Rajveer-code/IndiaFinBench huggingface dataset:
Source: SEBI

is or has been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial year in which he/she is proposed to be appointed, of â€” any legal or a consulting firm that has or had any transaction with the InvIT, its Holdco and/or SPV, parties to the InvIT, its holding company, subsidiary or associate amounting to ten per cent or more of the gross turnover of such firm.

Question: Under SEBI (InvIT) Regulations 2014, a consulting firm had transactions worth eight lakh rupees with the InvIT in FY2023, and its gross turnover for that year was ninety lakh rupees. Would a partner of that firm be disqualified from acting as an independent director of the investment manager for FY2026?
Answer: No. Eight lakh rupees out of ninety lakh rupees is approximately 8.9 per cent, which is below the ten per cent threshold; the disqualification criterion is not triggered
Source: SEBI

Regulation 28C: On and from the date of this regulation coming into force, no person shall act as an ESG rating provider unless it has obtained a certificate from the Board: Provided that a person acting as an ESG Rating Provider on the date of this regulation coming into force, may continue to do so for a period of six months from the date of this regulation coming into force or such other period as may be specified by the Board, or if it has made an application for grant of a certificate for registration within the specified period, till the disposal of such application.

Question: Under SEBI (CRA) Regulations, 1999 (as amended), can an entity provide ESG ratings without registration? What transitional period was provided to existing ESG rating providers?
Answer: No. Under Regulation 28C, no person may act as an ESG rating provider without obtaining a certificate from the Board. Existing ESG rating providers operating before the regulation came into force were provided a transitional period of six months (or such other period as specified by the Board) to continue operations. If they filed an application for registration within the six-month period, they could continue until the disposal of their application.
Source: RBI

A. Board oversight. 6. 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-à-vis applicable regulatory capital requirement; and (4) Long term growth plans.

Question: What four factors must an SFB's Board of Directors consider when evaluating a proposal for declaration of dividend?
Answer: Divergence in NPA asset classification and provisioning including its trend; Auditors' Report including modified opinion or Emphasis of Matter; Current and projected capital position vis-à-vis regulatory capital requirement; Long term growth plans
Source: SEBI

Regulation 18(8): The tendering period shall start not later than twelve working days from date of receipt of comments from SEBI under Regulation 16(4) and shall remain open for ten working days.

Question: SEBI issued its comments on the draft letter of offer on April 7, 2025. Assuming no intervening non-working days, what is the last permissible date on which the tendering period can commence, and when is the last date of the tendering period?
Answer: The tendering period must commence no later than 12 working days from April 7, 2025 = approximately April 23, 2025 (adding 12 working days). The tendering period then remains open for 10 working days, so the last date of the tendering period = approximately May 7, 2025 (adding 10 working days from April 23).
Source: SEBI

Asset management company and its obligations. 25. (18) The asset management company shall not carry out its operations including trading desk, unit holder servicing and investment operations outside the territory of India.

Question: Under Regulation 25(18), may an AMC conduct its operations — including trading, unit holder servicing, and investment operations — outside India?
Answer: No. The AMC shall not carry out its operations including trading desk, unit holder servicing and investment operations outside the territory of India.
Source: SEBI

Seventh Schedule — Restrictions on Investments. 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: Under the Seventh Schedule, what is the maximum investment a mutual fund scheme may make in equity shares and equity related instruments of any single entity, and which types of schemes are exempt from this limit?
Answer: 10 per cent of NAV; index funds, exchange traded funds, and sector or industry specific schemes are exempt
Source: SEBI

Regulation 21(1): Every credit rating agency shall keep and maintain, for a minimum period of five years, the following books of accounts, records and documents: (a) copy of its balance sheet; (b) a copy of its profit and loss account; (c) a copy of the auditor's report; (d) a copy of the agreement entered into with each client; (e) information supplied by each client; (f) correspondence with each client; (g) ratings assigned, including upgradation and downgradation; (h) rating notes considered by the rating committee; (i) record of decisions of the rating committee; (j) letter assigning rating; (k) particulars of fees charged.

Question: For how long and what types of records must a credit rating agency maintain under SEBI (CRA) Regulations, 1999?
Answer: Under Regulation 21(1), a CRA must maintain all records for a minimum period of five years. The required records include: balance sheets, profit and loss accounts, auditor's reports, client agreements, information and correspondence from clients, ratings assigned (including upgrades and downgrades), rating notes and committee decisions, rating assignment letters, and fee particulars.
Source: SEBI

Passage A:
No sponsor of a mutual fund, its associate or group company including the asset management company of the fund, through the schemes of the mutual fund or otherwise, individually or collectively, directly or indirectly, have 10% or more of the share-holding or voting rights in the asset management company or the trustee company of any other mutual fund.

