Rajveer-code/IndiaFinBench huggingface dataset:
Source: SEBI

Regulation 4(f): Any member of Institute of Chartered Accountants of India, Institute of Company Secretaries of India, Institute of Cost and Works Accountants of India, Actuarial Society of India or any other professional body as may be specified by the Board, who provides investment advice to their clients, incidental to his professional service.

Question: Does a Chartered Accountant who incidentally provides investment advice to clients in the course of professional services need to register as an investment adviser under SEBI IA Regulations, 2013?
Answer: No. Under Regulation 4(f), any member of the Institute of Chartered Accountants of India (or other specified professional bodies such as ICSI, ICMAI, or the Actuarial Society of India) who provides investment advice to clients incidental to their professional service is exempt from registration as an investment adviser.
Source: SEBI

Disqualification from being appointed as trustees. 16. (2) No person shall be eligible to be appointed as a trustee unless— (a) he is a person of ability, integrity and standing; and (b) has not been found guilty of moral turpitude; and (c) has not been convicted of any economic offence or violation of any securities laws; and (d) has furnished particulars as specified in Form C.

Question: What three personal qualifications must every trustee of a mutual fund possess or satisfy under Regulation 16(2) of SEBI (Mutual Funds) Regulations, 1996?
Answer: Be a person of ability, integrity and standing; not have been found guilty of moral turpitude; and not have been convicted of any economic offence or violation of any securities laws
Source: SEBI

Seventh Schedule — Restrictions on Investments. 13. A mutual fund scheme shall not invest — i. more than 10% of its NAV in the units of InvIT; and ii. more than 5% of its NAV in the units of InvIT issued by a single issuer. Provided that the limits mentioned in sub-clauses (i) and (ii) above shall not be applicable for investments in case of index fund or sector or industry specific scheme pertaining to REIT and InvIT.

Question: What are the NAV-based investment limits for a mutual fund scheme in InvIT units — both the overall cap and the cap for units issued by a single InvIT issuer?
Answer: Not more than 10% of NAV overall; not more than 5% of NAV in units of a single InvIT issuer
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.

Question: An investment adviser provides investment advice to a client on November 15, 2023. Under SEBI IA Regulations, 2013, what is the earliest date on which the records related to this advice may lawfully be destroyed?
Answer: Under Regulation 19(2), records must be preserved for a minimum of 5 years from the date of the advice. From November 15, 2023, adding 5 years gives November 15, 2028. The records must be preserved at least until November 15, 2028 (i.e., the minimum preservation period ends on November 15, 2028). The earliest date on which they may be destroyed is November 16, 2028.
Source: SEBI

the issuer has not defaulted in repayment of debt securities or loans obtained from banks or financial institutions, during the preceding three hundred and sixty five days.

Question: Under SEBI (Issue and Listing of Municipal Debt Securities) Regulations 2015, for what preceding period must an issuer have a clean repayment track record on debt securities or bank/financial institution loans to remain eligible for issuance?
Answer: The preceding three hundred and sixty five days
Source: SEBI

Regulation 15(1)(i) (inserted by SEBI (AIF) (Amendment) Regulations, 2024, w.e.f. 05-01-2024): Alternative Investment Funds shall hold their investments in dematerialised form, subject to such conditions as may be specified by the Board from time to time: Provided that the requirement shall not apply to: (a) investments not eligible for dematerialisation, (b) investments held by a liquidation scheme that are not available in dematerialised form, and (c) such other investments as may be specified by the Board from time to time.

Question: When was the requirement for AIFs to hold investments in dematerialised form introduced under SEBI AIF Regulations, 2012, and what exceptions apply?
Answer: The requirement for AIFs to hold investments in dematerialised form was introduced by the Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2024, with effect from 5 January 2024 (Regulation 15(1)(i)). Three exceptions apply: (a) investments in instruments that are not eligible for dematerialisation; (b) investments held by a liquidation scheme that are not available in dematerialised form; and (c) such other investments and schemes as may be specified by the Board from time to time.
Source: SEBI

Payment of annual service fee. 12. A mutual fund shall pay before the 15th April each year a service fee as specified in the Second Schedule for every financial year from the year following the year of registration: Provided that the Board may, on being satisfied with the reasons for the delay permit the mutual fund to pay the service fee at any time before the expiry of two months from the commencement of the financial year to which such fee relates.

