Rajveer-code/IndiaFinBench huggingface dataset:
Source: SEBI

Regulation 3(5): For the purpose of this regulation, any reference to 'twenty-five per cent' in case of listed entity which has listed its specified securities on Innovators Growth Platform shall be read as 'forty-nine per cent'. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulations, 2021, w.e.f. 05-05-2021. Regulation 1(3): The word 'institutional trading platform' was also substituted to 'Innovators Growth Platform' by the same 2021 amendment.

Question: When did SEBI introduce the higher 49% open offer threshold for entities listed on the Innovators Growth Platform (formerly Institutional Trading Platform), and what changes were made simultaneously?
Answer: The Amendment Regulations, 2021, effective May 5, 2021, inserted Regulations 3(5) and 6(4) providing that the 25% mandatory open offer threshold reads as 49% for IGP-listed entities. Simultaneously, the same amendment renamed 'institutional trading platform' to 'Innovators Growth Platform' throughout the regulations.
Source: SEBI

The original Regulation 45 of SEBI (Mutual Funds) Regulations, 1996 provided: 'The funds of a scheme shall not in any manner be used in option trading or in short selling or carry forward transactions.' This absolute prohibition was substantially modified by the SEBI (Mutual Funds) (Second Amendment) Regulations, 2007 (w.e.f. 31-10-2007) to permit mutual funds to engage in short selling transactions and derivatives transactions on recognised stock exchanges, subject to the framework specified by the Board.

Question: Under the original SEBI (Mutual Funds) Regulations, 1996, were mutual fund schemes permitted to use scheme funds in option trading, short selling, or carry forward transactions?
Answer: No. The original Regulation 45 absolutely prohibited the use of scheme funds in option trading, short selling, or carry forward transactions.
Source: SEBI

An issuer shall be eligible to make an initial public offer only if: (a) it has net tangible assets of at least three crore rupees, calculated on a restated and consolidated basis, in each of the preceding three full years; (b) it has an average operating profit of at least fifteen crore rupees during the preceding three years, with operating profit in each of these preceding three years; (c) it has a net worth of at least one crore rupees in each of the preceding three full years.

Question: Under SEBI ICDR Regulations 2018, what is the minimum total net tangible assets an eligible issuer must have cumulatively demonstrated across all three preceding years (treating each year's minimum separately)?
Answer: Nine crore rupees (three crore rupees per year × three years)
Source: SEBI

Regulation 10(d): 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.

Question: A Category I AIF has a total corpus of Rs 300 crore. What is the minimum continuing interest the Manager or Sponsor must maintain in this fund under SEBI AIF Regulations, 2012?
Answer: The continuing interest requirement is the lower of: (a) 2.5% of corpus = 2.5% × Rs 300 crore = Rs 7.5 crore, or (b) Rs 5 crore. Since Rs 5 crore < Rs 7.5 crore, the minimum continuing interest is Rs 5 crore. The Manager/Sponsor must maintain at least Rs 5 crore of investment in the fund.
Source: SEBI

Regulation 7(1): The open offer for acquiring shares to be made 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: A listed company has 50 crore shares outstanding. An acquirer acquires shares triggering a mandatory open offer under Regulation 3(1). What is the minimum number of shares for which the open offer must be made under Regulation 7(1)?
Answer: 26% of 50 crore = 13 crore shares.
Source: SEBI

Terms and conditions to be complied with. 22. The approval granted under sub-regulation (2) of regulation 21 shall be subject to the following conditions, namely:— (c) no appointment of a director of an asset management company shall be made without prior approval of the trustees.

Question: Under SEBI (Mutual Funds) Regulations, 1996, whose prior approval is required before a director of an AMC can be appointed?
Answer: Prior approval of the trustees
Source: SEBI

Passage A:
Regulation 9(f) (pre-Second Amendment 2018): a credit rating agency shall not carry out any activity other than the rating of securities offered by way of public or rights issue. Provided that nothing in these regulations shall prohibit a credit rating agency from engaging in any other activity in so far as it may be required by a financial sector regulator.

Passage B:
Regulation 9(f) (as substituted w.e.f. 11-09-2018): 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: Do the original and 2018-amended versions of Regulation 9(f) define the same permissible scope of rating activities for a credit rating agency?
Answer: No
Source: SEBI

Passage A:
The provisions of Chapters V and VI of these regulations shall come into force on the date of publication of these regulations in the Official Gazette.

Passage B:
These regulations may be called the Securities and Exchange Board of India (Intermediaries) Regulations, 2008. They shall come into force in relation to different classes of intermediaries on such dates as the Board may by notification in the Official Gazette appoint.