Passage B:
Any shareholder holding 10% or more of the share-holding or voting rights in the asset management company or the trustee company of a mutual fund, shall not have, directly or indirectly, 10% or more of the share-holding or voting rights in the asset management company or the trustee company of any other mutual fund.

Question: Do Passage A and Passage B apply the same shareholding threshold for cross-ownership restrictions in mutual funds?
Answer: Yes
Source: RBI

Passage A:
Bucket B1: Tier 1 Capital Ratio as at the end of previous FY: Up to 7.5% — Dividend allowed as a % of adjusted PAT for the period: 0.

Passage B:
Bucket B10: Tier 1 Capital Ratio as at the end of previous FY: Above 19.5% — Dividend allowed as a % of adjusted PAT for the period: 100.

Question: Do Bucket B1 and Bucket B10 permit the same dividend payout as a percentage of Adjusted PAT under the RBI SFB Dividend Directions 2026?
Answer: No
Source: SEBI

Passage A:
The asset management company shall not undertake any other business activities except activities in the nature of portfolio management services, management and advisory services to offshore funds, pension funds, provident funds, venture capital funds, management of insurance funds, financial consultancy and exchange of research on commercial basis if any of such activities are not in conflict with the activities of the mutual fund.

Passage B:
The asset management company shall not undertake any business activities other than in the nature of management and advisory services provided to pooled assets including offshore funds, insurance funds, pension funds, provident funds, or such categories of foreign portfolio investor as may be specified by the Board, if any of such activities are not in conflict with the activities of the mutual fund.

Question: Do Passage A and Passage B permit the same range of additional business activities for an AMC?
Answer: No
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: An AIF Manager is planning to launch three schemes: Scheme A (private equity fund), Scheme B (social impact fund), and Scheme C (infrastructure fund). What is the minimum total corpus that must be raised across all three schemes to comply with SEBI AIF Regulations, 2012?
Answer: Scheme A (private equity, Category II): minimum Rs 20 crore. Scheme B (social impact fund, Category I): minimum Rs 5 crore. Scheme C (infrastructure fund, Category I): minimum Rs 20 crore. Total minimum corpus = Rs 20 crore + Rs 5 crore + Rs 20 crore = Rs 45 crore.
Source: SEBI

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

Passage B:
Where the certificate was granted for a specified period, an application for grant of certificate under sub-regulation (1) shall be made by the intermediary at least three months prior to the expiry of such period.

Question: Do both passages describe intermediaries who hold permanent certificates under SEBI (Intermediaries) Regulations 2008?
Answer: No
Source: SEBI

Trust deed to be registered under the Registration Act. 14. A mutual fund shall be constituted in the form of a trust and the instrument of trust shall be in the form of a deed, duly registered under the provisions of the Indian Registration Act, 1908 (16 of 1908), executed by the sponsor in favour of the trustees named in such an instrument.

Question: Under which Act must the trust deed of a mutual fund be registered, and who executes it in favour of whom?
Answer: The Indian Registration Act, 1908; executed by the sponsor in favour of the trustees named in such an instrument
Source: SEBI

A share shall be deemed to be frequently traded if the traded turnover on any stock exchange during the twelve calendar months preceding the calendar month in which the public announcement is required to be made under these regulations, is at least ten per cent of the total number of shares of such class of the target company. Where the acquirer or persons acting in concert with him acquires shares of the target company during the period of twenty-six weeks after the tendering period at a price higher than the offer price, the acquirer shall pay to all shareholders who accepted the open offer, the difference between the highest price paid during the twenty-six weeks period and the offer price.

Question: Under SEBI Takeover Regulations 2011, if an acquirer pays Rs. 250 per share in an open offer but then buys shares in the open market at Rs. 300 per share within the twenty-six-week post-tendering period, what additional amount per share must be paid to shareholders who accepted the open offer?
Answer: Rs. 50 per share (Rs. 300 highest price minus Rs. 250 offer price = Rs. 50 difference)
Source: SEBI

Chapter IVA (ESG Rating Providers) inserted by SEBI (CRA) (Amendment) Regulations, 2023, w.e.f. 4.07.2023. Regulation 28C: no person shall act as an ESG rating provider unless it has obtained a certificate from the Board.

