Rajveer-code/IndiaFinBench huggingface dataset:
Source: SEBI

Regulation 15(1)(c): Category I and II of Alternative Investment Funds shall invest not more than twenty five per cent of the investable funds in an Investee Company directly or through investment in the units of other Alternative Investment Funds.

Question: A Category II AIF has investable funds of Rs 400 crore. The Manager wants to invest Rs 120 crore in Company X. Is this investment permissible? What is the maximum amount that can be invested in Company X?
Answer: Maximum permitted investment in any single investee company = 25% of investable funds = 25% × Rs 400 crore = Rs 100 crore. The proposed investment of Rs 120 crore exceeds the limit by Rs 20 crore. The investment is not permissible as proposed. The maximum permissible investment in Company X is Rs 100 crore.
Source: SEBI

Norms for shareholding and governance in mutual funds. 7C. (4) In the event of the disassociation of the sponsor from the asset management company and the mutual fund, the board of directors of such asset management company shall have at least two third independent directors. (5) If the asset management company fails to fulfill the conditions specified under sub-clause (2) above, the dissociated sponsor or any new entity may become sponsor of the mutual fund subject to such conditions as may be specified by the Board from time to time.

Question: What board composition requirement must an AMC meet after its sponsor disassociates from the mutual fund?
Answer: The board of directors shall have at least two third independent directors
Source: SEBI

Regulation 12(2): Such placement memorandum shall be filed with the Board through a merchant banker atleast thirty days prior to launch of scheme along with the fees as specified in the Second Schedule.

Question: An AIF Manager plans to launch a new scheme on October 15, 2025. By what date must the placement memorandum be filed with SEBI under SEBI AIF Regulations, 2012?
Answer: The placement memorandum must be filed at least 30 days prior to the launch. Launch date: October 15, 2025. Subtracting 30 days: October 15 − 30 days = September 15, 2025. The placement memorandum must be filed by September 15, 2025 at the latest.
Source: SEBI

Regulation 19(2): All records shall be maintained either in physical or electronic form and preserved for a minimum period of five years: Provided that where records are required to be duly signed and are maintained in electronic form, such records shall be digitally signed.

Question: For how long must an investment adviser preserve its records under SEBI IA Regulations, 2013, and what additional requirement applies to electronically maintained records that require signatures?
Answer: Under Regulation 19(2), all records must be maintained and preserved for a minimum period of five years. If records that are required to be duly signed are maintained in electronic form, they must be digitally signed.
Source: SEBI

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: 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: Under SEBI AIF Regulations, 2012, what is the minimum continuing interest that the Manager or Sponsor must maintain in a Category III Alternative Investment Fund?
Answer: Not less than five percent of the corpus or ten crore rupees, whichever is lower
Source: RBI

'Adjusted Profit After Tax (PAT)' means PAT of the financial year for which the dividend is proposed to be paid minus 50 per cent of Net NPA as on March 31 of the financial year for which the dividend is to be paid.

Question: How is 'Adjusted Profit After Tax (PAT)' defined under the RBI SFB Dividend Directions 2026?
Answer: PAT of the financial year for which the dividend is proposed minus 50% of Net NPA as on March 31 of that financial year.
Source: SEBI

Regulation 26(2): During the offer period, unless the approval of shareholders of the target company by way of a special resolution by postal ballot is obtained, the board of directors of either the target company or any of its subsidiaries shall not: (a) alienate any material assets outside ordinary course of business; (b) effect any material borrowings outside ordinary course of business; (c) issue or allot any authorised but unissued securities entitling voting rights; (d) implement any buy-back or effect capital structure changes; (e) enter into, amend or terminate material contracts outside ordinary course; (f) accelerate any contingent vesting of rights including ESOPs.

Question: Under Regulation 26(2) of SEBI Takeovers Regulations 2011, what actions is the target company's board of directors prohibited from taking during the offer period without shareholder approval by postal ballot?
Answer: The board is prohibited from: (a) alienating material assets outside ordinary course of business; (b) effecting material borrowings outside ordinary course; (c) issuing unissued securities with voting rights; (d) implementing share buy-backs or changing capital structure; (e) entering into, amending or terminating material contracts outside ordinary course; and (f) accelerating any contingent vesting of rights such as ESOPs.
Source: SEBI

Regulation 16(2): If the client does not co-operate with the credit rating agency so as to enable the credit rating agency to comply with its obligations under regulation 15, the credit rating agency shall carry out the review on the basis of the best available information or in the manner as specified by the Board from time to time. Provided that if owing to such lack of co-operation, a rating has been based on the best available information, the credit rating agency shall disclose to the investors the fact that the rating is so based. (3) A credit rating agency shall not withdraw a rating so long as the obligations under the security rated by it are outstanding, except where the company whose security is rated is wound up or merged or amalgamated with another company.

