosure requirements under the Listing Obligations and Disclosure Requirements Regulations, 2015.
Source: SEBI

The intermediary shall make endeavours to redress investor grievances promptly but not later than forty-five days of receipt thereof and when called upon by the Board to do so, shall furnish the details of such complaint and action taken therefor to the Board within the time specified by the Board.

Question: What is the maximum time within which an intermediary must redress investor grievances under SEBI (Intermediaries) Regulations, 2008?
Answer: Forty-five days of receipt of the grievance
Source: RBI

Annex I: Illustration 3: Computation of maximum eligible dividend for FY 20X1-X2. Net profit (PAT) for FY 20X1-X2 (A): Rs1,500 crore. Net NPAs as on March 31, 20X2 (B): Rs300 crore. Adjusted PAT, i.e., (C) = (A) - 50% of (B): Rs1,350 crore. Tier 1 capital ratio as on March 31, 20X1 (D): 24.36% (falls in Bucket B10). 75% of PAT (E): Rs1,125 crore. Maximum payable as per Table (100% of 1,350) (F): Rs1,350 crore. Maximum Eligible Dividend (G = Lower of E or F): Rs1,125 crore. Interim dividend paid for FY 20X1-20X2 (H): Rs500 crore. As the bank has already paid interim dividend of Rs500 crore, the final dividend shall not be more than (G) - (H).

Question: In Illustration 3, a bank has PAT of Rs1,500 crore, Net NPA of Rs300 crore, Tier 1 ratio of 24.36%, and has already paid interim dividend of Rs500 crore. What is the maximum final dividend it may pay?
Answer: Rs625 crore (maximum eligible dividend of Rs1,125 crore minus interim dividend already paid of Rs500 crore)
Source: SEBI

The promoters shall hold at least twenty per cent. of the post-issue capital: Provided that in case the post-issue shareholding of the promoters is less than twenty per cent., alternative investment funds, or foreign venture capital investors, or scheduled commercial banks, or public financial institutions, or insurance companies registered with the Insurance Regulatory and Development Authority of India or any non-individual public shareholder holding at least five per cent. of the post-issue capital may contribute to meet the shortfall in minimum contribution as specified for the promoters, subject to a maximum of ten per cent. of the post-issue capital.

Question: Under SEBI ICDR Regulations, 2018, what is the minimum percentage of post-issue capital that promoters must hold following a public issue?
Answer: At least twenty per cent.
Source: SEBI

Passage A:
Regulation 22 (original, 2013): Investment advisers which are banks, NBFCs and body corporate providing distribution or execution services to their clients shall keep their investment advisory services segregated from such activities: Provided that such distribution or execution services can only be offered subject to the following: (a) The client shall not be under any obligation to avail the distribution or execution services offered by the investment adviser. (b) The investment adviser shall maintain arms length relationship between its activities as investment adviser and distribution or execution services. (c) All fees and charges paid to distribution or execution service providers by the client shall be paid directly to the service providers and not through the investment adviser.

Passage B:
Regulation 22 (as substituted by SEBI (Investment Advisers) (Amendment) Regulations, 2020, w.e.f. 30-09-2020): (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. (3) A non-individual investment adviser shall have client level segregation at group level for investment advisory and distribution services.

Question: Does the original Regulation 22 (2013) and the 2020-amended Regulation 22 permit individual investment advisers to simultaneously provide both advisory and distribution services to the same client?
Answer: No
Source: RBI

C. Definitions. 4. In these Directions, unless the context states otherwise, the terms herein shall bear the meanings assigned to them below. (1) 'Adjusted Profit After Tax (PAT)' means PAT of the financial year for which the dividend is proposed to be paid minus 50 per cent of Net NPA as on March 31 of the financial year for which the dividend is to be paid.

Question: How is 'Adjusted Profit After Tax (PAT)' defined under the RBI SFB Dividend Directions, 2026?
Answer: PAT of the financial year minus 50 per cent of Net NPA as on March 31 of the financial year for which the dividend is to be paid
Source: SEBI

Regulation 28E(m)(iv): [Category I ESG rating provider] maintain a minimum liquid net worth of rupees five crores at all times: at the time of making the application, the applicant shall have a minimum liquid net worth of the higher of, A. rupees ten crores, or B. addition of rupees five crores and the target on cumulative cash losses until breakeven.

Question: A Category I ESG rating provider applicant projects cumulative cash losses of Rs 6 crore until breakeven. What is the minimum liquid net worth the applicant must demonstrate at the time of filing the registration application?
Answer: The minimum liquid net worth at application time is the higher of: (A) Rs 10 crore, or (B) Rs 5 crore + projected cumulative cash losses until breakeven = Rs 5 crore + Rs 6 crore = Rs 11 crore. Since Rs 11 crore > Rs 10 crore, the minimum required liquid net worth at application time is Rs 11 crore.
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 (as currently in force), what minimum net worth must a family trust or a Board-registered intermediary have to qualify as an institutional investor?
Answer: More than five hundred crore rupees, as per the latest audited financial statements