Exchange code allocation for a newly recognised exchange requires member notification to enable correct trading and settlement.
SEBI announced allotment of an exchange code to United Stock Exchange of India Limited-Code No. 27-and directed stock exchanges to inform trading and clearing members to update systems and enable correct routing and settlement of trades using the allotted code.

Broker compliance deadline extended for client-dealing safeguards; exchanges must notify, amend bye-laws, and report implementation.
Stock brokers are directed to achieve full implementation of the prior client-dealing safeguards for all clients by the revised deadline; stock exchanges must notify brokers, publish the directive, amend bye-laws and related rules to ensure uniform implementation, and report implementation status in their monthly development reports, pursuant to the exercise of regulatory powers to protect investors and regulate the securities market.

Dematerialisation requirement for non promoter holdings enables shift from trade for trade to rolling settlement when connectivity is met.
Shift from Trade-for-Trade to Rolling Settlement is permitted where companies have connectivity with both depositories, at least half of non promoter holdings are dematerialised certified by the RTA or, if no RTA, by a practicing Company Secretary or Chartered Accountant, and there are no other grounds for continuing Trade-for-Trade; stock exchanges must report actions taken in their development reports.

ASBA for mutual fund NFOs expanded and NFO period shortened, with stricter disclosure and dividend accounting controls.
Mutual funds must disclose brokerage and commission paid to sponsors and related parties in a prescribed format; ASBA is extended as an additional payment mode for NFOs, NFO period is reduced to 15 days with investment of proceeds only after NFO closure and allotment/refund/statement dispatch within five business days; Unit Premium Reserve cannot be used for dividend distribution and AMCs must disclose voting policies and proxy votes, must not charge additional management fees on no-load schemes, and Fund of Funds AMCs may not enter into revenue sharing with underlying funds.

Half yearly reporting requirement: portfolio managers must file revised reports promptly after each half year period as mandated.
Portfolio managers must submit a revised half yearly report within 30 days after each half year period end, using the prescribed format. Reports must include firm identification, a capital adequacy statement detailing paid up capital, free reserves and adjustments to arrive at net worth, disclosures of settled and pending disputes and economic offence involvement, a list of approved brokers and any suspensions/defaults, a client list with portfolio amounts, comparative performance versus benchmarks, and enclosures: Principal Officer certificate under Regulation 23(ii), auditor certificate under Regulation 20(2) with management comments, and a corporate governance report.

Disclosure of QIP allottees required: exchanges must publish names, allocations and pre and post issue shareholding with placement document
SEBI requires stock exchanges to publish on their websites the identities and allocation details of substantial QIP allottees and the issuer's pre and post issue shareholding pattern in the prescribed listing agreement format, to be displayed with the final placement document; exchanges must report implementation status to SEBI in the next Monthly Development Report and the instruction is effective immediately.

Dematerialization requirement for shifting to rolling settlement - non-promoter holdings must be dematerialized before shift.
Stock exchanges may shift trading in securities of companies with connectivity to both depositories from Trade for Trade Settlement to normal Rolling Settlement only if at least 50% of the shareholding other than promoter holdings is in dematerialized mode, supported by a certificate from the company's RTA or, if no RTA exists, a practicing Company Secretary/Chartered Accountant, and provided there are no other grounds for continuation of TFTS; exchanges must report action taken to the regulator in Monthly/Quarterly Development Reports.

Ownership and governance review of market infrastructure institutions initiated; committee to recommend reforms and invite public comments.
A committee has been constituted to review ownership and governance of market infrastructure institutions, to examine ownership structure and board composition of stock exchanges and clearing corporations, their listing and governance, the balance between regulatory and business functions considering their for profit status, relationships among exchanges, clearing corporations and technology providers, and to propose a competition policy; recommendations will be placed in the public domain for comments and the circular is issued under Section 11(1) of the SEBI Act, 1992.

Standard warning in mutual fund advertisements must appear visually and in voiceover unchanged to ensure clear investor disclosure.
Audio-visual mutual fund advertisements must display and voice the exact standard warning "Mutual Fund investments are subject to market risks, read all scheme related documents carefully" without any addition or deletion, with the visual accompanied by a concurrently run voice-over for a sustained period to ensure intelligible investor disclosure; all mutual funds must comply strictly with this presentation requirement under the regulator's investor-protection authority.