Question: What must a credit rating agency do if a client fails to cooperate during the rating review process under SEBI (CRA) Regulations, 1999? Can a CRA withdraw a rating while the security's obligations are outstanding?
Answer: Under Regulation 16(2), if a client fails to cooperate, the CRA must still carry out the review on the basis of best available information (or as specified by the Board), and must disclose to investors that the rating is based on best available information due to lack of client cooperation. Under Regulation 16(3), a CRA may not withdraw a rating so long as the obligations under the rated security are outstanding — withdrawal is only permitted if the rated company is wound up, or merged/amalgamated with another company (or as otherwise specified by the Board).
Source: SEBI

Regulation 15(7): An investment advisor shall not enter into transactions on its own account which is contrary to its advice given to clients for a period of fifteen days from the day of such advice. Provided that during the period of such fifteen days, if the investment adviser is of the opinion that the situation has changed, then it may enter into such a transaction on its own account after giving such revised assessment to the client at least 24 hours in advance of entering into such transaction.

Question: An investment adviser gave clients a sell recommendation on Bond X on April 1. On April 14, the adviser issues a revised assessment to clients. On April 16, the adviser wants to buy Bond X for its own account (contrary to the original sell recommendation). Is the April 16 transaction permissible?
Answer: The 15-day prohibition window runs from April 1 to April 15 (inclusive). April 16 falls outside the 15-day prohibition window, so the adviser may freely enter the contrary own-account buy transaction on April 16 without the need to invoke the revised-assessment exception. The transaction on April 16 is permissible. (Note: the revised assessment on April 14 was not strictly necessary for transacting on April 16, as the prohibition expired on April 15.)
Source: SEBI

The compliance officer shall approve or reject the trading plan within two trading days of the submission of the trading plan and communicate to the designated person. No trade shall be executed in terms of a trading plan until there is a cooling-off period of at least sixty days before the commencement of trades under such plan.

Question: Under SEBI PIT Regulations 2015, what is the mandatory cooling-off period that must elapse before trades can commence under an approved trading plan?
Answer: At least sixty days
Source: RBI

Section A of the Directions on implementation of Legal Entity Identifier (LEI) shall come into force with immediate effect. Section B of the Directions on implementation of Unique Transaction Identifier (UTI) shall come into effect from January 01, 2027.

Question: Under the RBI Master Direction on Unique Identifiers in Financial Markets 2026, when does the section on Unique Transaction Identifier (UTI) implementation come into effect?
Answer: January 01, 2027
Source: SEBI

Every registrar to an issue and share transfer agent shall maintain the records relating to each issue for a minimum period of eight years after completion of the issue. In the event of cancellation or surrender of the certificate of registration, the registrar shall ensure that all records are transferred to the respective issuer company or another registered share transfer agent within thirty days.

Question: Under SEBI RTI & STA Regulations 2025, for how long must a registrar to an issue maintain records relating to each issue after its completion?
Answer: A minimum period of eight years
Source: SEBI

The SEBI (ICDR) Regulations, 2018 were amended as follows in relation to the draft letter of offer: Prior to 08.03.2025, the draft letter of offer was required to be filed with the Board. By the SEBI (ICDR) (Amendment) Regulations, 2025 w.e.f. 08.03.2025, the requirement was changed such that the draft letter of offer is filed with the stock exchange(s) instead of the Board.

Question: Under SEBI ICDR Regulations, where was the draft letter of offer filed before the 2025 amendment?
Answer: With the Board (SEBI)
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: Within what time period must a credit rating agency rectify deficiencies identified in the auditor's report under SEBI (CRA) Regulations, 1999?
Answer: Under Regulation 22, a credit rating agency must take steps to rectify any deficiencies identified in the auditor's report (insofar as they relate to the rating of securities activity) within two months from the date of the auditor's report.
Source: RBI

Passage A:
Revised Press Release (March 21, 2026) — Uttarakhand: 1000 (09 year), 1000 (20 year), 1500 (18 year). Total Uttarakhand (revised): 3500 crore.

Passage B:
Original Press Release (March 20, 2026) — Uttarakhand: 1000 (09 year), 1000 (20 year), 1280 (18 year). Total Uttarakhand (original): 3280 crore.

Question: Do the original and revised press releases state the same borrowing amount for Uttarakhand's 18-year tenor securities in the March 24, 2026 auction?
Answer: No
Source: SEBI

Passage A:
A mutual fund scheme shall not invest more than 10% of its NAV in unrated debt instruments issued by a single issuer and the total investment in such instruments shall not exceed 25% of the NAV of the scheme. All such investments shall be made with the prior approval of the Board of Trustees and the Board of asset management company.

