The Securities and Exchange Board of India (SEBI) held its Board meeting on September 30, 2024. Here are some key highlights of the meeting:
๐๐ฆ๐๐ง๐๐ฆ๐๐ง๐ญ๐ฌ ๐ญ๐จ ๐๐๐ ๐๐๐ ๐ฎ๐ฅ๐๐ญ๐ข๐จ๐ง๐ฌ:
SEBI has amended the SEBI (PIT) Regulations, 2015 to expand the scope of โconnected personโ and โimmediate relative.โ The revisions include adding partners and employees of firms associated with a connected person, as well as individuals sharing a household with a connected person. The term โrelativeโ now encompasses a broader range of relationships, including spouses, parents (including in-laws) and siblings (including sibling of spouses).
๐๐ซ๐๐๐ข๐ง๐ ๐๐๐๐ก๐๐ง๐ข๐ฌ๐ฆ๐ฌ:
SEBI has mandated that from February 1, 2025, qualified stock brokers must offer UPI-block, ASBA-like facilities for the secondary market, or a three-in-one trading account. Clients can also continue using the current system of transferring funds to Trading Members.
๐๐
๐๐ข๐ญ๐ ๐
๐ซ๐๐ฆ๐๐ฐ๐จ๐ซ๐ค ๐๐จ๐ซ ๐๐๐ฌ๐ฌ๐ข๐ฏ๐ ๐
๐ฎ๐ง๐๐ฌ:
SEBI has introduced a liberalized Mutual Funds Lite (MF Lite) framework for passively managed schemes, featuring relaxed regulatory requirements to facilitate easier entry into the mutual fund market. This initiative aims to attract more participants, while simplifying trustee responsibilities to ease compliance burdens.
๐๐๐ ๐๐ข๐ฌ๐๐ฅ๐จ๐ฌ๐ฎ๐ซ๐ ๐๐๐ ๐ฎ๐ฅ๐๐ญ๐ข๐จ๐ง ๐๐ก๐๐ง๐ ๐๐ฌ:
SEBI has updated the regulations for Offshore Derivative Instruments (ODIs) by establishing a monitoring and compliance mechanism. This will ensure that ODI-issuing Foreign Portfolio Investors provide necessary information about ODI subscribers to depositories, along with segregated portfolio-level details to the Designated Depository Participant or Custodian.
๐๐๐ฐ ๐๐ฌ๐ฌ๐๐ญ ๐๐ฅ๐๐ฌ๐ฌ:
SEBI has approved a new asset class, offering a middle ground between mutual funds and portfolio management services with a minimum investment of Rs.10 lakh, aiming to provide investors more flexibility and potential for higher returns.
๐
๐๐ฌ๐ญ๐๐ซ ๐๐ข๐ ๐ก๐ญ๐ฌ ๐๐ฌ๐ฌ๐ฎ๐ ๐๐ซ๐จ๐๐๐ฌ๐ฌ:
SEBI has streamlined the rights issue process to be completed in 23 working days, allowing promoters to renounce rights to specific investors. Additionally, a single filing system for listed entities across stock exchanges has been approved.
๐๐ข๐ฌ๐๐ฅ๐จ๐ฌ๐ฎ๐ซ๐๐ฌ ๐๐๐๐๐ฅ๐ข๐ง๐:
SEBI has extended the disclosure deadline to 3 hours (from 30 minutes) for board meeting outcomes after trading hours and to 72 hours (from 24 hours) for litigations, provided the information is kept in a structured digital database.
The Press Release is enclosed herewith.
Stay informed with Regstreet Law Advisors as we continue to monitor and provide insights into the evolving landscape of financial regulations.