Rajveer-code/IndiaFinBench huggingface dataset:
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 Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2018.

Question: A credit rating agency registered with SEBI had a net worth of Rs 18 crore at the time the 2018 Amendment Regulations were notified. By how much must it increase its net worth to comply with the requirement, and by when?
Answer: The minimum required net worth is Rs 25 crore. The CRA's current net worth is Rs 18 crore. Required increase = Rs 25 crore − Rs 18 crore = Rs 7 crore. The CRA must increase its net worth by Rs 7 crore within three years from the date of notification of the SEBI (CRA) (Amendment) Regulations, 2018.
Source: SEBI

Regulation 10(1)(b)(viii): Invocation of pledge by Scheduled Commercial Banks or Public Financial Institutions as a pledgee was listed as an acquisition in the ordinary course of business exempt from open offer obligations. Regulation 29(4) proviso: the disclosure requirement on encumbrance does not apply to a scheduled commercial bank or public financial institution or a housing finance company or a systemically important non-banking financial company as pledgee. The housing finance company and SBNFC exemption was inserted by the Third Amendment Regulations, 2018, w.e.f. 31-12-2018.

Question: When were housing finance companies and systemically important NBFCs added to the list of pledgees exempt from disclosure obligations under the encumbrance provisions of SEBI Takeovers Regulations, and what was the scope of the original exemption?
Answer: The original exemption in Regulation 29(4) covered only scheduled commercial banks and public financial institutions acting as pledgees in ordinary business. The Third Amendment Regulations, 2018, effective December 31, 2018, expanded this to also include housing finance companies (registered with NHB, deposit-taking or with asset size of Rs 500 crore or more) and systemically important non-banking financial companies. The expansion recognised the growing role of these institutions as lenders against pledged shares.
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; and (ii) apply for grant of in-principle approval for registration as non-individual investment adviser within 3 months from the date on which the threshold is reached.

Question: Under SEBI IA Regulations, 2013, what dual threshold triggers the mandatory transition of an individual investment adviser to non-individual status, and what must the IA do upon breaching the threshold?
Answer: An individual investment adviser must transition to non-individual status when either: (i) the number of clients exceeds 300 at any point of time, OR (ii) the fee collected during the financial year exceeds Rs 3 crore — whichever occurs earlier. Upon breaching the threshold, the IA must immediately intimate the Administration and Supervisory Body and initiate the transition process, and must apply for in-principle approval for non-individual registration within 3 months from the date the threshold is reached.
Source: RBI

Foreign Exchange Reserves: Gold — As on Mar. 13, 2026: ₹12,08,169 crore / US$ 130,681 million. Variation over Year: ₹5,60,895 crore / US$ 56,289 million.

Question: What was the value of India's gold reserves as on March 13, 2026 in US dollar terms, and what was the increase over the year?
Answer: Gold reserves as on March 13, 2026: US$ 130,681 million. Increase over the year: US$ 56,289 million.
Source: SEBI

Regulation 26(1): No credit rating agency shall rate a security issued by its promoter. (2) In case promoter is a lending institution, its Chairman, director or employee shall not be a Chairman, director or employee of credit rating agency or its rating committee.

Question: Under SEBI (CRA) Regulations, 1999, can a credit rating agency rate the securities of its own promoter? What additional restriction applies when the promoter is a lending institution?
Answer: No. Under Regulation 26(1), a CRA is prohibited from rating any security issued by its promoter. Under Regulation 26(2), if the promoter is a lending institution, there is an additional structural restriction — no Chairman, director, or employee of the lending institution-promoter may simultaneously be a Chairman, director, or employee of the credit rating agency or its rating committee.
Source: RBI

Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026 (RBI/2025-26/391, dated March 10, 2026) shall come into effect from Financial Year (FY) 2026-27. Annex III lists the circular repealed: DO R.ACC.REC.118/21-02-067/2025-26 dated November 28, 2025 — Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividends) Directions, 2025.

Question: From which financial year do the RBI (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026 take effect, and which earlier circular do they repeal?
Answer: From Financial Year (FY) 2026-27; they repeal the circular dated November 28, 2025 (DO R.ACC.REC.118/21-02-067/2025-26)
Source: SEBI

Regulation 28A(1): The Board may, exempt any person or class of persons from the operation of all or any of the provisions of these regulations for a period as may be specified but not exceeding twelve months, for furthering innovation relating to testing new products, processes, services, business models, etc. in live environment of regulatory sandbox in the securities markets.

