Rajveer-code/IndiaFinBench huggingface dataset:
Source: SEBI

Regulation 28E(m)(iv): [Category I ESG rating provider] the applicant shall maintain a minimum liquid net worth of rupees five crores at all times: Provided that 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: What are the ongoing and application-time liquid net worth requirements for a Category I ESG rating provider under SEBI (CRA) Regulations, 1999?
Answer: Under Regulation 28E(m)(iv), a Category I ESG rating provider must maintain a minimum liquid net worth of Rs 5 crore at all times on an ongoing basis. At the time of making the application for registration, the applicant must have a minimum liquid net worth equal to the higher of: (A) Rs 10 crore, or (B) Rs 5 crore plus the applicant's own projected target of cumulative cash losses until its targeted breakeven date.
Source: SEBI

Passage A:
Regulation 7(1)(a) (pre-2025): 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.

Passage B:
Regulation 7(1)(a) (as substituted w.e.f. 25-11-2025): A graduate degree or any equivalent educational qualification from a university or institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or CFA Charter from the CFA Institute, and relevant certification from NISM or from any other organization or institution accredited by NISM.

Question: Do the pre-2025 and post-2025 versions of Regulation 7(1)(a) impose the same educational qualification requirement on individual investment advisers?
Answer: No
Source: SEBI

Passage A:
Promoters' holding in excess of minimum promoters' contribution shall be locked-in for a period of six months from the date of allotment in the initial public offer.

Passage B:
The entire pre-issue capital held by persons other than the promoters shall be locked-in for a period of six months from the date of allotment in the initial public offer.

Question: Do the two passages prescribe different lock-in durations for excess promoters' shares versus non-promoter pre-issue shares in an IPO?
Answer: No
Source: SEBI

Passage A:
Regulation 2(1)(pa) (before November 2025 amendment): 'large value fund for accredited investors' means an Alternative Investment Fund or scheme of an Alternative Investment Fund in which each investor (other than the Manager, Sponsor, employees or directors of the Alternative Investment Fund or employees or directors of the Manager) is an accredited investor and invests not less than seventy crore rupees.

Passage B:
Regulation 2(1)(pa) (as amended w.e.f. 19-11-2025): 'large value fund for accredited investors' means an Alternative Investment Fund or scheme of an Alternative Investment Fund in which each investor (other than the Manager, Sponsor, employees or directors of the Alternative Investment Fund or employees or directors of the Manager) is an accredited investor and invests not less than twenty-five crore rupees.

Question: Does the original definition of 'large value fund for accredited investors' and the November 2025-amended definition impose the same minimum investment threshold per investor?
Answer: No
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 immediately initiate the process of transition from individual to non-individual investment adviser.

Question: An individual investment adviser collected fees of Rs 2.65 crore in the first eight months of the financial year. In the ninth month they collected Rs 0.22 crore and in the tenth month Rs 0.18 crore. At the end of which month is the fee-based transition threshold breached, and what is the total fee at that point?
Answer: Cumulative fees: After 8 months = Rs 2.65 crore. After month 9: 2.65 + 0.22 = Rs 2.87 crore (threshold of Rs 3 crore not yet breached). After month 10: 2.87 + 0.18 = Rs 3.05 crore (exceeds Rs 3 crore). The fee threshold is breached at the end of the 10th month, when total fees reach Rs 3.05 crore. Excess above threshold = Rs 3.05 − Rs 3.00 = Rs 0.05 crore.
Source: SEBI

Regulation 24A(1): A credit rating agency shall not: (a) directly or indirectly, hold 10 per cent or more shareholding and/or voting rights in any other credit rating agency, or (b) have representation on the Board of any other credit rating agency. (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: What shareholding restrictions apply between credit rating agencies under SEBI (CRA) Regulations, 1999? Are there any exemptions?
Answer: Under Regulation 24A, a CRA may not directly or indirectly hold 10% or more shareholding or voting rights in any other CRA, and may not have board representation in any other CRA. Additionally, any shareholder holding 10% or more in one CRA may not hold 10% or more (directly or indirectly) in any other CRA. There is an exemption: these cross-shareholding restrictions do not apply to holdings by Pension Funds, Insurance Schemes, and Mutual Fund Schemes.
Source: SEBI

Appointment of an asset management company. 20. (1) The sponsor or, if so authorised by the trust deed, the trustee, shall appoint an asset management company, which has been approved by the Board under sub-regulation (2) of regulation 21. (2) The appointment of an asset management company can be terminated by majority of the trustees or by seventy-five per cent of the unitholders of the scheme. (3) Any change in the appointment of the asset management company shall be subject to prior approval of the Board and the unitholders.

