Rajveer-code/IndiaFinBench huggingface dataset:
Source: SEBI

Regulation 15(2): An investment adviser shall not receive any consideration by way of remuneration or compensation or in any other form from any person other than the client being advised, in respect of the underlying products or securities for which advice is provided.

Question: Can an investment adviser registered under SEBI IA Regulations, 2013 accept a commission from a mutual fund house for recommending its schemes to the adviser's clients?
Answer: No. Regulation 15(2) prohibits an investment adviser from receiving any consideration — whether by way of remuneration, compensation, or in any other form — from any person other than the client being advised, in respect of the underlying products or securities for which advice is provided. Accepting a commission from a mutual fund house (a third party) in respect of products recommended to clients would violate this prohibition.
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 issues a buy recommendation on Stock A to clients on January 10. On January 22, the adviser believes the situation has changed and wants to sell Stock A from its own account. Is January 22 within the 15-day prohibition window? If the adviser gives clients a revised assessment on January 22 at 3:00 PM, what is the earliest date and time at which the adviser can enter the contrary own-account sell transaction?
Answer: The 15-day prohibition runs from January 10 through January 24 (inclusive; day 1 = January 10, day 15 = January 24). January 22 falls within the prohibition window. Since the situation has changed, the adviser may still transact within the 15-day period provided it gives clients a revised assessment at least 24 hours in advance. If the revised assessment is communicated on January 22 at 3:00 PM, the earliest permissible time to enter the contrary sell transaction is January 23 at 3:00 PM (i.e., 24 hours later).
Source: SEBI

Regulation 24A (inserted by SEBI (CRA) (Amendment) Regulations, 2018, w.e.f. 30-05-2018): cross-shareholding restrictions between CRAs. A CRA shall not directly or indirectly hold 10% or more shareholding in any other CRA, or have board representation in any other CRA.

Question: When were the cross-shareholding restrictions between credit rating agencies first introduced in SEBI (CRA) Regulations, 1999?
Answer: The cross-shareholding restrictions between credit rating agencies (Regulation 24A) were first introduced by the SEBI (Credit Rating Agencies) (Amendment) Regulations, 2018, with effect from 30 May 2018. Prior to the 2018 amendment, the SEBI (CRA) Regulations, 1999 did not contain any specific prohibition on CRAs holding shares in other CRAs or shareholders of one CRA holding 10% or more in another CRA.
Source: SEBI

The maximum time gap of one hundred and twenty days between any two consecutive board meetings shall apply to listed entities. A listed entity whose paid-up share capital exceeds rupees ten crore or net worth exceeds rupees twenty-five crore, as at the end of the previous financial year, shall comply with the requirement of having at least one woman director on the board of directors.

Question: Under SEBI LODR Regulations 2015, if a listed entity holds its first board meeting on 1 April of a financial year, by what latest date must the second board meeting be held?
Answer: By 29 July of the same year (1 April + 120 days = 29 July)
Source: SEBI

Rights and obligations of the trustees. 18. (15) The trustees shall obtain the consent of the unitholders— (a) whenever required to do so by the Board in the interest of the unitholders; or (b) whenever required to do so on the requisition made by three-fourths of the unitholders of any scheme; or (c) when the majority of the trustees decide to wind up a scheme or prematurely redeem the units of a close ended scheme.

Question: What proportion of unitholders of a scheme may requisition the trustees to obtain unitholder consent under SEBI (Mutual Funds) Regulations, 1996?
Answer: Three-fourths of the unitholders of any scheme
Source: RBI

Government of India (GoI) has announced the sale of two dated securities. GoI specific Notification: F.No.4(1)-B(W&M)/2026 dated March 28, 2026. Auction Date: April 02, 2026 (Thursday). Settlement Date: April 06, 2026 (Monday). When Issued trading period: March 30, 2026 - April 02, 2026.