Question: A fintech company seeks a regulatory sandbox exemption from SEBI under the SEBI (Investment Advisers) Regulations, 2013. SEBI grants an initial exemption of 8 months. If SEBI grants an extension, what is the maximum total duration of the regulatory sandbox exemption permissible under these regulations?
Answer: Under Regulation 28A(1), a regulatory sandbox exemption may be granted for a period not exceeding twelve months. Regardless of extensions, the total exemption duration cannot exceed 12 months. Even though an initial 8-month exemption was granted, the maximum total duration permissible is 12 months. Any extension beyond the initial 8 months can be for at most 4 more months.
Source: SEBI

Regulation 18: (1) Every credit rating agency — (a) shall make public the definitions of the concerned rating, along with the symbol and, (b) shall also state that the ratings do not constitute recommendations to buy, hold or sell any securities. (2) Every credit rating agency shall make available to the general public information relating to the rationale of the ratings, which shall cover an analysis of the various factors justifying a favourable assessment, as well as factors constituting a risk.

Question: What disclosure obligations about rating definitions and rationale must a credit rating agency comply with under SEBI (CRA) Regulations, 1999?
Answer: Under Regulation 18, a CRA must: (1) make public the definitions of the concerned rating with the symbol, and must state that ratings do not constitute recommendations to buy, hold, or sell any securities; and (2) make available to the general public information on the rationale of its ratings, which must cover both factors justifying a favourable assessment and factors constituting a risk.
Source: SEBI

Regulation 15(1)(e): Alternative Investment Fund shall not invest except with the approval of seventy five percent of investors by value of their investment in the Alternative Investment Fund in — (a) associates; or (b) units of Alternative Investment Funds managed or sponsored by its Manager, Sponsor or associates of its Manager or Sponsor.

Question: Under SEBI AIF Regulations, 2012, what investor approval is required before an AIF can invest in its associate companies or in units of other AIFs managed by the same manager or sponsor?
Answer: Under Regulation 15(1)(e), an AIF requires the approval of 75% of investors by value of their investment before investing in: (a) its associates, or (b) units of AIFs managed or sponsored by its Manager, Sponsor, or their associates.
Source: SEBI

Regulation 21(1) (original, pre-2023): An investment adviser shall redress client grievances promptly. [As amended by SEBI (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023, w.e.f. 18-08-2023]: The Investment Adviser shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board.

Question: When was the specific 21-calendar-day deadline for redressing investor grievances introduced for investment advisers, and what did the regulation previously require?
Answer: The 21-calendar-day deadline for redressing investor grievances was introduced by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023, with effect from 18 August 2023. Prior to this amendment, Regulation 21(1) of the SEBI (Investment Advisers) Regulations, 2013 only required that an investment adviser 'redress client grievances promptly' — a qualitative standard with no specific numerical time limit.
Source: SEBI

Regulation 3(2): No acquirer who together with persons acting in concert has acquired and holds in accordance with these regulations shares or voting rights entitling them to exercise twenty-five per cent 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 the acquirer makes a public announcement of an open offer.

Question: An acquirer holds 30% voting rights in a target company. What is the maximum additional percentage of voting rights they can acquire in a single financial year under Regulation 3(2) without triggering an open offer?
Answer: 5% of voting rights per financial year.
Source: SEBI

Seventh Schedule. 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.

Question: The total NAV of all schemes managed by an AMC is Rs2,000 crore. What is the maximum aggregate investment these schemes may collectively make in other mutual fund schemes?
Answer: Rs100 crore (5% of Rs2,000 crore)
Source: SEBI

Passage A:
Regulation 8 (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.

Passage B:
Regulation 8 (as substituted by SEBI (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024): (1) An investment adviser shall maintain a deposit of such sum, as specified by the Board from time to time. (2) The deposit shall be maintained in such a form or manner as may be specified by the Board.

Question: Do the original Regulation 8 and the 2024-amended Regulation 8 impose the same financial requirement on non-individual investment advisers?
Answer: No
Source: RBI

Karnataka: 2000 (05 year), 2000 (08 year), 2000 (10 year and 06 months), 2000 (11 year and 06 months), 2000 (15 year) — all yield-based.

Question: What is the total amount Karnataka is raising across all its five securities in the revised State Government auction of March 24, 2026?
Answer: ₹10,000 crore. Calculation: ₹2,000 × 5 securities = ₹10,000 crore.
Source: SEBI

"SPV" or "special purpose vehicle" means any company or LLP â€” a. in which either the InvIT or the holdco holds or proposes to hold controlling interest and not less than fifty one per cent of the equity share capital or interest... b. which holds not less than ninety per cent of its assets directly in infrastructure projects and does not invest in other SPVs.