Question: Do Chapters V and VI of the SEBI (Intermediaries) Regulations 2008 come into force on the same date as all other chapters of the Regulations?
Answer: No
Source: SEBI

The SEBI (ICDR) Regulations 2018 superseded the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. The 2018 regulations were notified on the 60th day from publication. The definition of 'financial year' was inserted by the SEBI (ICDR) (Amendment) Regulations, 2025 w.e.f. 08.03.2025. Prior to this amendment, the ICDR Regulations 2018 did not contain an explicit definition of 'financial year' as a standalone defined term.

Question: Which was enacted earlier — the SEBI (ICDR) Regulations 2009 or the SEBI (ICDR) Regulations 2018?
Answer: The SEBI (ICDR) Regulations, 2009 was enacted earlier
Source: SEBI

Regulation 13(1): Category I Alternative Investment Fund and Category II Alternative Investment Fund shall be close ended and the tenure of fund or scheme shall be determined at the time of application subject to sub-regulation (2) of this regulation. (2) Category I and II Alternative Investment Fund or schemes launched by such funds shall have a minimum tenure of three years. (3) Schemes of Category III Alternative Investment Fund may be open ended or close ended.

Question: What are the structural and tenure requirements applicable to Category I and II Alternative Investment Funds, and how do they differ from Category III AIFs?
Answer: Under Regulations 13(1) and (2), Category I and II AIFs must be close-ended and the tenure of the fund or scheme must be determined at the time of application; such funds or their schemes must have a minimum tenure of three years. Under Regulation 13(3), schemes of Category III AIFs have no such restriction — they may be open-ended or close-ended.
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: Provided that payment of scheme fees shall not apply in case of launch of first scheme by the Alternative Investment Fund.

Question: What are the requirements for filing a placement memorandum before launching a new scheme under SEBI AIF Regulations, 2012? Is there any fee exemption?
Answer: Under Regulation 12(2), a placement memorandum must be filed with the Board through a merchant banker at least thirty days prior to the launch of the scheme, along with the fees as specified in the Second Schedule. There is one fee exemption: the payment of scheme fees does not apply in case of the launch of the first scheme by an Alternative Investment Fund.
Source: RBI

For users / clients undertaking non-derivative foreign exchange transactions, the LEI code shall be applicable only for transactions involving an amount equivalent to or exceeding USD one million or equivalent thereof in other currencies.

Question: For non-derivative foreign exchange transactions, at what minimum transaction amount does the LEI requirement become applicable to users and clients under the RBI Master Direction on Unique Identifiers 2026?
Answer: USD one million or equivalent thereof in other currencies.
Source: SEBI

Passage A:
Regulation 16(3) (pre-2018): 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.

Passage B:
Regulation 16(3) (as substituted w.e.f. 30-05-2018): 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, or as may be specified by the Board from time to time.

Question: Do the original and 2018-amended versions of Regulation 16(3) provide the same grounds for a credit rating agency to withdraw a rating of an outstanding security?
Answer: No
Source: SEBI

Regulation 16(2)(a) (original): 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. [Substituted w.e.f. 13-08-2021 by SEBI (AIF) (Fourth Amendment) Regulations, 2018]: at least seventy-five percent of the investable funds shall be invested in such instruments.

Question: When was the minimum investment threshold for venture capital funds (in qualifying venture capital/SME instruments) raised from two-thirds to seventy-five percent of investable funds under SEBI AIF Regulations, 2012?
Answer: The minimum investment threshold for venture capital funds was raised from two-thirds (approximately 66.67%) to seventy-five percent of investable funds by the SEBI (Alternative Investment Funds) (Fourth Amendment) Regulations, 2018, which came into effect on 13 August 2021. Prior to this amendment, the threshold was at least two-thirds of investable funds.
Source: SEBI

The original SEBI (Mutual Funds) Regulations, 1996 provided that 'At least 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.' This provision was substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 1998 (w.e.f. 12-1-1998), which raised the requirement: '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: What minimum proportion of independent trustees did SEBI (Mutual Funds) Regulations require before the 1998 amendment?
Answer: At least 50 per cent
Source: SEBI

Eligibility criteria. 7. Provided that if the requirements specified under Explanation to clause (a) are not fulfilled, the sponsor shall,— (i) adequately capitalize the asset management company such that the net worth of the asset management company is not less than rupees one hundred fifty crore; and (ii) ensure that the initial shareholding equivalent to capital contributed to the asset management company to the extent of not less than rupees one hundred fifty crore is locked-in for a period of five years; and (iii) appoint experienced personnel in asset management company such that the total combined experience of Chief Executive Officer, Chief Operating Officer, Chief Risk Officer, Chief Compliance Officer and Chief Investment Officer should be at least thirty years.

