Rajveer-code/IndiaFinBench huggingface dataset:
Source: SEBI

Passage A:
"delisting" means permanent removal of equity shares of the company from the trading platform of a recognised stock exchange, either by way of voluntary or compulsory method.

Passage B:
A company shall not buy-back its shares or other specified securities so as to delist its shares or other specified securities from the stock exchange.

Question: Do the two passages together suggest that a company can use buy-back as a mechanism to achieve delisting of its shares?
Answer: No
Source: SEBI

Regulation 8 (Networth, pre-2024): (1) Investment advisers who are non-individuals shall have a net worth of not less than fifty lakh rupees. (2) Investment advisers who are individuals shall have net tangible assets of value not less than five lakh rupees: Provided that existing investment advisers shall comply with the networth requirement within three years from the date of commencement of the SEBI (Investment Advisers) (Amendment) Regulations, 2020. [Substituted as 'Deposit' by SEBI (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024.]

Question: What was the networth requirement for non-individual investment advisers under the SEBI (Investment Advisers) Regulations, 2013 before the 2024 amendment substituted it with a 'deposit' requirement?
Answer: Before the substitution by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2024 (w.e.f. 16-12-2024), Regulation 8 required non-individual investment advisers to have a net worth of not less than fifty lakh rupees. Individual investment advisers were required to have net tangible assets of not less than five lakh rupees. The 2024 amendment replaced these specific numerical thresholds with a 'deposit' of such sum as specified by the Board from time to time.
Source: SEBI

Regulation 13(2): Category I and II Alternative Investment Fund or schemes launched by such funds shall have a minimum tenure of three years. Regulation 13(5): Extension of the tenure of the close ended Alternative Investment Fund may be permitted up to two years subject to approval of two-thirds of the unit holders by value of their investment in the Alternative Investment Fund: Provided that an Accredited Investors only fund may be permitted to extend its tenure up to five years.

Question: A Category II AIF was registered with a scheme tenure of 5 years. The tenure has now expired and unit holders are considering an extension. (a) What is the maximum total tenure (including extension) for a regular Category II AIF? (b) What would it be if the fund were an Accredited Investors only fund?
Answer: (a) Regular Category II AIF: Original tenure = 5 years + maximum extension = 2 years (subject to 2/3 unit holder approval). Maximum total tenure = 7 years. (b) Accredited Investors only fund: Original tenure = 5 years + maximum extension = 5 years (subject to 2/3 unit holder approval). Maximum total tenure = 10 years. Note: the minimum tenure of 3 years (Reg 13(2)) is only a floor; the actual tenure is as determined at registration.
Source: RBI

E. Reporting system. 11. A bank declaring dividend shall report details thereof as per the format prescribed in Annex II. The report shall be furnished to the Department of Supervision of the Reserve Bank within a fortnight of declaration of dividend.

Question: Within what period must an SFB submit its dividend declaration report to the RBI's Department of Supervision?
Answer: Within a fortnight of declaration of dividend
Source: SEBI

Seventh Schedule (historical). Clause 5 (now omitted): The initial issue expenses in respect of any scheme may not exceed six per cent of the funds raised under that scheme. (This clause was omitted by the SEBI (Mutual Funds) (Amendment) Regulations, 2008, w.e.f. 16-4-2008.)

Question: What was the maximum initial issue expense ratio for a mutual fund scheme under the original Seventh Schedule, and when was this provision omitted?
Answer: Six per cent of funds raised; the clause was omitted w.e.f. 16-4-2008
Source: SEBI

Seventh Schedule — Restrictions on Investments. 3. Transfers of investments from one scheme to another scheme in the same mutual fund shall be allowed only if,— (a) such transfers are done at the prevailing market price for quoted instruments on spot basis. Explanation.— 'Spot basis' shall have same meaning as specified by stock exchange for spot transactions; (b) the securities so transferred shall be in conformity with the investment objective of the scheme to which such transfer has been made.