Question: When was the regulatory framework for ESG rating providers introduced under SEBI (CRA) Regulations, 1999?
Answer: The regulatory framework for ESG rating providers was introduced through the insertion of Chapter IVA (comprising Regulations 28A to 28I) by the Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2023, with effect from 4 July 2023. Prior to this amendment, SEBI (CRA) Regulations, 1999 contained no provisions specifically governing ESG rating providers.
Source: SEBI

Regulation 10(3): An increase in voting rights in a target company of any shareholder beyond the limit attracting an obligation to make an open offer under sub-regulation (1) of regulation 3, pursuant to buy-back of shares by the target company shall be exempt from the obligation to make an open offer provided such shareholder reduces his shareholding such that his voting rights fall to below the threshold referred to in sub-regulation (1) of regulation 3 within ninety days from the date of the closure of the said buy-back offer.

Question: Under Regulation 10(3), what must a shareholder do to claim exemption from making an open offer when their voting rights exceed the threshold solely because of a buy-back by the target company?
Answer: The shareholder must reduce their shareholding such that voting rights fall below the 25% threshold within 90 days from the date of closure of the buy-back offer.
Source: SEBI

Regulation 4: The following persons shall not be required to seek registration under regulation 3 subject to the fulfillment of the conditions stipulated therefor — (b) Any insurance agent or insurance broker who offers investment advice solely in insurance products and is registered with Insurance Regulatory and Development Authority for such activity.

Question: Is an insurance broker who advises clients on insurance products required to register as an investment adviser under SEBI (Investment Advisers) Regulations, 2013?
Answer: No. Under Regulation 4(b), any insurance agent or insurance broker who offers investment advice solely in insurance products and is registered with the Insurance Regulatory and Development Authority (IRDAI) for such activity is exempt from the registration requirement under these regulations.
Source: SEBI

Regulation 9(f): a credit rating agency shall not carry out any activity other than the rating of securities that are listed or proposed to be listed on a stock exchange recognized by the Board. Nothing contained in these regulations shall preclude a credit rating agency from carrying out any other activity as may be specified by the Board or carrying out rating of financial instruments under the purview of any other financial sector regulator or authority as may be specified by the Board.

Question: What restrictions apply to the activities a credit rating agency may undertake under SEBI (CRA) Regulations, 1999?
Answer: Under Regulation 9(f), a CRA shall not carry out any activity other than the rating of securities that are listed or proposed to be listed on a stock exchange recognized by SEBI. Two exceptions apply: (1) the CRA may carry out any other activity as may be specified by the Board; and (2) the CRA may carry out rating of financial instruments under the purview of any other financial sector regulator or authority as specified by the Board.
Source: SEBI

Regulation 22A: (1) Investment adviser may provide implementation services to the advisory clients in securities market: Provided that investment advisers shall ensure that no consideration including any commission or referral fees, whether embedded or indirect or otherwise, by whatever name called is received; directly or indirectly, at investment adviser's group or family level for the said service. (2) Investment adviser shall provide implementation services to its advisory clients only through direct schemes/products in the securities market. (3) Investment adviser or group or family of investment adviser shall not charge any implementation fees from the client. (4) The client shall not be under any obligation to avail implementation services offered by the investment adviser.

Question: Under SEBI IA Regulations, 2013, what are the four key conditions governing an investment adviser's provision of implementation services to advisory clients?
Answer: Under Regulation 22A, implementation services may be provided subject to four conditions: (1) No consideration (commission, referral fees, or any indirect benefit) shall be received by the investment adviser or its group or family at any level for the implementation service; (2) Implementation services must be provided only through direct schemes/products in the securities market; (3) No implementation fees shall be charged from the client by the investment adviser, its group, or family; (4) The client is not under any obligation to avail the implementation services offered by the adviser.
Source: SEBI

The term 'main board' in SEBI LODR Regulations was originally cross-referenced to regulation 106N of the SEBI (ICDR) Regulations, 2009. This cross-reference was substituted by the SEBI (LODR) (Second Amendment) Regulations, 2021 w.e.f. 5.5.2021 to refer instead to regulation 2(ee) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Question: After May 2021, which regulation number in which SEBI regulations defines the term 'main board' for the purposes of SEBI LODR Regulations 2015?
Answer: Regulation 2(ee) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
Source: RBI

B. Eligibility criteria. 7. A bank shall meet the following prudential requirements, to be eligible to declare dividends. (1) The bank was in compliance with the applicable regulatory capital requirement as at the end of the previous financial year and shall continue to be in compliance as at the end of the financial year during which the dividend is proposed to be paid. (2) The regulatory capital of the bank shall not fall below the applicable regulatory capital requirement even after the payment of dividend.

