Rajveer-code/IndiaFinBench huggingface dataset:
Source: SEBI

Regulation 15(14) (inserted by SEBI (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024): An investment adviser who uses Artificial Intelligence tools, irrespective of the scale and scenario of adoption of such tools, for servicing its clients shall be solely responsible for the security, confidentiality, integrity of the client data, use of any other information or data to arrive at investment advice, investment advice based on output of Artificial Intelligence tools and compliance with any law for the time being in force.

Question: When was the regulatory obligation regarding the use of Artificial Intelligence tools by investment advisers first introduced under SEBI IA Regulations, 2013, and what does it require?
Answer: The obligation regarding the use of Artificial Intelligence tools was first introduced by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, with effect from 16 December 2024 (Regulation 15(14)). It requires that any investment adviser using AI tools for servicing clients — irrespective of the scale or nature of AI adoption — shall be solely responsible for: the security, confidentiality, and integrity of client data; any other information or data used to arrive at investment advice; investment advice based on the output of AI tools; and compliance with all applicable laws.
Source: SEBI

Passage A:
Regulation 16(2)(a) (pre-2021): at least two-thirds 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.

Passage B:
Regulation 16(2)(a) (as substituted w.e.f. 13-08-2021): 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: Do the original and the 2021-amended versions of Regulation 16(2)(a) impose the same minimum investment requirement on venture capital funds in qualifying instruments?
Answer: No
Source: SEBI

Regulation 17(4): In the event of the escrow account being created by way of a bank guarantee or by deposit of securities, the acquirer shall also ensure that at least one per cent of the total consideration payable is deposited in cash with a scheduled commercial bank as a part of the escrow account.

Question: An acquirer's total consideration payable under an open offer is Rs 600 crore. Under Regulation 17(1), the required escrow is Rs 235 crore. The acquirer intends to fund the entire escrow via bank guarantee. What minimum cash amount must they additionally deposit with a scheduled commercial bank?
Answer: At least 1% of total consideration payable = 1% of Rs 600 crore = Rs 6 crore must be deposited in cash.
Source: SEBI

Seventh Schedule — Restrictions on Investments. 1. A mutual fund scheme shall not invest more than 10% of its NAV in debt instruments comprising money market instruments and non-money market instruments issued by a single issuer which are rated not below investment grade by a credit rating agency authorised to carry out such activity under the Act. Such investment limit may be extended to 12% of the NAV of the scheme with the prior approval of the Board of Trustees and Board of Directors of the asset management company: Provided that such limit shall not be applicable for investments in Government Securities, treasury bills and triparty repo on Government securities or treasury bills.

Question: Under the Seventh Schedule of SEBI (Mutual Funds) Regulations, what is the standard investment limit for debt instruments issued by a single issuer, and under what approval can it be extended to 12% of NAV?
Answer: 10% of NAV; may be extended to 12% with prior approval of both the Board of Trustees and the Board of Directors of the AMC
Source: SEBI

The SEBI Takeover Regulations 2011 came into force on the thirtieth day from the date of their publication on 23 September 2011. The phrase 'is required to be made under these regulations' in the definition of 'frequently traded shares' was substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2018, w.e.f. 11-09-2018. Prior to this amendment, the phrase read as 'is made'.

Question: Before September 2018, what phrase was used in the SEBI Takeover Regulations 2011 in the definition of 'frequently traded shares' in place of 'is required to be made under these regulations'?
Answer: Is made
Source: SEBI

The Board may issue observations, if any, within 21 working days from the date of filing of the scheme information document. The exit load of an open-ended mutual fund scheme shall not exceed three per cent of the applicable net asset value. Any exit load charged to the investors shall be credited to the respective scheme.

Question: Under SEBI Mutual Funds Regulations, what is the maximum exit load that an open-ended mutual fund scheme can charge investors?
Answer: Three per cent of the applicable net asset value
Source: SEBI

Regulation 16(4): The Board shall give its comments on the draft letter of offer as expeditiously as possible but not later than fifteen working days of the receipt of the draft letter of offer and in the event of no comments being issued by the Board within such period, it shall be deemed that the Board does not have comments to offer. Provided that in the event the Board has sought clarifications or additional information, the period for issuance of comments shall be extended to the fifth working day from the date of receipt of satisfactory reply.

Question: Under Regulation 16(4) of SEBI Takeovers Regulations 2011, within how many working days must SEBI give its comments on the draft letter of offer, and what is the consequence if no comments are given within that period?
Answer: SEBI must give its comments within 15 working days of receipt of the draft letter of offer. If no comments are issued within this period, it is deemed that SEBI does not have comments to offer. If SEBI seeks clarifications, the deadline extends to the fifth working day from receipt of a satisfactory reply.
Source: SEBI

No acquirer shall acquire shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, 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 for acquiring shares of such target company.