Question: Under the 2023 amendment to Regulation 7, if a sponsor fails all eligibility requirements, what are the three key obligations: the AMC capitalization threshold, the lock-in period, and the minimum combined experience of the five senior officers?
Answer: AMC net worth not less than rupees one hundred fifty crore; locked-in for five years; total combined experience of CEO, COO, CRO, CCO and CIO of at least thirty years
Source: SEBI

The SEBI (Mutual Funds) Regulations were originally notified in 1996. The definition of 'NAV' or 'Net Asset Value' was introduced as a defined term as part of later amendments. The definition of 'exit load' was inserted to mean the charge or fee levied by the mutual fund at the time of redemption or switch. The definition of 'total expense ratio' was also introduced, defined as the ratio of total of all expenses charged to the investors of a scheme to its daily net assets.

Question: Which set of SEBI regulations originally established the regulatory framework for mutual funds in India that continues to govern mutual funds today, as reflected in the 2026 consolidated version?
Answer: The SEBI (Mutual Funds) Regulations, 1996
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.

Illustration 1: Net profit (PAT) for FY 20X1-X2 (A): ₹17,000 crore. Net NPAs as on March 31, 20X2 (B): ₹6,500 crore. Adjusted PAT, i.e., (C) = (A) - 50% of (B).

Question: Using the formula for Adjusted PAT, calculate the Adjusted PAT for a Small Finance Bank with PAT of ₹17,000 crore and Net NPA of ₹6,500 crore.
Answer: ₹13,750 crore. Calculation: ₹17,000 - (50% × ₹6,500) = ₹17,000 - ₹3,250 = ₹13,750 crore.
Source: SEBI

Asset management company and its obligations. 25. (12) The asset management company shall file with the trustees and the Board— (a) detailed bio-data of all its directors along with their interest in other companies within fifteen days of their appointment; (b) any change in the interests of directors every six months.

Question: Within what period must an AMC file detailed bio-data of a newly appointed director with the trustees and the Board?
Answer: Within fifteen days of their appointment
Source: SEBI

Passage A:
The maximum time gap of one hundred and twenty days between any two consecutive board meetings shall elapse.

Passage B:
The audit committee shall meet at least four times in a financial year and not more than one hundred and twenty days shall elapse between two consecutive meetings.

Question: Do the two passages prescribe different maximum permissible gaps between consecutive meetings for the board and the audit committee respectively?
Answer: No
Source: SEBI

Passage A:
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.

Passage B:
Regulation 7(2): The open offer made under regulation 6 (voluntary offer) shall be for acquisition of at least such number of shares as would entitle the holder thereof to exercise an additional ten per cent of the voting rights in the target company.

Question: Is there a contradiction between Regulation 7(1) and Regulation 7(2) about the minimum open offer size under SEBI Takeovers Regulations 2011?
Answer: No
Source: SEBI

Regulation 15(1)(d): Category III Alternative Investment Funds shall invest not more than ten per cent of the investable funds in an Investee Company, directly or through investment in units of other Alternative Investment Funds and the large value funds for accredited investors of Category III Alternative Investment Funds may invest up to twenty per cent of the investable funds in an Investee Company, directly or through investment in units of other Alternative Investment Funds.

Question: What is the single-investee concentration limit for Category III Alternative Investment Funds under SEBI AIF Regulations, 2012?
Answer: Under Regulation 15(1)(d), Category III AIFs may invest not more than 10% of their investable funds in any single investee company (directly or through other AIF units). Large value funds for accredited investors in Category III may invest up to 20% of investable funds in a single investee company.
Source: SEBI

A company may undertake a buy-back of its own shares or other specified securities out of (a) its free reserves; (b) the securities premium account; or (c) the proceeds of the issue of any shares or other specified securities: Provided that no such buy-back shall be made out of the proceeds of an earlier issue of the same kind of shares or same kind of other specified securities.

Question: From which three sources may a company fund a buy-back of its shares under SEBI (Buy-Back of Securities) Regulations 2018? Is there any restriction on using proceeds of an earlier issue?
Answer: Free reserves, securities premium account, or proceeds of issue of shares or specified securities. A company cannot use proceeds of an earlier issue of the same kind of shares or specified securities.
Source: SEBI

Regulation 3(4)(a) previously included 'social venture funds' as a sub-category of Category I AIF. [The term 'social venture funds' was substituted by 'social impact funds' by the SEBI (AIF) (Third Amendment) Regulations, 2022, w.e.f. 25-07-2022.] The Explanation to Regulation 16(4) was simultaneously updated from 'social venture funds' to 'social impact funds'.