Question: On what price basis must inter-scheme transfers of quoted securities between schemes of the same mutual fund be conducted?
Answer: At the prevailing market price for quoted instruments on spot basis
Source: SEBI

Eligibility criteria for appointment of asset management company. 21. (1) For grant of approval of the asset management company the applicant has to fulfill the following:— (d) the board of directors of such asset management company has at least fifty per cent directors, who are not associate of, or associated in any manner with, the sponsor or any of its subsidiaries or the trustees; (e) the Chairman of the asset management company is not a trustee of any mutual fund.

Question: What minimum proportion of the board of directors of an AMC must comprise directors who are not associated with the sponsor, its subsidiaries, or the trustees?
Answer: At least fifty per cent
Source: SEBI

Regulation 16(2)(a): at least seventy-five percent of the investable funds shall be invested in unlisted equity shares or equity linked instruments of a venture capital undertaking or in companies listed or proposed to be listed on a SME exchange or SME segment of an exchange: Provided that the investment conditions specified in clause (a) shall be achieved by the fund by the end of its life cycle.

Question: What minimum percentage of investable funds must a venture capital fund (which is a sub-category of Category I AIF) invest in qualifying instruments under SEBI AIF Regulations, 2012?
Answer: Under Regulation 16(2)(a), at least 75% of the investable funds of a venture capital fund must be invested in unlisted equity shares or equity-linked instruments of a venture capital undertaking, or in companies listed or proposed to be listed on an SME exchange or SME segment of an exchange. This 75% threshold must be achieved by the fund by the end of its life cycle.
Source: SEBI

Valuation of investments. 47. The asset management company shall compute and carry out valuation of investments made by the scheme(s) of the mutual fund in accordance with the investment valuation norms specified in the Eighth Schedule and publish the same.

Question: Which Schedule of SEBI (Mutual Funds) Regulations specifies the norms for valuation of mutual fund scheme investments, and what must the AMC do after computing valuations?
Answer: Eighth Schedule; the AMC shall publish the valuations
Source: SEBI

The trading member/clearing member/self-clearing member/professional clearing member shall comply with the following minimum net worth requirements: Trading Member — 1 crore; Self-Clearing Member — 5 crore; Clearing Member — 15 crore; Professional Clearing Member — 50 crore. The stock broker may act as an underwriter only out of its own net worth/funds and the underwriting obligation shall not exceed twenty times of the net worth.

Question: Under SEBI Stock Brokers Regulations 2026, what is the minimum net worth requirement for a Professional Clearing Member?
Answer: 50 crore
Source: RBI

Reserve Bank of India will also be conducting switches of dated securities through auction on the third Monday of every month or at more frequent intervals. In case the third Monday is a holiday, switch auction will be conducted on the fourth Monday of the month.

Question: Under the RBI GoI issuance calendar for H1 FY2026-27, if the third Monday of a month is a public holiday, on which day is the switch auction conducted instead?
Answer: On the fourth Monday of that month.
Source: SEBI

Regulation 12(1): Prior to making a public announcement, the acquirer shall appoint a merchant banker registered with the Board, who is not an associate of the acquirer, as the manager to the open offer. (2) The public announcement of the open offer shall be made by the acquirer through such manager to the open offer.

Question: What is the key independence requirement for the manager to the open offer under Regulation 12(1) of SEBI Takeovers Regulations 2011?
Answer: The manager to the open offer must be a SEBI-registered merchant banker who is not an associate of the acquirer.
Source: SEBI

Passage A:
A mutual fund scheme shall not invest more than 5% of its NAV in the unlisted equity shares or equity related instruments in case of open ended scheme and 10% of its NAV in case of close ended scheme.

Passage B:
All investments by a mutual fund scheme in equity shares and equity related instruments shall only be made provided such securities are listed or to be listed.

Question: Do Passage A and Passage B permit mutual fund schemes to hold any unlisted equity instruments?
Answer: No
Source: RBI

Passage A:
The bank shall not be under any explicit restrictions for declaration of dividends from the Reserve Bank or any other authority.