Question: Under SEBI Takeover Regulations 2011, at what threshold of voting rights does an acquirer become obligated to make a public announcement of an open offer?
Answer: Twenty-five per cent or more of the voting rights
Source: SEBI

Passage A:
An application may be withdrawn at any time prior to the communication of the decision of the Board. An applicant who withdraws an application shall not be permitted to make another application in respect of the same default.

Passage B:
In a case where an application was earlier rejected by the Board on the ground that the applicant did not remit the settlement amount within the period specified, such an application may be considered subject to an increase of atleast fifty percent over the settlement amount determined in accordance with Schedule-II of these Regulations.

Question: Do the two passages contradict each other regarding whether a second settlement application can ever be made for the same default?
Answer: No
Source: RBI

These Directions shall be called the Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026. These Directions shall come into effect from Financial Year (FY) 2026-27.

Question: From which financial year do the Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026 come into effect?
Answer: Financial Year 2026-27
Source: SEBI

Regulation 15(1)(e) (pre-2021): AIF shall not invest in associates except with approval of 75% of investors. [Substituted w.e.f. 05-05-2021 by SEBI (AIF) (Second Amendment) Regulations, 2021]: AIF shall not invest except with approval of 75% of investors in — (a) associates; or (b) units of AIFs managed or sponsored by its Manager, Sponsor or associates of its Manager or Sponsor.

Question: What change did the SEBI (AIF) (Second Amendment) Regulations, 2021 make to the scope of related-party investment restrictions under Regulation 15(1)(e)?
Answer: The SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2021 (w.e.f. 05-05-2021) expanded the scope of Regulation 15(1)(e). Before the amendment, the 75% investor approval requirement applied only to investments in associates. The 2021 amendment added a second category: the approval requirement was extended to also cover investments in units of Alternative Investment Funds managed or sponsored by the Manager, Sponsor, or their associates — a category of related-party investment not previously subject to the 75% consent requirement.
Source: SEBI

Regulation 4(i): Any person who provides investment advice exclusively to clients based out of India: Provided that persons providing investment advice to Non-Resident Indian or Person of Indian Origin shall fall within the purview of these regulations.

Question: A person based in India provides investment advice exclusively to foreign clients. Does this person need to register as an investment adviser under SEBI IA Regulations, 2013? Would the answer differ if some of those foreign clients are Non-Resident Indians?
Answer: A person providing investment advice exclusively to clients based outside India is exempt from registration under Regulation 4(i). However, if any of the overseas clients are Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs), the exemption does not apply to advice given to those persons — they fall within the purview of these regulations, meaning the adviser must be registered with SEBI to advise NRIs/PIOs.
Source: SEBI

Seventh Schedule. 9. No mutual fund [scheme] shall make any investment in...the listed securities of group companies of the sponsor which is in excess of 25 per cent of the net assets, except for investments by equity oriented exchange traded funds and index funds.

Question: What maximum percentage of a mutual fund scheme's net assets may be invested in listed securities of group companies of the sponsor (for non-ETF/index-fund schemes)?
Answer: 25 per cent of the net assets
Source: RBI

Scheduled Commercial Banks — Aggregate Deposits as on Feb. 28, 2026: Outstanding: ₹25,190,181 crore. Year-on-Year growth: 2026 — 11.9%.

Question: What was the year-on-year growth rate of aggregate deposits of Scheduled Commercial Banks in India as of February 28, 2026?
Answer: 11.9%
Source: SEBI

Regulation 5A was substituted by the SEBI (SAST) (Third Amendment) Regulations, 2021, w.e.f. 6-12-2021. The original Regulation 5A (inserted by the SEBI (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013) read: 'The acquirer may delist the company in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009.' The new Regulation 5A provides a detailed delisting offer framework referencing the Delisting Regulations, 2021 and includes a two-attempt structure.

Question: How did the SEBI Takeovers Regulations provisions on combined open offer and delisting evolve from 2013 to 2021?
Answer: In 2013, a basic Regulation 5A was inserted allowing an acquirer making an open offer to also delist under the Delisting Regulations, 2009, with specific disclosure conditions. In December 2021, the Third Amendment Regulations substituted the old Regulation 5A with a comprehensive new framework referencing the updated Delisting Regulations, 2021. The new Regulation 5A introduced: (a) detailed conditions for acquirer eligibility; (b) a two-payment structure (indicative price if delisting threshold met, open offer price if not); (c) a two-attempt delisting structure; and (d) updated timelines for withdrawal announcements.
Source: SEBI

Regulation 10(f) (as amended by SEBI (AIF) (Third Amendment) Regulations, 2025, w.e.f. 19-11-2025): no scheme of the Alternative Investment Fund shall have more than one thousand investors: Provided that accredited investors shall be excluded while computing the number of investors in a scheme of an Alternative Investment Fund. [Prior to this amendment, all investors including accredited investors were counted toward the 1,000 cap.]