Question: What capital compliance conditions must an SFB satisfy at the end of both the previous and the current financial year to be eligible to declare dividends?
Answer: The bank must be in compliance with the applicable regulatory capital requirement as at the end of the previous financial year and shall continue to be in compliance as at the end of the financial year during which the dividend is proposed to be paid; and the regulatory capital shall not fall below the applicable requirement even after payment of dividend.
Source: RBI

UTI shall be generated / reported for all transactions in OTC derivatives market undertaken in terms of the Governing Directions. The directions shall be applicable to OTC derivative transactions entered into on or after the date the directions come into effect. Section B on UTI shall come into effect from January 01, 2027.

Question: A counterparty entered into an OTC derivative transaction on December 15, 2026. Is this transaction subject to the UTI reporting requirements under the RBI Master Direction on Unique Identifiers 2026?
Answer: No. The UTI requirements (Section B) come into effect from January 01, 2027, and apply only to transactions entered into on or after that date. A transaction on December 15, 2026 is not subject to UTI reporting.
Source: SEBI

Passage A:
Regulation 21(1) (original, pre-2023): An investment adviser shall redress client grievances promptly.

Passage B:
Regulation 21(1) (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: Do the original Regulation 21(1) and the 2023-amended Regulation 21(1) impose the same maximum time limit for an investment adviser to redress client grievances?
Answer: No
Source: RBI

F. Restriction on payment of dividend. 12. The Reserve Bank reserves the right to place restrictions on distribution of dividend where a bank is found to be non-compliant with the applicable laws, regulations / guidelines issued by the Reserve Bank. 13. If a bank does not meet the eligibility criteria as per paragraph 7 above, no special dispensation will be given for declaration of dividend for that period.

Question: What is the consequence for an SFB that fails to meet the dividend eligibility criteria under the RBI SFB Dividend Directions, 2026?
Answer: No special dispensation will be given for declaration of dividend for that period
Source: SEBI

Regulation 5(a)–(c): The Board shall not consider an application unless — (a) the applicant is set up and registered as a company under the Companies Act, 2013; (b) the applicant has, in its Memorandum of Association, specified rating activity as one of its main objects; (c) the applicant has a minimum net worth of rupees twenty five crore.

Question: What are the minimum eligibility criteria relating to corporate form, business objects, and net worth for a credit rating agency applicant under SEBI (CRA) Regulations, 1999?
Answer: Under Regulation 5, a CRA applicant must satisfy three minimum requirements: (a) it must be set up and registered as a company under the Companies Act, 2013; (b) its Memorandum of Association must specify rating activity as one of its main objects; and (c) it must have a minimum net worth of Rs twenty-five crore.
Source: SEBI

The trustee shall oversee activities of the investment manager in the interest of the unit holders, ensure that the investment manager complies with regulation 10 and shall obtain compliance certificate from the investment manager, in the form as may be specified, on a quarterly basis.

Question: Under SEBI (InvIT) Regulations 2014, how frequently must the trustee obtain a compliance certificate from the investment manager?
Answer: On a quarterly basis
Source: SEBI

Passage A:
Regulation 13(5) (pre-2021): Extension of the tenure of the close ended Alternative Investment Fund may be permitted up to two years subject to approval of two-thirds of the unit holders by value of their investment in the Alternative Investment Fund.

Passage B:
Regulation 13(5) (as amended): Extension of the tenure of the close ended Alternative Investment Fund may be permitted up to two years subject to approval of two-thirds of the unit holders by value of their investment in the Alternative Investment Fund: Provided that an Accredited Investors only fund may be permitted to extend its tenure up to five years subject to the approval of two-thirds of the unit holders by value of their investment in the Accredited Investors only fund.

Question: Do these two versions of Regulation 13(5) prescribe the same maximum tenure extension period for all close-ended AIFs?
Answer: No
Source: SEBI

Passage A:
"advertisement" includes every form of advertising, whether in a publication, by display of notices, signs, labels or by means of circulars, catalogues or other documents, by an exhibition of pictures or photographic films, by way of sound broadcasting or television, or in any other manner.

Passage B:
"advertisement" shall include all forms of communication issued by or on behalf of the asset management company/mutual fund that may influence investment decisions of any investor/prospective investors.

Question: Do Passage A and Passage B define the term 'advertisement' in the same way?
Answer: No