Passage B:
A mutual fund scheme shall not invest in unlisted debt instruments including commercial papers, except Government Securities and other money market instruments: Provided that Mutual Fund Schemes may invest in unlisted non-convertible debentures up to a maximum of 10% of the debt portfolio of the scheme subject to such conditions as may be specified by the Board from time to time.

Question: Do Passage A and Passage B impose the same restriction on investments in unrated or unlisted debt instruments?
Answer: No
Source: SEBI

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

Question: When did the SEBI (Research Analysts) Regulations, 2014 come into force relative to their date of publication?
Answer: On the ninetieth day from the date of publication in the Official Gazette.
Source: SEBI

The maximum limit of any buy-back shall be twenty-five per cent or less of the aggregate of paid-up capital and free reserves of the company. The ratio of the aggregate of secured and unsecured debts owed by the company to the paid-up capital and free reserves after buy-back shall be less than or equal to 2:1.

Question: A company has paid-up capital and free reserves of ₹500 crore before a buy-back. What is the maximum amount it can buy back, and what is the maximum total debt it can carry after the buy-back?
Answer: Maximum buy-back amount: ₹125 crore (25% × ₹500 crore). Maximum debt after buy-back: ₹750 crore assuming free reserves after buyback are ₹375 crore (2:1 ratio applied to remaining capital of ₹375 crore = ₹750 crore debt).
Source: SEBI

Regulation 17(1) Escrow table: On the first five hundred crore rupees — 25% of the consideration; On the balance consideration — additional 10% of the balance consideration.

Question: An acquirer makes a mandatory open offer where the total consideration payable is Rs 1,200 crore. What is the minimum escrow amount they must create under Regulation 17(1) of SEBI Takeovers Regulations 2011?
Answer: Rs 125 crore (25% of first Rs 500 crore) + Rs 70 crore (10% of balance Rs 700 crore) = Rs 195 crore.
Source: SEBI

Regulation 14(1): Units of close ended Alternative Investment Fund may be listed on stock exchange subject to a minimum tradable lot of one crore rupees. (2) Listing of Alternative Investment Fund units shall be permitted only after final close of the fund or scheme.

Question: What are the conditions under which the units of a close-ended AIF may be listed on a stock exchange under SEBI AIF Regulations, 2012?
Answer: Under Regulation 14, units of a close-ended AIF may be listed on a stock exchange subject to two conditions: (1) the minimum tradable lot must be Rs one crore; and (2) listing is permitted only after the final close of the fund or scheme. Listing is not permitted prior to the final close.
Source: SEBI

Passage A:
Regulation 14(g) (original): the client shall agree to obtain a rating from at least two different rating agencies for any issue of debt securities whose size is equal to or exceeds, rupees one hundred crores.

Passage B:
Regulation 14(g) (as substituted w.e.f. 27-12-2011): the client shall obtain a rating for any issue of debt securities in accordance with the relevant regulations.

Question: Do the original Regulation 14(g) and the 2011-amended version impose the same mandatory rating requirement for large debt security issues?
Answer: No
Source: RBI

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹57,408 Crore (Face Value).

Question: What is the total aggregate face value amount offered by all State Governments in the revised State Government securities auction announced on March 21, 2026?
Answer: ₹57,408 crore
Source: SEBI

Regulation 16(a): it obtains from the client, such information as is necessary for the purpose of giving investment advice, including the following: (i) age; (ii) investment objectives including time for which they wish to stay invested, the purposes of the investment; (iii) income details; (iv) existing investments/assets; (v) risk appetite/tolerance; (vi) liability/borrowing details.

Question: What six categories of client information must an investment adviser obtain from a client for the purpose of risk profiling under SEBI IA Regulations, 2013?
Answer: Under Regulation 16(a), an investment adviser must obtain: (i) age; (ii) investment objectives including the time horizon and purpose of investment; (iii) income details; (iv) existing investments and assets; (v) risk appetite and risk tolerance; and (vi) liability and borrowing details.
Source: SEBI

These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. They shall come into force on the sixtieth day from the date of its publication in the Official Gazette. The definition of 'key managerial personnel' was substituted by the SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2023, w.e.f. 31.01.2023. Prior to its substitution, 'key managerial personnel' referred to officers forming part of the core management team excluding board of directors.

Question: Under SEBI ICDR Regulations, which definition of 'key managerial personnel' is currently in force — the one aligning with Companies Act 2013 sub-section (51) of section 2, or the earlier definition referring to the core management team excluding board members?
Answer: The definition aligning with Companies Act 2013 sub-section (51) of section 2, effective from 31.01.2023
Source: SEBI

"large value accredited investor" means an accredited investor who has entered into an agreement with the portfolio manager for a minimum investment amount of ten crore rupees.