Question: By what date must a mutual fund pay its annual service fee, and what is the maximum grace period SEBI may allow for a delayed payment?
Answer: Before the 15th April each year; the Board may allow payment up to two months from commencement of the financial year
Source: SEBI

Regulation 4(g) (original, pre-2020): the key investment team of the Manager of AIF has adequate experience, with at least one key personnel having not less than five years experience in advising or managing pools of capital or in fund or asset or wealth or portfolio management or in the business of buying, selling and dealing of securities or other financial assets and has relevant professional qualification. [Substituted by SEBI (AIF) (Amendment) Regulations, 2020, w.e.f. 19-10-2020]: team has at least one key personnel with relevant NISM certification AND at least one with professional qualification in finance or CFA Charter.

Question: How did the SEBI (AIF) (Amendment) Regulations, 2020 change the eligibility requirements for the key investment team of an AIF Manager, and what was the significance of this change?
Answer: The SEBI (Alternative Investment Funds) (Amendment) Regulations, 2020 (w.e.f. 19-10-2020) substituted Regulation 4(g) to replace the experience-based standard with a certification-based standard. The original requirement was for at least one key personnel to have not less than five years of experience in managing pools of capital or securities plus a relevant professional qualification. The 2020 amendment replaced this with two separate requirements: (i) at least one key personnel must hold a relevant SEBI-specified certification (not a minimum years-of-experience requirement), and (ii) at least one key personnel must hold a finance-related professional qualification or CFA Charter. The same person may fulfill both requirements. The key significance is the shift from experience as the primary criterion to certification as the primary requirement.
Source: SEBI

The original definition of 'advertisement' in the SEBI (Mutual Funds) Regulations, 1996 (clause 2(b)) enumerated specific advertising media: '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.' This was substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 2012 (w.e.f. 21-2-2012) with a broader definition: '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: What key change did the SEBI (Mutual Funds) Amendment Regulations, 2012 make to the definition of 'advertisement'?
Answer: Replaced the enumeration of specific advertising media with a broader definition covering all forms of communication that may influence investment decisions of investors
Source: SEBI

Passage A:
Regulation 4(g) (pre-2020): the key investment team of the Manager of Alternative Investment Fund has adequate experience, with at least one key personnel having not less than five years experience in advising or managing pools of capital or in fund or asset or wealth or portfolio management or in the business of buying, selling and dealing of securities or other financial assets and has relevant professional qualification.

Passage B:
Regulation 4(g) (as substituted w.e.f. 19-10-2020): The key investment team of the Manager of Alternative Investment Fund has — (i) at least one key personnel with relevant certification as may be specified by the Board from time to time; and (ii) at least one key personnel with professional qualification in finance, accountancy, business management, commerce, economics, capital market or banking from a recognized university, or a CFA charter from the CFA institute or any other qualification as may be specified by the Board. [Both requirements may be fulfilled by the same key personnel.]

Question: Do the original and 2020-amended versions of Regulation 4(g) impose the same eligibility requirements on the key investment team of an AIF Manager?
Answer: No
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: Under SEBI IA Regulations, 2013, if an investment adviser advised clients to buy a stock on a certain date but subsequently believes the situation has changed within 10 days, can the adviser immediately sell the same stock from its own account?
Answer: No, not immediately. Under Regulation 15(7), an investment adviser is prohibited from entering transactions on its own account contrary to client advice for 15 days from the day of advice. Even if the situation has changed within those 15 days, the adviser cannot act immediately — it must first give a revised assessment to clients at least 24 hours in advance before entering the contrary own-account transaction. So the adviser must provide the revised assessment and then wait at least 24 hours before selling from its own account.
Source: SEBI

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

Question: Under SEBI (Research Analysts) Regulations 2014, who qualifies as an 'independent research analyst'?
Answer: A person whose only business activity is research analysis or preparation and/or publication of research report.
Source: SEBI

Seventh Schedule. 2. No mutual fund under all its schemes should own more than ten per cent of any company's paid up capital carrying voting rights or ten per cent of units of REITs issued by a single issuer, as the case may be.