Question: In chronological order, what are the key dates in the lifecycle of the GoI dated securities auction announced on March 28, 2026?
Answer: March 28 (announcement), March 30 – April 02 ('When Issued' trading period), April 02 (auction day, bids submitted), April 06 (settlement, payment by successful bidders).
Source: RBI

Auction Week 4 (April 20-24, 2026): ₹32,000 crore — (i) 3 Year for ₹11,000 crore (ii) 7 Year for ₹11,000 crore (iii) 30 Year for ₹5,000 crore (iv) 30 Year SGrB for ₹5,000 crore.

Question: In auction week 4 (April 20-24, 2026) of the GoI issuance calendar, what is the combined amount for the two 30-year instruments (regular and Sovereign Green Bond)?
Answer: ₹10,000 crore. Calculation: ₹5,000 crore (30-year regular) + ₹5,000 crore (30-year SGrB) = ₹10,000 crore.
Source: SEBI

Passage A:
The minimum promoters' contribution shall be locked in for a period of three years from the date of commencement of commercial production or date of allotment in the initial public offer, whichever is later.

Passage B:
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.

Question: Do the two passages prescribe different lock-in periods for minimum promoters' contribution in the general (non-capital-expenditure) case?
Answer: Yes
Source: SEBI

Regulation 13(5): 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: Under SEBI AIF Regulations, 2012, by how many years can the tenure of a close-ended AIF be extended, and what investor approval is required? Is there a special provision for Accredited Investors only funds?
Answer: Under Regulation 13(5), the tenure of a close-ended AIF may be extended by up to two years, subject to the approval of two-thirds of unit holders by value of their investment. For Accredited Investors only funds, there is a special provision — their tenure may be extended by up to five years (instead of two), subject to the same approval threshold of two-thirds of unit holders by value.
Source: RBI

Calendar for Issuance of Government of India Dated Securities (April 01, 2026 to September 30, 2026). Total: 8,20,000 crore.

Question: What is the total amount of Government of India dated securities to be issued during the first half of FY 2026-27, i.e., April to September 2026?
Answer: ₹8,20,000 crore
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.

Annex III: Circular repealed — DOR.ACC.REC.118/21-02-067/2025-26 dated November 28, 2025.

Question: The RBI SFB Dividend Directions 2026 were issued on March 10, 2026 but take effect from FY 2026-27. Were the 2025 Directions (repealed circular dated November 28, 2025) issued before or after the 2026 Directions were issued?
Answer: The 2025 Directions were issued before the 2026 Directions — on November 28, 2025, compared to March 10, 2026 for the 2026 Directions.
Source: SEBI

Regulation 9(e): the promoter of the credit rating agency, in terms of regulation 4, shall maintain a minimum shareholding of 26% in the credit rating agency for a minimum period of three years from the date of grant of registration by the Board.

Question: A CRA's promoter holds 35% of the CRA's shares at the time of registration. The CRA was granted registration on April 1, 2023. Can the promoter legally reduce its shareholding to 20% on June 15, 2026?
Answer: The promoter must maintain at least 26% shareholding for a minimum of three years from the date of grant of registration. Three years from April 1, 2023 = April 1, 2026. June 15, 2026 is after April 1, 2026, so the lock-in period of three years has expired by then. After April 1, 2026, the promoter is no longer bound by the 3-year lock-in. However, reducing to 20% would breach the minimum 26% threshold if this obligation is ongoing beyond the three-year period (which the regulation's wording 'for a minimum period of three years' suggests is a lock-in, not a permanent requirement). The regulation specifies a minimum period of three years; after that, the 26% floor from Regulation 9(e) no longer applies as a mandatory minimum. Therefore, the promoter can reduce its shareholding to 20% on June 15, 2026.
Source: SEBI

Regulation 2(h) — definition of 'credit rating agency' (pre-2021): rating of securities offered by way of public or rights issue. [Amended by SEBI (CRA) (Amendment) Regulations, 2021 w.e.f. 03-08-2021]: rating of securities that are listed or proposed to be listed on a stock exchange recognized by the Board.