Question: Under SEBI (InvIT) Regulations 2014, what minimum percentage of its assets must a Special Purpose Vehicle (SPV) hold directly in infrastructure projects?
Answer: Not less than ninety per cent
Source: SEBI

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, if an entity associated with the InvIT has a gross turnover of ten crore rupees, what is the maximum permissible pecuniary relationship an independent director candidate may have with it â€” applying the two per cent cap or the fifty lakh rupee cap?
Answer: Twenty lakh rupees (two per cent of ten crore rupees, being lower than fifty lakh rupees â€” the rule applies whichever is lower)
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. The buy-back period means the period between the date of board of directors resolution or date of declaration of results of the postal ballot for special resolution, as the case may be, to authorize buyback of shares and the date on which payment of consideration to shareholders who have accepted the buyback offer is made.

Question: A company completed its buy-back (i.e., made the final payment to shareholders) on June 15, 2025. What is the earliest date on which it can launch its next buy-back offer?
Answer: June 15, 2026 — one year from the expiry date (June 15, 2025) of the buyback period of the preceding offer.
Source: SEBI

Regulation 10(b): each scheme of the Alternative Investment Fund shall have corpus of at least twenty crore rupees: Provided that each scheme of the social impact fund shall have a corpus of at least five crore rupees.

Question: What is the minimum corpus requirement for each scheme of an Alternative Investment Fund under SEBI AIF Regulations, 2012? Does this requirement differ for social impact funds?
Answer: Under Regulation 10(b), each scheme of an AIF must have a corpus of at least Rs twenty crore. However, for social impact funds, each scheme must have a corpus of at least Rs five crore — a reduced threshold recognizing the social purpose of such funds.
Source: SEBI

Passage A:
Regulation 8(2) (pre-2016, as inserted by 2011 Amendment): The certificate of initial registration granted under sub-regulation (1) shall be valid for a period of five years from the date of its issue to the applicant.

Passage B:
Regulation 8(2) (as substituted w.e.f. 08-12-2016): The certificate of registration granted under sub-regulation (1) shall be valid unless it is suspended or cancelled by the Board.

Question: Do these two versions of Regulation 8(2) impose the same validity period for a credit rating agency's certificate of registration?
Answer: No
Source: RBI

A bank which satisfies the eligibility criteria 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.

Illustration 1: Net profit (PAT) for FY 20X1-X2 (A): ₹17,000 crore. 75% of PAT (E): ₹12,750. Max payable as per Table 1 (F): ₹5,500. Maximum Eligible Dividend (i.e., Lower of E or F): 5,500.

Question: Under RBI SFB Dividend Directions 2026, the Maximum Eligible Dividend is the lower of 75% of PAT or the Table 1 limit. For a bank with PAT of ₹17,000 crore and a Table 1 limit of ₹5,500 crore, what is the Maximum Eligible Dividend?
Answer: ₹5,500 crore. This is the lower of 75% of PAT (₹12,750 crore) and the Table 1 limit (₹5,500 crore).
Source: SEBI

Clause 11 of the Seventh Schedule previously read: '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.' This was substituted by the SEBI (Mutual Funds) (Second Amendment) Regulations, 2019 (w.e.f. 23-09-2019) to require that: '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: What fundamental change did the SEBI (Mutual Funds) Second Amendment Regulations, 2019 make to the treatment of unlisted equity instruments under the Seventh Schedule?
Answer: Replaced the limited allowance for unlisted equity (5% for open-ended, 10% for close-ended) with a complete requirement that all equity investments be in listed or to-be-listed securities
Source: SEBI

Provided that where an issuer has filed a shelf offer document, not more than four public issuances shall be made through a single shelf offer document.

Question: Under SEBI (Issue and Listing of Municipal Debt Securities) Regulations 2015, what is the maximum number of public issuances permitted under a single shelf offer document?
Answer: Not more than four
Source: SEBI

The trustee shall review the transactions carried out between the investment manager and its associates and where the investment manager has advised that there may be a conflict of interest, shall obtain confirmation from a practising chartered accountant or valuer, as applicable, that such transaction is on arm's length basis.

Question: Under SEBI (InvIT) Regulations 2014, when a conflict of interest is flagged in a transaction between the investment manager and its associates, from whom must the trustee obtain confirmation that the transaction is at arm's length?
Answer: A practising chartered accountant or valuer, as applicable
Source: SEBI

The SEBI (Mutual Funds) (Third Amendment) Regulations, 2021 (w.e.f. 08-12-2021) expanded the definition of 'mutual fund'. Before this amendment, the definition covered investment in securities, money market instruments, gold or gold related instruments, and real estate assets. The Third Amendment added 'silver or silver related instruments' as a new permissible asset class and inserted a proviso permitting mutual fund schemes investing in exchange traded commodity derivatives to hold the underlying goods in case of physical settlement of such contracts.