Question: What change did the SEBI (AIF) (Third Amendment) Regulations, 2025 make to how the 1,000-investor cap is calculated for an AIF scheme?
Answer: The SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2025 (w.e.f. 19-11-2025) amended Regulation 10(f) to exclude accredited investors from the computation of the 1,000-investor cap. Prior to this amendment, all investors (including accredited investors) were counted toward the 1,000-investor limit. After the 2025 amendment, accredited investors are not counted — only non-accredited investors are subject to the 1,000-investor ceiling. This effectively allows AIF schemes to have more than 1,000 total investors provided the excess consists of accredited investors.
Source: SEBI

Regulation 7(1): The open offer for acquiring shares to be made by the acquirer and persons acting in concert under regulation 3 and regulation 4 shall be for at least twenty six per cent of total shares of the target company, as of tenth working day from the closure of the tendering period.

Question: Under Regulation 7(1) of SEBI Takeovers Regulations 2011, what is the minimum open offer size for a mandatory open offer triggered under Regulations 3 or 4?
Answer: At least 26% of the total shares of the target company (as of the tenth working day from the closure of the tendering period).
Source: SEBI

Regulation 16(1) fee table: Up to ten crore rupees — Rs 5,00,000; More than ten crore rupees but not more than one thousand crore rupees — 0.5% of the offer size; More than one thousand crore rupees — Rs 5,00,00,000 plus 0.125% of the portion in excess of one thousand crore rupees.

Question: An acquirer makes a mandatory open offer where the total consideration payable is Rs 400 crore. What is the non-refundable fee payable to SEBI under Regulation 16(1) at the time of filing the draft letter of offer?
Answer: Consideration is more than Rs 10 crore but less than or equal to Rs 1,000 crore: fee = 0.5% of offer size = 0.5% × Rs 400 crore = Rs 2 crore.
Source: SEBI

Eligibility criteria. 7. Explanation: For the purposes of this clause 'sound track record' shall mean the sponsor should— (iv) have net profit after providing for depreciation, interest and tax in each of the immediately preceding five years; and (v) have average net annual profit after depreciation, interest and tax during the immediately preceding five years of at least rupees ten crore.

Question: What is the minimum average net annual profit (after depreciation, interest and tax) that a sponsor must demonstrate over the immediately preceding five years to satisfy the sound track record requirement under SEBI (Mutual Funds) Regulations, 1996?
Answer: At least rupees ten crore
Source: SEBI

Regulation 22(2): Notwithstanding anything contained in sub-regulation (1), subject to the acquirer depositing in the escrow account cash of an amount equal to the entire consideration payable under the open offer assuming full acceptance of the open offer, the parties to such agreement may after the expiry of twenty-one working days from the date of detailed public statement, act upon the agreement and the acquirer may complete the acquisition.

Question: Under what condition and after what period may an acquirer complete the underlying acquisition before the expiry of the offer period under Regulation 22(2)?
Answer: The acquirer may complete the acquisition after expiry of 21 working days from the date of the detailed public statement, provided they have deposited in the escrow account, in cash, an amount equal to the entire consideration payable under the open offer assuming full acceptance.
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 and in such manner as may be specified by the Board.

Question: What is the maximum time limit within which an investment adviser must redress investor grievances under SEBI IA Regulations, 2013?
Answer: Under Regulation 21(1), an investment adviser must redress investor grievances promptly and not later than twenty-one calendar days from the date of receipt of the grievance.
Source: SEBI

Regulation 8(2): The certificate of registration granted under sub-regulation (1) shall be valid unless it is suspended or cancelled by the Board.

Question: How long is a certificate of registration granted to a credit rating agency under SEBI (CRA) Regulations, 1999 valid?
Answer: Under Regulation 8(2), the certificate of registration is valid unless it is suspended or cancelled by the Board — it has no fixed expiry date.
Source: SEBI

Regulation 2(1)(pa) (inserted by SEBI (AIF) (Third Amendment) Regulations, 2021, w.e.f. 03-08-2021): 'large value fund for accredited investors' means an Alternative Investment Fund or scheme in which each investor is an accredited investor and invests not less than seventy crore rupees. [Renamed to 'Accredited Investors only fund' and updated by SEBI (AIF) (Third Amendment) Regulations, 2025, w.e.f. 19-11-2025.]

Question: When was the concept of 'large value fund for accredited investors' first introduced under SEBI AIF Regulations, 2012, and what was the original minimum investment threshold?
Answer: The concept of 'large value fund for accredited investors' was first introduced by the Securities and Exchange Board of India (Alternative Investment Funds) (Third Amendment) Regulations, 2021, with effect from 3 August 2021. The original minimum investment per qualifying investor was not less than Rs seventy crore. This threshold was later reduced to Rs twenty-five crore by the SEBI (AIF) (Third Amendment) Regulations, 2025, w.e.f. 19-11-2025.
Source: SEBI

The Board shall dispose of the application for grant of approval as soon as possible but not later than thirty days after receipt of application by the Board or, after all the information called for under regulation 12 has been furnished, whichever is later.