Passage B:
The Reserve Bank reserves the right to place restrictions on distribution of dividend where a bank is found to be non-compliant with the applicable laws, regulations / guidelines issued by the Reserve Bank.

Question: Are the two passages contradictory regarding RBI's authority over Small Finance Bank dividend declarations?
Answer: No
Source: SEBI

Regulation 18(4): Irrespective of whether a competing offer has been made, an acquirer may make upward revisions to the offer price at any time prior to the commencement of the last one working day before the commencement of the tendering period. Substituted by the SEBI (SAST) (Second Amendment) Regulations, 2018, w.e.f. 11-09-2018. Prior to its substitution, it read 'three working days'.

Question: How was the deadline for making upward revisions to the offer price changed under Regulation 18(4) of SEBI Takeovers Regulations 2011 by the 2018 amendments?
Answer: Prior to the 2018 amendment, an acquirer could make upward revisions to the offer price up to three working days before the commencement of the tendering period. The Second Amendment Regulations, 2018 (effective September 11, 2018) reduced this window to one working day before the commencement of the tendering period, tightening the timeline for last-minute price revisions.
Source: SEBI

Subject to compliance with the provisions of the Act, these regulations and the relevant regulations, the certificate granted to an intermediary shall be permanent unless surrendered by the intermediary or suspended or cancelled in accordance with these regulations.

Question: Under what three circumstances can a permanent certificate granted to an intermediary under SEBI (Intermediaries) Regulations 2008 cease to be valid?
Answer: If the certificate is surrendered by the intermediary, or suspended, or cancelled in accordance with the regulations.
Source: SEBI

who, apart from receiving director's remuneration, does not have any or has had no material pecuniary relationship with the InvIT, its Holdco and/or SPV, parties to the InvIT, its holding company, the subsidiary or associate or their promoters or directors, during the three immediately preceding financial years... the aggregate of which in relation to points (A) to (D) shall not exceed two percent of its gross turnover or total income or fifty lakh rupees or such higher amount as may be specified from time to time, whichever is lower.

Question: Under SEBI (InvIT) Regulations 2014, what is the combined monetary cap on permissible pecuniary relationships with the InvIT for a person to qualify as an independent director of the investment manager?
Answer: Two per cent of its gross turnover or total income, or fifty lakh rupees, whichever is lower
Source: SEBI

A recognised stock exchange shall not be eligible for recognition if any person, individually or together with persons acting in concert with such person, acquires or holds or controls more than five per cent of the paid-up equity share capital of the recognised stock exchange, unless the prior written approval of the Board has been obtained. Provided that the limit of five per cent shall be fifteen per cent in the case of stock exchanges, depositories, banking companies, insurance companies, and public financial institutions.

Question: Under SEBI Stock Exchanges and Clearing Corporations Regulations 2018, what is the maximum shareholding percentage a single entity can hold in a recognised stock exchange without prior written approval of the Board?
Answer: Five per cent of the paid-up equity share capital
Source: RBI

A bank declaring dividend shall report details thereof as per the format prescribed in Annex II. The report shall be furnished to the Department of Supervision of the Reserve Bank within a fortnight of declaration of dividend.

Question: After declaring a dividend, within what time period must a Small Finance Bank submit its dividend report to the Department of Supervision of the Reserve Bank?
Answer: Within a fortnight (two weeks) of the declaration of dividend.
Source: SEBI

Regulation 8(2) (as amended by 2011 Amendment): certificate of initial registration valid for 5 years. Regulation 8A (inserted by 2011 Amendment): application for permanent registration to be made 3 months before expiry of initial certificate. [Regulation 8A omitted and Regulation 8(2) substituted by the Change in Conditions of Registration of Certain Intermediaries (Amendment) Regulations, 2016 w.e.f. 08-12-2016.] Current Regulation 8(2): valid unless suspended or cancelled.