Question: What new asset class was added to the permissible investment universe in the 'mutual fund' definition by the SEBI (Mutual Funds) Third Amendment Regulations of December 2021?
Answer: Silver or silver related instruments
Source: RBI

Auction Week 1 (April 01-03, 2026): ₹29,000 crore — (i) 15 Year for ₹17,000 crore (ii) 50 Year for ₹12,000 crore.
Auction Week 2 (April 06-10, 2026): ₹34,000 crore — (i) 10 Year for ₹34,000 crore.

Question: In the GoI securities issuance calendar for H1 FY2026-27, what is the combined amount to be auctioned in the first two auction weeks (April 01-03 and April 06-10, 2026)?
Answer: ₹63,000 crore. Calculation: ₹29,000 (Week 1) + ₹34,000 (Week 2) = ₹63,000 crore.
Source: SEBI

The decision of the Board to reject the application shall be communicated to the applicant within thirty days of such decision.

Question: Under SEBI (InvIT) Regulations 2014, within how many days must SEBI communicate a decision to reject an application for a certificate of registration to the applicant?
Answer: Within thirty days
Source: SEBI

Regulation 28E(n)(i): [Category II ESG rating provider] maintain minimum liquid net worth of rupees ten lakh 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 twenty lakhs; or B. addition of rupees ten lakhs and the target on cumulative cash losses until breakeven.

Question: A Category II ESG rating provider applicant projects cumulative cash losses of Rs 8 lakh until breakeven. What is the minimum liquid net worth at application time, and how does it compare to the ongoing maintenance requirement?
Answer: At application time, the minimum is the higher of: (A) Rs 20 lakh, or (B) Rs 10 lakh + Rs 8 lakh (projected losses) = Rs 18 lakh. Since Rs 20 lakh > Rs 18 lakh, the minimum liquid net worth at application time is Rs 20 lakh. The ongoing maintenance requirement is Rs 10 lakh. Therefore, the application-time requirement (Rs 20 lakh) is double the ongoing maintenance requirement (Rs 10 lakh).
Source: SEBI

Regulation 21(1): The Investment Adviser shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance.

Question: An investor lodges a grievance with an investment adviser on March 5, 2025. What is the regulatory deadline by which the investment adviser must redress the grievance under SEBI IA Regulations, 2013?
Answer: Under Regulation 21(1), the investment adviser must redress the grievance not later than 21 calendar days from the date of receipt. March 5, 2025 + 21 calendar days = March 26, 2025. The regulatory deadline for redressal is March 26, 2025.
Source: SEBI

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. (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. [Substituted by SEBI (IA) (Amendment) Regulations, 2020, w.e.f. 30-09-2020 to require: individual IAs cannot provide distribution services; non-individual IAs to have client-level segregation at group level.]

Question: What was the original scope of Regulation 22 in the SEBI (Investment Advisers) Regulations, 2013, and how did the 2020 amendment fundamentally change its coverage?
Answer: The original Regulation 22 (2013) was titled 'Segregation of execution services' and applied only to investment advisers that are banks, NBFCs, and body corporates which also provide distribution or execution services. Such entities could continue offering distribution services alongside advice provided they maintained operational segregation, ensured clients were not obligated to avail distribution services, maintained arms-length relationships, and ensured fees were paid directly to service providers. Individual investment advisers were not explicitly covered. The SEBI (Investment Advisers) (Amendment) Regulations, 2020 (w.e.f. 30-09-2020) completely substituted Regulation 22 — retitling it 'Client level segregation of advisory and distribution activities.' The 2020 version imposed a complete prohibition on individual investment advisers (and their families) from providing distribution services, and replaced the prior operational-segregation approach for non-individual entities with a stricter client-level segregation at the group level.
Source: SEBI

A trust deed for securing the issue of debentures shall be executed by the issuer in favour of the independent trustee or debenture trustee, as applicable, within three months of the closure of the issue.

Question: Under the original SEBI (Issue and Listing of Debt Securities by Municipalities) Regulations 2015 (as in force before the 2019 Amendment), if the issue closed on 1 January 2018, what was the latest date by which the trust deed had to be executed?
Answer: By 1 April 2018 (three months from the closure of the issue on 1 January 2018)