Question: What minimum investment amount must an accredited investor commit to a portfolio manager in order to qualify as a 'large value accredited investor' under SEBI (Portfolio Managers) Regulations, 2020?
Answer: Ten crore rupees
Source: SEBI

The SEBI (Merchant Bankers) Regulations, 1992 were among the earliest set of SEBI regulations, establishing the regulatory framework for merchant banking in India. The definition of 'principal officer' was amended to require that such person shall have at least five years of experience in merchant banking activities. The definition of 'certificate' was also amended to remove the category classification from the phrase 'certificate of registration', changing it from 'certificate of category registration' to 'certificate of registration'.

Question: The SEBI (Merchant Bankers) Regulations 1992 were enacted under which SEBI Act and year?
Answer: The Securities and Exchange Board of India Act, 1992
Source: SEBI

The minimum promoters' contribution shall be locked in for a period of eighteen months from the date of allotment in the initial public offer. Provided that in case the majority of the issue proceeds excluding the portion of offer for sale is proposed to be utilized for capital expenditure, then the lock-in period shall be three years from the date of allotment in the initial public offer. 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.

Question: Under SEBI ICDR Regulations, 2018, for how long is the minimum promoters' contribution in an IPO locked-in where the majority of proceeds are to be used for capital expenditure?
Answer: Three years from the date of allotment in the initial public offer
Source: SEBI

These regulations may be called the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. These regulations shall come into force on the ninetieth day from the date of their publication in the Official Gazette. The regulations were published on September 1, 2014.

Question: The SEBI (Research Analysts) Regulations 2014 were published on September 1, 2014. On approximately which date did they come into force?
Answer: On the ninetieth day from September 1, 2014, which is approximately November 30, 2014.
Source: SEBI

The eligibility criteria for registration of a mutual fund include: (c) the sponsor has contributed or contributes at least 40% to the net worth of the asset management company: Provided that any person who holds 40% or more of the net worth of an asset management company shall be deemed to be a sponsor and will be required to fulfill the eligibility criteria specified in these regulations.

Question: What is the minimum percentage of an AMC's net worth that a sponsor must contribute to be eligible for mutual fund registration under SEBI (Mutual Funds) Regulations, 1996?
Answer: At least 40 per cent
Source: SEBI

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. The period of exercise of the buy-back right shall not be less than three working days.

Question: Under SEBI NCS Regulations 2021, what is the minimum notice period that an issuer must provide to holders of non-convertible securities before a buy-back right becomes exercisable?
Answer: At least twenty-one days
Source: SEBI

Restrictions on business activities of the asset management company. 25. (7)(a) An asset management company shall not through any broker associated with the sponsor, purchase or sell securities, which is average of 5 per cent or more of the aggregate purchases and sale of securities made by the mutual fund in all its schemes: Provided that for the purpose of this sub-regulation, the aggregate purchase and sale of securities shall exclude sale and distribution of units issued by the mutual fund: Provided further that the aforesaid limit of 5 per cent shall apply for a block of any three months.

Question: Under SEBI (Mutual Funds) Regulations, 1996, what is the maximum percentage of total mutual fund transactions that may be routed through a broker associated with the sponsor, and over what period is this limit measured?
Answer: 5 per cent of aggregate purchases and sales, measured for a block of any three months
Source: SEBI

The SEBI (LODR) Regulations, 2015 were published in the Official Gazette on 2nd September 2015, and shall come into force on the ninetieth day from the date of their publication: Provided that the provisions of sub-regulation (4) of regulation 23 and regulation 31A shall come into force on the date of notification of these regulations. The definition of 'mainstream media' was inserted by the SEBI (LODR) (Second Amendment) Regulations, 2023 w.e.f. 15.7.2023.

Question: Under SEBI LODR Regulations 2015, which provisions came into force on the date of notification itself rather than after the ninety-day waiting period?
Answer: Sub-regulation (4) of regulation 23 and regulation 31A
Source: SEBI

The ratio of the aggregate of secured and unsecured debts owed by the company to the paid-up capital and free reserves after buy-back shall be less than or equal to 2:1, based on the standalone or consolidated financial statements of the company, whichever is lower.

Question: What is the maximum debt-to-capital ratio (secured plus unsecured debts to paid-up capital and free reserves) permitted after a buy-back under SEBI (Buy-Back of Securities) Regulations, 2018?
Answer: 2:1
Source: SEBI

Passage A:
Atleast 50% of the trustees shall be independent persons and no such trustee shall be an associate or a subsidiary or associated in any manner with the sponsor.

Passage B:
Two-thirds of the trustees shall be independent persons and shall not be associated with the sponsors or be associated with them in any manner whatsoever.

Question: Do Passage A and Passage B specify the same minimum proportion of independent trustees for a mutual fund?
Answer: No