Question: Under SEBI (Mutual Funds) Regulations, 1996, who has the authority to terminate the appointment of an asset management company?
Answer: Majority of the trustees or by seventy-five per cent of the unitholders of the scheme
Source: RBI

C. Quantum of dividend payable. 8. Table 1: Bucket B1 — Tier 1 Capital Ratio up to 7.5%: Dividend allowed as 0 per cent of adjusted PAT. Bucket B10 — Tier 1 Capital Ratio above 19.5%: Dividend allowed as 100 per cent of adjusted PAT for the period.

Question: Under the RBI SFB Dividend Directions, 2026, what are the permitted dividend percentages of Adjusted PAT for an SFB in Bucket B1 (Tier 1 ratio ≤7.5%) versus Bucket B10 (Tier 1 ratio >19.5%)?
Answer: Bucket B1: 0 per cent of Adjusted PAT; Bucket B10: 100 per cent of Adjusted PAT
Source: RBI

Government of India (GoI) has announced the sale (re-issue) of two dated securities:
1. 6.68% GS 2040 — ₹17,000 crore, repayment Jul 07, 2040
2. 7.43% GS 2076 — ₹12,000 crore, repayment Jan 19, 2076
Settlement Date: April 06, 2026

Question: In the GoI dated securities auction announced on March 28, 2026, what is the total notified amount for the 7.43% GS 2076 security, and what fraction of the total auction amount does it represent?
Answer: ₹12,000 crore. It represents approximately 41.4% of the total notified amount (₹12,000 ÷ ₹29,000 × 100 ≈ 41.4%).
Source: SEBI

Passage A:
The issuer shall send notice to all the eligible holders of such non-convertible securities and the debenture trustee at least twenty-one days before the date from which such right is exercisable.

Passage B:
Where the issuer is unable to obtain the assent of required number of shareholders, the issuer shall redeem that part of the instruments within one month from the last date of the redemption period.

Question: Do the two passages impose the same advance notice period for different types of securities actions under SEBI regulations?
Answer: No
Source: RBI

Annex I: Illustration 2: Computation of maximum permissible dividend for FY 20X1-X2. Net profit (PAT) for FY 20X1-X2 (A): Rs40,500 crore. Net NPAs as on March 31, 20X2 (B): Rs5,000 crore. Adjusted PAT, i.e., (C) = (A) - 50% of (B): Rs38,000 crore. Tier 1 Capital ratio as on March 31, 20X1 (D): 15% (falls in Bucket B5). 75% of PAT (E): Rs30,375 crore. Max payable as per Table 1 (50% of 38,000) (F): Rs19,000 crore. Maximum Eligible Dividend (i.e., Lower of E or F): Rs19,000 crore.

Question: In Illustration 2 of the RBI SFB Dividend Directions, 2026, a bank has PAT of Rs40,500 crore, Net NPA of Rs5,000 crore, and Tier 1 ratio of 15%. What is the maximum eligible dividend?
Answer: Rs19,000 crore (50% of Adjusted PAT of Rs38,000 crore, which is lower than 75% of PAT of Rs30,375 crore)
Source: SEBI

No acquirer, who together with persons acting in concert with him, has acquired and holds shares or voting rights entitling him to exercise twenty-five per cent or more but less than the maximum permissible non-public shareholding in the target company, shall acquire within any financial year additional shares or voting rights in such target company entitling them to exercise more than five per cent of the voting rights, unless the acquirer makes a public announcement of an open offer for acquiring shares.

Question: Under SEBI Takeover Regulations 2011, an acquirer holding 25% or more in a target company may acquire up to what percentage of additional voting rights in a financial year without triggering an open offer obligation?
Answer: More than five per cent of the voting rights
Source: SEBI

Regulation 3(1): No acquirer shall acquire shares or voting rights in a target company which taken together with shares or voting rights held by him and by persons acting in concert entitle them to exercise twenty-five per cent or more of the voting rights in such target company unless the acquirer makes a public announcement of an open offer.

Question: Under Regulation 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, what voting rights threshold triggers the mandatory open offer obligation?
Answer: 25% or more of the voting rights in the target company (when combined with shares held by the acquirer and persons acting in concert).
Source: SEBI

Funds registered as venture capital funds under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 shall be governed by the said regulations for a period of five years from the commencement of the SEBI (AIF) Regulations, 2012, provided that the existing fund shall not increase the targeted corpus of the fund. Venture capital funds may seek registration under the AIF Regulations as migrated venture capital funds in terms of Chapter III-D, within twelve months of notification of the relevant regulations.

Question: Under SEBI AIF Regulations 2012, how long could funds registered under the earlier SEBI Venture Capital Funds Regulations, 1996 continue to be governed by those older regulations before being required to migrate?
Answer: Five years from the commencement of the SEBI (AIF) Regulations, 2012
Source: SEBI

Where the mutual fund fails to receive the minimum subscription amount referred to in the offer document, the asset management company shall refund the subscription amount to the applicants without any exit load. If seventy-five per cent of the unit holders of a scheme pass a resolution for its winding up, the trustees shall wind up such scheme, and shall initiate the winding up process within forty-five calendar days from the date of publication of notice under sub-regulation.