Question: What change did the SEBI (CRA) (Amendment) Regulations, 2021 make to the definition of 'credit rating agency' under Regulation 2(h)?
Answer: The SEBI (Credit Rating Agencies) (Amendment) Regulations, 2021 (w.e.f. 03-08-2021) substituted the definition of 'credit rating agency' under Regulation 2(h). The original definition restricted 'credit rating agencies' to entities rating securities 'offered by way of public or rights issue' — covering only primary market issuances. The 2021 amendment broadened the definition to cover rating of securities 'that are listed or proposed to be listed on a stock exchange recognized by the Board' — expanding the scope to include all listed securities and not just those offered via public or rights issues.
Source: SEBI

Passage A:
An issuer shall be eligible to make an initial public offer only if it has net tangible assets of at least three crore rupees, of which not more than fifty per cent. are held in monetary assets: Provided that if more than fifty per cent. of the net tangible assets are held in monetary assets, the issuer has utilised or made firm commitments to utilise such excess monetary assets in its business or project.

Passage B:
Provided further that the limit of fifty per cent. on monetary assets shall not be applicable in case the initial public offer is made entirely through an offer for sale.

Question: Do the two passages collectively indicate that the 50% monetary asset limit always applies to every IPO regardless of its structure?
Answer: No
Source: SEBI

"holdco" or "holding company" means a company or LLP, â€” (i) in which InvIT holds or proposes to hold controlling interest and not less than fifty one per cent of the equity share capital or interest and which in turn has made investments in other SPV(s), which ultimately hold the infrastructure assets; (ii) which is not engaged in any other activity other than holding of the underlying SPV(s), holding of infrastructure projects and any other activities pertaining to and incidental to such holdings.

Question: Under SEBI (InvIT) Regulations 2014, what minimum equity interest must an InvIT hold or propose to hold in a holding company (holdco) for it to qualify as such?
Answer: Not less than fifty one per cent of the equity share capital or interest
Source: RBI

Calendar for Issuance of Government of India Dated Securities (April 01, 2026 to September 30, 2026). Auction Week 4 (April 20-24, 2026): ₹32,000 crore — (i) 3 Year for ₹11,000 crore (ii) 7 Year for ₹11,000 crore (iii) 30 Year for ₹5,000 crore (iv) 30 Year SGrB for ₹5,000 crore. Switch auctions will be conducted on the third Monday of every month.

Question: In the GoI securities issuance calendar for H1 FY2026-27, which is the first auction week that includes Sovereign Green Bonds (SGrBs), and what amount is allocated for them?
Answer: Auction Week 4 (April 20-24, 2026) is the first week to include Sovereign Green Bonds, with ₹5,000 crore allocated for the 30-year SGrB.
Source: SEBI

A transaction with a related party shall be considered material if the transaction(s) to be entered into individually or taken together with previous transactions during a financial year, exceeds Rupees one thousand crore or ten per cent. of the annual consolidated turnover of the listed entity as per the last audited financial statements of the listed entity, whichever is lower.

Question: Under SEBI LODR Regulations 2015, a related party transaction is considered material if it exceeds what threshold — Rupees one thousand crore or ten per cent of annual consolidated turnover, whichever is lower?
Answer: Rupees one thousand crore or ten per cent of the annual consolidated turnover of the listed entity as per the last audited financial statements, whichever is lower
Source: SEBI

Eligibility criteria for appointment of asset management company. 21. (1) For grant of approval of the asset management company the applicant has to fulfill the following:— (d) the board of directors of such asset management company has at least fifty per cent directors, who are not associate of, or associated in any manner with, the sponsor or any of its subsidiaries or the trustees; (e) the Chairman of the asset management company is not a trustee of any mutual fund.