Question: All schemes of a mutual fund together hold 9.5% of ABC Limited's paid-up capital carrying voting rights. May they acquire a further 1%?
Answer: No. The combined holding would reach 10.5%, exceeding the 10 per cent cap on ownership of any company's paid up capital carrying voting rights.
Source: SEBI

Passage A:
Every company shall notify the particulars of trades by designated persons to the stock exchange on which the securities are listed within two trading days of receipt of the disclosure or becoming aware of the trade.

Passage B:
Every asset management company shall notify the particulars of such trades to the stock exchange on which the securities are listed in any other manner as may be specified by the Board within two trading days of receipt of the disclosure.

Question: Do the two passages prescribe different disclosure timelines for companies versus asset management companies under SEBI PIT Regulations 2015?
Answer: No
Source: SEBI

The tenure of warrants issued in an initial public offer shall not exceed eighteen months from the date of their allotment. The warrant holder shall exercise the option to acquire equity shares against each warrant within three months from the date of payment of warrant exercise price. At least twenty-five per cent. of the warrant consideration shall be paid upfront and disclosed in the offer document.

Question: Under SEBI ICDR Regulations 2018, if a warrant is allotted on 1 January 2024, what is the latest calendar date on which the warrant holder can exercise the option to acquire equity shares, assuming the warrant exercise price is paid on the last permissible day?
Answer: 1 October 2025 (warrant tenure ends 18 months from allotment = 1 July 2025; exercise option within 3 months from payment = 1 October 2025)
Source: RBI

Illustration 1: Net profit (PAT) for FY 20X1-X2 (A): ₹17,000 crore. Maximum Eligible Dividend (i.e., Lower of E or F): 5,500. Maximum Eligible Dividend as percentage of PAT: 32.35%.

Question: In Illustration 1 of the RBI SFB Dividend Directions 2026, the Maximum Eligible Dividend is ₹5,500 crore and the PAT is ₹17,000 crore. What is the Maximum Eligible Dividend as a percentage of PAT?
Answer: 32.35%. Calculation: (₹5,500 ÷ ₹17,000) × 100 = 32.35%.
Source: SEBI

Regulation 5(e): any company or body corporate, having continuous net worth of minimum rupees one hundred crores as per its audited annual accounts for the previous five years prior to filing of the application with the Board for the grant of certificate.

Question: A body corporate files an application to promote a credit rating agency in December 2025. Its audited net worth for the preceding years was: 2020-21: Rs 95 crore; 2021-22: Rs 102 crore; 2022-23: Rs 110 crore; 2023-24: Rs 108 crore; 2024-25: Rs 115 crore. Does it meet the Regulation 4(e) promoter eligibility criterion?
Answer: The requirement under Regulation 4(e) is a continuous net worth of at least Rs 100 crore per audited annual accounts for the previous five years. The five years preceding December 2025 would be FY 2020-21 through FY 2024-25. Net worth history: FY 2020-21: Rs 95 crore (fails — below Rs 100 crore), FY 2021-22: Rs 102 crore, FY 2022-23: Rs 110 crore, FY 2023-24: Rs 108 crore, FY 2024-25: Rs 115 crore. Since FY 2020-21 (Rs 95 crore) is below the Rs 100 crore threshold, the 'continuous' net worth requirement is not met. The body corporate does not meet the eligibility criterion under Regulation 4(e).
Source: SEBI

The term 'innovators growth platform' was substituted by the SEBI (ICDR) (Second Amendment) Regulations, 2019, w.e.f 05.04.2019. Prior to its substitution, it was referred to as 'institutional trading platform' and was defined as the trading platform for listing and trading of specified securities of issuers that comply with the eligibility criteria specified in regulation 288. After the amendment, it is defined as the trading platform for listing and trading of specified securities of issuers that comply with the eligibility criteria specified in regulation 283.

Question: What was the name of the trading platform for emerging issuers under SEBI ICDR Regulations before 5 April 2019?
Answer: Institutional trading platform