Question: Under SEBI Mutual Funds Regulations, what percentage of unit holders must pass a resolution to trigger the winding up of a mutual fund scheme?
Answer: Seventy-five per cent of the unit holders
Source: SEBI

Passage A:
"independent research analyst" means a person whose only business activity is research analysis or preparation and/or publication of research report.

Passage B:
"part-time research analyst" means an individual or a partnership firm who for consideration, is engaged in the business of providing research services and is also engaged in any other business activity or employment.

Question: Do the definitions of 'independent research analyst' and 'part-time research analyst' under SEBI (Research Analysts) Regulations 2014 describe the same type of professional?
Answer: No
Source: SEBI

Where a certificate has been granted to an intermediary on a permanent basis, the certificate may continue to be valid under these regulations subject to the condition that the intermediary shall, within two years of commencement of these regulations in relation to such intermediary, furnish the information in Form A to the Board and upload the information in Part I thereof on the website specified by the Board: Provided that the time specified in clause (b) may be extended by the Board up to a period of six months on sufficient reasons being shown by the intermediary.

Question: Under SEBI (Intermediaries) Regulations 2008, an intermediary holding a permanent certificate at the time of commencement of these regulations must furnish Form A information within two years. What is the maximum total time available if SEBI grants an extension?
Answer: Two years plus up to six months extension, for a maximum of two and a half years from the commencement of these regulations.
Source: SEBI

Regulation 24(1): Before ordering an inspection under regulation 23, the Board shall give not less than ten days notice to the investment adviser. (2) Notwithstanding anything contained in sub-regulation (1), where the Board is satisfied that in the interest of the investors no such notice should be given, it may by an order in writing direct that the inspection of the affairs of the investment adviser be taken up without such notice.

Question: How much advance notice must SEBI give to an investment adviser before ordering an inspection under SEBI IA Regulations, 2013? Under what circumstances can SEBI dispense with this notice?
Answer: Under Regulation 24(1), the Board must give not less than ten days notice to the investment adviser before ordering an inspection. However, under Regulation 24(2), if the Board is satisfied that in the interest of investors no such notice should be given, it may by an order in writing direct that the inspection be taken up without notice — effectively enabling immediate inspections when investor interests so require.
Source: SEBI

Regulation 3(4): Alternative Investment Funds shall seek registration in one of the categories mentioned hereunder — (a) 'Category I AIF' which invests in start-up or early stage ventures or social ventures or SMEs or infrastructure or other sectors which the government or regulators consider as socially or economically desirable — includes venture capital funds, SME Funds, angel funds, social impact funds, infrastructure funds, special situation funds; (b) 'Category II AIF' which does not fall in Category I and III and which does not undertake leverage or borrowing other than as permitted in these regulations — includes private equity funds or debt funds; (c) 'Category III AIF' which employs diverse or complex trading strategies and may employ leverage including through investment in listed or unlisted derivatives — includes hedge funds.

Question: What are the three categories of Alternative Investment Funds under SEBI (AIF) Regulations, 2012, and what is the key distinguishing characteristic of each?
Answer: Under Regulation 3(4): Category I AIFs invest in start-ups, early stage ventures, social ventures, SMEs, infrastructure, or sectors considered socially/economically desirable — includes venture capital funds, SME funds, angel funds, social impact funds, and infrastructure funds. Category II AIFs are those that do not fall in Category I or III and do not undertake leverage beyond what is permitted in these regulations — includes private equity funds and debt funds. Category III AIFs employ diverse or complex trading strategies and may employ leverage through listed or unlisted derivatives — includes hedge funds.
Source: SEBI

An anchor investor means a qualified institutional buyer who makes an application for a value of at least ten crore rupees in a public issue on the main board made through the book building process in accordance with these regulations or makes an application for a value of at least two crore rupees for an issue made in accordance with Chapter IX of these regulations.

Question: What is the minimum application value for an entity to qualify as an anchor investor in a public issue on the main board under SEBI ICDR Regulations, 2018?
Answer: At least ten crore rupees
Source: SEBI

A REIT shall have a minimum asset size of five hundred crore rupees or more for the purpose of issuing units to at least two hundred investors so as to be listed on a recognised stock exchange. The net asset value or NAV means the value of the REIT assets reduced by the external debt divided by the number of outstanding units as on a particular date.