Question: What restriction does SEBI (Mutual Funds) Regulations, 1996 impose on the Chairman of an asset management company?
Answer: The Chairman of the asset management company is not a trustee of any mutual fund
Source: SEBI

No credit rating agency shall rate a security issued by its promoter. A credit rating agency which has a shareholding in the issuer of the security being rated, of more than ten per cent of the paid-up share capital of that issuer, shall not rate the security. A credit rating agency shall not employ a person who is a director or employee of the issuer whose security is being rated.

Question: Under SEBI Credit Rating Agencies Regulations 1999, above what percentage shareholding in an issuer does a credit rating agency become prohibited from rating that issuer's securities?
Answer: More than ten per cent of the paid-up share capital
Source: SEBI

Regulations 69, 70, 71, 72, 73 and 74 of the SEBI (Mutual Funds) Regulations, 1996, which dealt with enforcement and enquiry procedures, were omitted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-9-2002.

Question: From what date were Regulations 69 to 74 of SEBI (Mutual Funds) Regulations, 1996 omitted?
Answer: 27-9-2002
Source: SEBI

Seventh Schedule — Restrictions on Investments. 1. A mutual fund scheme shall not invest more than 10% of its NAV in debt instruments...issued by a single issuer...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.

Question: To what maximum percentage of NAV can the single-issuer debt investment limit be extended, and whose approvals are needed for this extension?
Answer: Up to 12% of NAV, with prior approval of both the Board of Trustees and the Board of Directors of the AMC
Source: SEBI

Regulation 14: Every credit rating agency shall enter into a written agreement with each client whose securities it proposes to rate, and every such agreement shall include — (a) the rights and liabilities of each party; (b) the fee to be charged; (c) the client shall co-operate for periodic review; (d) the client shall provide true, adequate and timely information; (e) the CRA shall disclose the rating assigned to the client's securities irrespective of whether the rating is accepted by the client; (f) the client shall disclose all ratings assigned in the last three years and any unaccepted rating.

Question: What must a written agreement between a credit rating agency and its client contain under SEBI (CRA) Regulations, 1999?
Answer: Under Regulation 14, the written agreement must include: (a) the rights and liabilities of each party; (b) the fee to be charged; (c) an obligation on the client to co-operate for periodic review of the rating during the tenure of the rated instrument; (d) an obligation on the client to provide true, adequate, and timely information; (e) an obligation on the CRA to disclose the rating assigned to the client's securities through regular methods of dissemination, even if the rating is not accepted by the client; and (f) an obligation on the client to disclose in the offer document all ratings assigned in the last three years and any ratings by other CRAs not accepted by the client.
Source: SEBI

The term 'sponsor group' was substituted for 'sponsor(s)' by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016. Prior to this amendment, the relevant provisions referred only to 'sponsors'. The term 'inducted sponsor' was inserted by a subsequent amendment and means any person who has been inducted as a sponsor of the REIT after its initial registration. The term 're-designated sponsor' was further added in a later amendment.

Question: What term was used in SEBI REIT Regulations 2014 before the 2016 amendment replaced it with the broader term 'sponsor group'?
Answer: Sponsor(s)
Source: RBI

Foreign Exchange Reserves as on Mar. 13, 2026: Total Reserves — ₹65,61,849 crore / US$ 709,759 million. Variation over Week: ₹ -13,778 crore / US$ -7,052 million.

Question: As on March 13, 2026, what was India's total foreign exchange reserve in US dollar terms, and by how much did it change during the week?
Answer: Total reserves: US$ 709,759 million. Weekly variation: a decrease of US$ 7,052 million.
Source: SEBI

A depository shall not be eligible to carry on its activities as a depository if any person, individually or together with persons acting in concert, holds or acquires more than five per cent of the paid-up equity share capital of such depository, unless the prior approval of the Board has been obtained for the same. A participant shall be a person registered as a participant under the Act.