Question: What was the name of the social-purpose AIF sub-category under Category I before it was renamed in 2022, and what was the new name?
Answer: Before 25 July 2022, the sub-category was called 'social venture funds' — a term under Regulation 3(4)(a) for Category I AIFs investing primarily in securities or units of social ventures. The SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2022 (w.e.f. 25-07-2022) renamed this sub-category to 'social impact funds.' Simultaneously, the definition of 'social venture fund' at Regulation 2(1)(v) was omitted and replaced with new definitions of 'social enterprise,' 'social impact fund,' 'social stock exchange,' and 'social units.'
Source: SEBI

Passage A:
Regulation 15(1)(e) (pre-2021): Alternative Investment Fund shall not invest in associates except with the approval of seventy five percent of investors by value of their investment in the Alternative Investment Fund.

Passage B:
Regulation 15(1)(e) (as substituted w.e.f. 05-05-2021): 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: Do the original and 2021-amended versions of Regulation 15(1)(e) cover the same categories of investments requiring 75% investor approval?
Answer: No
Source: SEBI

Regulation 10(c): the Alternative Investment Fund shall not accept from an investor, an investment of value less than one crore rupees: Provided that in case of investors who are employees or directors of the Alternative Investment Fund or employees or directors of the Manager, the minimum value of investment shall be twenty five lakh rupees.

Question: A Category II AIF has 4 investors: an external institutional investor, a director of the Manager, an employee of the AIF, and an accredited investor. Their proposed investments are Rs 75 lakh, Rs 20 lakh, Rs 30 lakh, and Rs 50 lakh respectively. Which investments, if any, fail to meet the minimum investment requirements under SEBI AIF Regulations, 2012?
Answer: External institutional investor (Rs 75 lakh): fails the minimum of Rs 1 crore. Director of the Manager (Rs 20 lakh): fails the reduced minimum of Rs 25 lakh applicable to manager's directors. Employee of AIF (Rs 30 lakh): meets the Rs 25 lakh minimum for AIF employees. Accredited investor (Rs 50 lakh): no minimum applies — Regulation 10(c) does not apply to accredited investors. Therefore, two investments fail: the external institutional investor (Rs 75 lakh < Rs 1 crore) and the director of the Manager (Rs 20 lakh < Rs 25 lakh).
Source: SEBI

Asset management company and its obligations. 25. (26) The asset management company shall ensure that no change in the fundamental attributes of any scheme or the trust, fees and expenses payable or any other change which would modify the scheme and affect the interest of unit holders, shall be carried out unless,— (i) a written communication about the proposed change is sent to each unit holder and an advertisement is issued in one English daily newspaper having nationwide circulation as well as in a newspaper published in the language of region where the Head Office of the mutual fund is situated; and (ii) the unit holders are given an option to exit at the prevailing Net Asset Value without any exit load.

Question: What two conditions must an AMC satisfy before making any change to the fundamental attributes of a mutual fund scheme?
Answer: Send written communication to each unit holder and issue an advertisement in a nationwide English daily and a regional language newspaper; and provide unit holders an option to exit at the prevailing NAV without any exit load
Source: SEBI

Passage A:
No acquirer shall acquire shares or voting rights in a target company which taken together with shares held by him and persons acting in concert 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.

Passage B:
For the purpose of this regulation, any reference to 'twenty-five per cent' in case of a target company which is listed on the Innovators Growth Platform shall be read as 'forty-nine per cent'.

Question: Do the two passages indicate that the same open offer trigger threshold applies to all listed companies regardless of the platform on which they are listed?
Answer: No
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, based on the standalone or consolidated financial statements of the company, whichever sets out a lower amount.

Question: What is the maximum permissible limit for any buy-back as a percentage of the aggregate of paid-up capital and free reserves, and on which financial statements is it based?
Answer: Twenty-five per cent, based on standalone or consolidated financial statements, whichever sets out a lower amount.
Source: RBI

A bank shall meet the following prudential requirements, to be eligible to declare dividends: (4) The bank shall not be under any explicit restrictions for declaration of dividends from the Reserve Bank or any other authority.

Question: Under the RBI SFB Dividend Directions 2026, is a bank eligible to declare dividends if the Reserve Bank has placed an explicit restriction on it?
Answer: No. A bank that is under any explicit restrictions for declaration of dividends from the Reserve Bank or any other authority is not eligible to declare dividends.