Question: Under SEBI REIT Regulations 2014, what is the minimum asset size required for a REIT to issue units for listing on a recognised stock exchange?
Answer: Five hundred crore rupees or more
Source: RBI

Andhra Pradesh: 1500 (17 year), 1500 (20 year), 900 (25 year) — all yield-based auctions. Total amount to be raised by Andhra Pradesh: 3900 crore.

Question: How much in total is Andhra Pradesh seeking to raise across all three of its securities in the revised State Government auction of March 21, 2026?
Answer: ₹3,900 crore. Calculation: ₹1,500 + ₹1,500 + ₹900 = ₹3,900 crore.
Source: SEBI

Disqualification from being appointed as trustees. 16. (3) No asset management company and no director (including independent director), officer or employee of an asset management company shall be eligible to be appointed as a trustee of any mutual fund.

Question: Under SEBI (Mutual Funds) Regulations, 1996, are directors, officers or employees of an AMC eligible to be appointed as trustees of any mutual fund?
Answer: No. No asset management company and no director (including independent director), officer or employee of an asset management company shall be eligible to be appointed as a trustee of any mutual fund.
Source: RBI

The Board of Directors while considering the proposal for declaration of dividend of a bank shall consider the following: (1) The divergence in asset classification and provisioning for Non-Performing Assets (NPAs), including its trend, as observed under supervisory findings of the Reserve Bank; (2) Auditors' Report to the financial statements, including modified opinion or Emphasis of Matter, for the financial year in which the dividend is proposed; (3) Current and projected capital position vis-a-vis applicable regulatory capital requirement; and (4) Long term growth plans.

Question: What four factors must the Board of Directors of a Small Finance Bank consider when evaluating a dividend proposal under the RBI SFB Dividend Directions 2026?
Answer: 1. Divergence in NPA classification and provisioning as observed in RBI supervisory findings; 2. Auditors' Report including modified opinion or Emphasis of Matter; 3. Current and projected capital position versus regulatory capital requirement; 4. Long term growth plans.
Source: SEBI

The stock exchange, the clearing corporation, the depository or the specified self regulatory organization, as the case may be, shall examine the eligibility of the applicant in terms of these regulations, relevant regulations and the rules, regulations or bye-laws of the concerned stock exchange, clearing corporation, depository or the self regulatory organization and forward the application with the application fees to the Board along with its recommendation as early as possible but not later than thirty days of receipt of the complete application with the specified application fees.

Question: Within how many days must a stock exchange forward a completed registration application to SEBI after receiving it?
Answer: Thirty days
Source: SEBI

The minimum promoters' contribution lock-in was originally set at three years from the date of commencement of commercial production or allotment, whichever is later. This was subsequently substituted by the SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2021, w.e.f. 13.08.2021, replacing the three-year lock-in with eighteen months from the date of allotment in the initial public offer (except where proceeds are used for capital expenditure).

Question: Which lock-in regime for minimum promoters' contribution applied before 13 August 2021 — three years or eighteen months?
Answer: Three years from the date of commencement of commercial production or date of allotment, whichever is later
Source: SEBI

An issuer shall be eligible to make an initial public offer only if: (a) it has net tangible assets of at least three crore rupees, calculated on a restated and consolidated basis, in each of the preceding three full years (of twelve months each), of which not more than fifty per cent. are held in monetary assets; (b) it has an average operating profit of at least fifteen crore rupees, calculated on a restated and consolidated basis, during the preceding three years (of twelve months each), with operating profit in each of these preceding three years; (c) it has a net worth of at least one crore rupees in each of the preceding three full years (of twelve months each), calculated on a restated and consolidated basis.

Question: What is the minimum average operating profit an issuer must have over the preceding three years to be eligible to make an initial public offer under SEBI ICDR Regulations, 2018?
Answer: At least fifteen crore rupees
Source: SEBI

Passage A:
Regulation 3(1): No acquirer shall acquire shares or voting rights in a target company which taken together entitle them to exercise twenty-five per cent or more of the voting rights in such target company unless the acquirer makes a public announcement of an open offer.

Passage B:
Regulation 3(5): For the purpose of this regulation, any reference to 'twenty-five per cent' in case of listed entity which has listed its specified securities on Innovators Growth Platform shall be read as 'forty-nine per cent'.

Question: Do Regulation 3(1) and Regulation 3(5) of SEBI Takeovers Regulations 2011 contradict each other about the shareholding threshold triggering a mandatory open offer?
Answer: No
Source: SEBI

Government and Government related investors such as central banks, sovereign wealth funds, international or multilateral organizations or agencies including entities controlled or at least 75% directly or indirectly owned by such Government and Government related investor(s).

Question: Under SEBI (FPI) Regulations 2019, if a government-linked entity is 70% directly owned by a sovereign government, does it qualify as a Category I foreign portfolio investor on the basis of government ownership?
Answer: No. The minimum threshold for government ownership is at least seventy-five per cent; seventy per cent is below this threshold