Question: Describe the evolution of the certificate validity regime for credit rating agencies under SEBI (CRA) Regulations, 1999 from the original regulations through to the current position.
Answer: The evolution of certificate validity for CRAs under SEBI (CRA) Regulations, 1999 went through three stages: (1) Original (1999): The original regulation prescribed a fixed validity period of three years for the certificate of registration. (2) 2011 Amendment (w.e.f. 05-07-2011): SEBI (CRA) (Amendment) Regulations, 2011 introduced a two-stage regime — an 'initial registration' valid for five years, after which the CRA could apply for 'permanent registration' (application to be made three months before expiry of the initial certificate). (3) 2016 Amendment (w.e.f. 08-12-2016): The SEBI (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 abolished both the initial/permanent registration distinction and all fixed validity periods — the certificate is now valid in perpetuity unless suspended or cancelled by SEBI.
Source: SEBI

Regulation 8(8): Where the acquirer has acquired or agreed to acquire any shares or voting rights in the target company during the offer period at a price higher than the offer price, the offer price shall stand revised to the highest price paid or payable for any such acquisition. Provided that no such acquisition shall be made after the third working day prior to the commencement of the tendering period and until the expiry of the tendering period.

Question: What happens to the offer price if an acquirer purchases shares of the target company during the offer period at a price higher than the declared offer price under Regulation 8(8)?
Answer: The offer price automatically stands revised to the highest price paid or payable for such acquisition. However, no such acquisition is permitted after the third working day prior to the commencement of the tendering period and during the tendering period.
Source: SEBI

Passage A:
buy-back from the open market through the stock exchange shall not be allowed with effect from April 1, 2025.

Passage B:
A company may buy-back its shares or other specified securities by any one of the following methods: (a) from the existing shareholders on a proportionate basis through the tender offer; (b) from the open market through book-building process; stock exchange.

Question: Do the two passages together indicate that open-market buy-back through stock exchanges is permitted under SEBI (Buy-Back of Securities) Regulations 2018?
Answer: No
Source: SEBI

An application in respect of any specified proceeding pending before the Board shall not be considered if it is made after sixty days from the date of service of the notice to show cause. Where the application is filed after sixty calendar days from the expiry of the period specified in sub-regulation (1), the settlement amount determined in accordance with Schedule-II shall be increased. No such delayed application shall be considered if the application is filed after one hundred and twenty calendar days from the expiry of the sixty-day period.

Question: Under SEBI Settlement Proceedings Regulations 2018, what is the total maximum number of calendar days from the date of service of a show cause notice within which a settlement application can be filed (including the initial sixty-day window and the additional delayed period)?
Answer: 180 calendar days (60 days initial window + 120 days additional delayed period = 180 days total)
Source: SEBI

Regulation 2(1)(ga) (inserted by SEBI (AIF) (Second Amendment) Regulations, 2023, w.e.f. 15-06-2023): 'Corporate Debt Market Development Fund' means an Alternative Investment Fund set up and making investments in terms of Chapter III-C of these regulations.

Question: When was the Corporate Debt Market Development Fund (CDMDF) category introduced under SEBI AIF Regulations, 2012?
Answer: The Corporate Debt Market Development Fund was introduced by the Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2023, with effect from 15 June 2023. The CDMDF is defined as an Alternative Investment Fund set up and making investments in accordance with Chapter III-C of the AIF Regulations.
Source: SEBI

Regulation 22: Every credit rating agency shall, within two month's from the date of the auditor's report, take steps to rectify the deficiencies if any, made out in the auditor's report, insofar as they relate to the activity of rating of securities.

Question: An auditor submits a report to a CRA on October 3, 2025, identifying deficiencies in its rating activities. What is the deadline by which the CRA must take steps to rectify these deficiencies under SEBI (CRA) Regulations, 1999?
Answer: The CRA must take steps to rectify the deficiencies within two months from the date of the auditor's report. Date of report: October 3, 2025. Adding two months: December 3, 2025. The deadline for rectification is December 3, 2025.
Source: SEBI

Each intermediary shall prominently display a photocopy of the certificate at all its offices including branch offices. The intermediary shall also prominently display the name and contact details of the compliance officer to whom complaint may be made in the event of any investor grievance.