Question: Under SEBI (FPI) Regulations 2019, if a designated depository participant application is received by SEBI on 1 March, additional information is called for on 10 March, and the applicant furnishes the information on 25 March, by what date must SEBI dispose of the application?
Answer: By 24 April (thirty days from 25 March, the date all required information was furnished, being the later of the two trigger dates)
Source: RBI

Passage A:
Press Release dated March 20, 2026: The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹55,688 Crore (Face Value).

Passage B:
Press Release dated March 21, 2026: The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹57,408 Crore (Face Value).

Question: Do the two press releases state the same aggregate amount for the State Government securities auction to be held on March 24, 2026?
Answer: No
Source: SEBI

Seventh Schedule. 10. No mutual fund scheme shall invest more than 10 per cent of its NAV in the equity shares or equity related instruments of any entity: Provided that, the limit of 10 per cent shall not be applicable for investments in case of index fund or exchange traded fund or sector or industry specific scheme.

Question: A mutual fund scheme (non-index, non-ETF) has NAV of Rs800 crore. What is the maximum investment it may make in equity shares of any single entity?
Answer: Rs80 crore (10% of Rs800 crore NAV)
Source: SEBI

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. Trading Member minimum net worth: 1 crore; Self-Clearing Member: 5 crore; Clearing Member: 15 crore; Professional Clearing Member: 50 crore.

Question: Under SEBI Stock Brokers Regulations 2026, what is the maximum underwriting obligation a Self-Clearing Member can undertake, given its minimum net worth requirement?
Answer: 100 crore rupees (5 crore net worth × 20 = 100 crore)
Source: RBI

Passage A:
Entities without an LEI code shall not be eligible to undertake transactions in the financial markets regulated by the Reserve Bank.

Passage B:
Non-residents that are not legal entities in their country of incorporation (e.g., funds operated by a non-resident parent / management company that are each registered as a Foreign Portfolio Investor) may use the LEI code of the parent / management company.

Question: Does Passage B create an exception to the general rule in Passage A that every entity must have its own LEI code to transact in RBI-regulated financial markets?
Answer: Yes
Source: SEBI

Seventh Schedule — Restrictions on Investments. 12. A fund of funds scheme shall be subject to the following investment restrictions: (a) A fund of funds scheme shall not invest in any other fund of funds scheme; (b) A fund of funds scheme shall not invest its assets other than in schemes of mutual funds, except to the extent of funds required for meeting the liquidity requirements for the purpose of repurchases or redemptions, as disclosed in the offer document of fund of funds scheme.

Question: May a fund of funds scheme invest in another fund of funds scheme under SEBI (Mutual Funds) Regulations?
Answer: No. A fund of funds scheme shall not invest in any other fund of funds scheme.
Source: SEBI

Passage A:
The Manager or Sponsor shall have a continuing interest in the Alternative Investment Fund of not less than two and half percent of the corpus or five crore rupees, whichever is lower, in the form of investment in the Alternative Investment Fund and such interest shall not be through the waiver of management fees.

Passage B:
Provided that for Category III Alternative Investment Fund, the continuing interest shall be not less than five percent of the corpus or ten crore rupees, whichever is lower.

Question: Do the two passages prescribe different minimum continuing interest thresholds for Category I/II AIFs versus Category III AIFs under SEBI AIF Regulations 2012?
Answer: Yes
Source: SEBI

The asset management company shall repay the amount at the rate of fifteen per cent per annum for the period of delay to the unitholders, as the case may be. Any borrowing by a scheme shall not exceed twenty per cent of the net assets of the scheme and the duration of such borrowing shall not exceed six months.

Question: If a mutual fund scheme with net assets of 500 crore rupees borrows the maximum permissible amount for the maximum permissible duration, what is the interest liability at the penalty rate of 15% per annum for the maximum 6-month borrowing period?
Answer: 7.5 crore rupees (20% of 500 = 100 crore borrowed; 15% per annum for 6 months = 7.5% of 100 = 7.5 crore)
Source: SEBI

No company shall directly or indirectly purchase its own shares or other specified securities: (a) through any subsidiary company including its own subsidiary companies; (b) through any investment company or group of investment companies; or (c) if a default is made by the company in the repayment of deposits...Provided that the buy-back is not prohibited, if the default is remedied and a period of three years has lapsed after such default ceased to subsist.

Question: A company defaulted on repayment of a term loan. The default was remedied. After how long can the company conduct a buy-back?
Answer: After three years have lapsed since the default ceased to subsist.