Question: Under SEBI Depositories and Participants Regulations 2018, what is the threshold shareholding in a depository that triggers the requirement for prior Board approval?
Answer: More than five per cent of the paid-up equity share capital
Source: SEBI

Seventh Schedule. 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.

Question: Under the Seventh Schedule, what are the NAV-based caps for a scheme investing in InvIT units — the overall cap and the single-issuer cap?
Answer: Overall cap: 10% of NAV; single-issuer cap: 5% of NAV
Source: SEBI

buy-back from the open market through stock exchanges, based on the standalone or consolidated financial statements of the company, whichever sets out a lower amount, shall be less than: (i) fifteen per cent of the paid up capital and free reserves of the company till March 31, 2023; (ii) ten per cent of the paid up capital and free reserves of the company till March 31, 2024; (iii) five per cent of the paid up capital and free reserves of the company till March 31, 2025. Provided further that buy-back from the open market through the stock exchange shall not be allowed with effect from April 1, 2025.

Question: Describe the step-by-step reduction in the maximum open-market buy-back limit through stock exchanges under SEBI Regulations, from 2023 to the final prohibition.
Answer: 15% (until March 31, 2023) → 10% (until March 31, 2024) → 5% (until March 31, 2025) → Complete prohibition from April 1, 2025.
Source: RBI

Government of India (GoI) has announced the sale (re-issue) of two dated securities for a notified amount of ₹29,000 crore as per the following details:
1. 6.68% GS 2040 Jul 07, 2040 — ₹17,000 crore
2. 7.43% GS 2076 Jan 19, 2076 — ₹12,000 crore
Total: ₹29,000 crore
GoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above.

Question: In the GoI dated securities auction announced on March 28, 2026, what is the maximum total amount the Government of India can raise if it exercises the greenshoe option on both securities?
Answer: ₹33,000 crore. Calculation: Notified amount ₹29,000 crore + greenshoe of ₹2,000 crore per security × 2 securities = ₹29,000 + ₹4,000 = ₹33,000 crore.
Source: SEBI

"compulsory delisting" means delisting of equity shares of a company by a recognised stock exchange under Chapter V of these regulations.

Question: How does SEBI (Delisting of Equity Shares) Regulations, 2021 define 'compulsory delisting'?
Answer: Delisting of equity shares of a company by a recognised stock exchange under Chapter V of these regulations.
Source: SEBI

Passage A:
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.

Passage B:
buy-back from the open market through stock exchanges...shall be less than fifteen per cent of the paid up capital and free reserves of the company till March 31, 2023.

Question: Do the two passages prescribe the same maximum limit for all buy-back transactions under SEBI Buy-Back of Securities Regulations?
Answer: No
Source: SEBI

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: An acquirer holds 40% voting rights in a target company with 200 crore total shares. They wish to make a voluntary open offer under Regulation 6. What is the minimum number of shares for which the offer must be made under Regulation 7(2)?
Answer: At least 10% additional voting rights = 10% of 200 crore total shares = 20 crore shares.
Source: SEBI

Regulation 13(h): the number of clients of a part-time investment adviser shall not exceed seventy-five in total at any point of time.

Question: What is the maximum number of clients that a part-time investment adviser registered under SEBI IA Regulations, 2013 is permitted to have at any point in time?
Answer: A part-time investment adviser shall not have more than seventy-five clients in total at any point in time, as provided under Regulation 13(h).
Source: SEBI

An issuer not satisfying the condition stipulated in sub-regulation (1) shall be eligible to make an initial public offer only if the issue is made through the book-building process and the issuer undertakes to allot at least seventy five per cent. of the net offer to qualified institutional buyers and to refund the full subscription money if it fails to do so.

Question: Under SEBI ICDR Regulations, 2018, what percentage of the net offer must an issuer that does not meet the standard eligibility criteria undertake to allot to qualified institutional buyers?
Answer: At least seventy five per cent.