Question: What two things must a SEBI-registered intermediary prominently display at all its offices, including branch offices?
Answer: A photocopy of the certificate of registration, and the name and contact details of the compliance officer.
Source: RBI

For transactions that are reportable in India and in a foreign jurisdiction and the foreign jurisdiction has a sooner reporting timeline, market participants may undertake reasonable efforts to ensure that the UTI is obtained and reported within the reporting deadline for the transaction. In case the market participant is unable to obtain the UTI within the reporting deadline, the market participant may obtain and submit the UTI to CCIL-TR at the earliest thereafter, but in any case, within five Mumbai business days from the date of the transaction.

Question: Under the RBI Master Direction on UTI 2026, if a market participant cannot obtain the UTI in time for a cross-border transaction, what is the maximum additional time allowed to submit the UTI to CCIL-TR?
Answer: Within five Mumbai business days from the date of the transaction.
Source: RBI

C. Quantum of dividend payable. 8. 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. Table 1: Bucket B4 — Tier 1 Capital Ratio above 11.5% and up to 13.5%: Dividend allowed as 40 per cent of adjusted PAT for the period.

Question: Under the RBI SFB Dividend Directions, 2026, what percentage of Adjusted PAT may an SFB with a Tier 1 Capital Ratio between 11.5% and 13.5% (Bucket B4) pay as dividend?
Answer: 40 per cent of Adjusted PAT
Source: RBI

Passage A:
As hitherto, all the auctions covered by the calendar will have the facility of non-competitive bidding under which five per cent of the notified amount will be reserved for the specified retail investors.

Passage B:
Government Stock up to 5% of the notified amount for sale of individual security will be allotted to the eligible individuals and institutions under the Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities.

Question: Do both passages state the same percentage of the notified amount reserved for non-competitive bidding in Government Securities auctions?
Answer: Yes
Source: SEBI

The draft offer document filed with the designated stock exchange shall be made public by posting the same on the website of the designated stock exchange for seeking public comments for a period of fifteen days from the date of filing the draft offer document with such exchange and shall be available for download in PDF / HTML formats.

Question: Under SEBI (Issue and Listing of Municipal Debt Securities) Regulations 2015, for how many days must the draft offer document be publicly available on the designated stock exchange's website for public comments?
Answer: Fifteen days
Source: SEBI

Seventh Schedule — Restrictions on Investments. 4. A scheme may invest in another scheme under the same asset management company or any other mutual fund without charging any fees, provided that aggregate inter-scheme investment made by all schemes under the same management or in schemes under the management of any other asset management company shall not exceed 5% of the net asset value of the mutual fund: Provided that this clause shall not apply to any fund of funds scheme.

Question: What is the maximum aggregate inter-scheme investment that all schemes under one AMC's management may collectively make in other mutual funds?
Answer: 5 per cent of the net asset value of the mutual fund (this restriction does not apply to fund of funds schemes)
Source: SEBI

Regulation 9(d): the credit rating agency shall at all times maintain a minimum net worth of rupees twenty five crore. Provided that a credit rating agency already registered with the Board having a net worth less than rupees twenty five crores, shall increase its net worth to the specified amount within a period of three years from the date of notification of the SEBI (CRA) (Amendment) Regulations, 2018.

Question: What ongoing net worth requirement must a credit rating agency maintain at all times under SEBI (CRA) Regulations, 1999? What transitional relief was provided for existing CRAs?
Answer: Under Regulation 9(d), a credit rating agency must at all times maintain a minimum net worth of Rs twenty-five crore. Existing CRAs that were already registered and had a net worth below Rs twenty-five crore at the time of the 2018 amendment were given transitional relief — they must increase their net worth to the Rs 25 crore minimum within three years from the date of notification of the SEBI (CRA) (Amendment) Regulations, 2018.