Valuation of debt instruments: standardise traded price, amortisation, and benchmark yield based valuation to reflect market conditions.
Valuation is standardised by residual maturity and tradability: short residual securities are valued at weighted average traded price or amortization basis (floating rate with floors/caps amortised using the floor), while longer residual traded securities use weighted average traded price and non traded securities use a benchmark yield/matrix of spreads from agencies appointed by AMFI; securities outside the framework must be reported to AMFI and may be valued by AMC proprietary models approved by trustees and auditors until incorporated into the matrix.

Disclosure of investor complaints and arbitration details: depositories must publish standardized reports to boost grievance transparency.
Depositories must publish on their websites detailed disclosures of investor complaints, arbitration proceedings, and penal actions concerning Depository Participants and listed companies using prescribed report formats. Reports must capture complaint types, DP status, arbitration filings and awards, penal orders and related status codes; one report is updated weekly and others quarterly. Depositories must inform DPs, companies and RTAs, amend bye laws or rules if necessary, and report implementation status to SEBI, under the statutory mandate to protect investor interests and promote market regulation.

Fee clearance and NOC exemption for specified exchange members removes prior approval requirement for certain broker categories.
The prior requirement for members to obtain regulator fee clearance and a No Objection Certificate (NOC) before specified actions is no longer applicable to trading and clearing members in equity and currency derivatives segments and to cash-segment stock brokers covered by the alternate payment-of-fees regime, including future migrants into that regime; members remaining under the original fee schedule must continue to comply. Exchanges must notify constituents, amend rules and bylaws, and report implementation status to the regulator.

Currency futures expansion to additional INR pairs enables standardized contracts with VaR based margins and position limits.
SEBI authorises exchanges to offer cash settled Euro INR, Pound INR and Yen INR futures with monthly maturities up to 12 months, trading 9 a.m.-5 p.m., final monthly expiry per FEDAI interbank settlement rules and settlement price derived from RBI reference rates. Initial margin uses a 99% one day VaR with a 3.5 standard deviation scan and currency specific minimums, an Extreme Loss margin is imposed on gross open positions, calendar spread margins allow reduced rupee margins by tenor (with USD INR schedule revised in Annexure IV), and position limits are prescribed at client, trading member and bank levels with exchange alerts and clearing member oversight.

In-person verification: reciprocal recognition between depository participant and stock broker where same entity, with compliance directives.
Reciprocal recognition of in-person verification is permitted between a Depository Participant and a stock broker when they are the same entity or when one is the holding or subsidiary of the other; an in-person verification by a DP will be accepted for a trading account and vice versa. Stock Exchanges and Depositories must notify constituents, amend bye-laws and rules for implementation, and report implementation status to the regulator by the prescribed deadline. The circular is issued under statutory powers to protect investors and regulate the securities market and is effective from its date of issuance.

Advertisement disclosure requirement: mandated risk and scheme statements must be printed in bold and prominently shown to protect investors.
Mandatory advertisement disclosures that investments are subject to risk and that scheme documents should be read must be included in all mutual fund advertisements; to ensure prominence these required statements (Clauses 10, 13 and 14 of Schedule VI of the Advertisement Code) shall be printed in bold, and all mutual funds and AMCs must comply with this requirement as an exercise of the regulator's powers to protect investors and regulate the securities market.

Quarterly reporting requirement for foreign venture capital investors mandates online submission of revised format within seven days each quarter.
All Foreign Venture Capital Investors must submit a revised quarterly report in the prescribed format, uploaded online within seven days from the end of each calendar quarter; domestic custodians are responsible for timely submission. The format requires cumulative and scheme-level disclosures of funds committed, total investible funds, investment mix across equity, debt and VCFs, industry-wise investment break-up and detailed tables distinguishing listed, unlisted equity, debt and SPV investments.

Quarterly reporting requirements for venture capital funds now mandate online submission within seven days of quarter-end.
SEBI directs all registered venture capital funds to submit a revised quarterly report in the prescribed format under Regulation 22, effective for the quarter ended 31 March 2010, to be uploaded online on the SEBI portal within seven days of quarter-end; physical copies are not required. The format requires detailed fund identification, cumulative funds raised and investments by scheme, segmented investment classifications, overseas investment disclosures, maximum single investment reporting, investor category breakdowns, and industry-wise allocation schedules.

Market Wide Position Limits require aggregated, machine-readable publication across exchanges to standardize MWPL and open interest disclosure.
Market Wide Position Limits must be operationalised by timed publication and inter-exchange aggregation of ISIN, security name and symbol, MWPL (in shares) and open interest (in shares), with permissible next-day limits and discrepancy corrections, and the data made available in a machine-readable open format (XML); the MWPL computation methodology remains unchanged.

Standardized lot size for derivatives requires uniform contract sizes across exchanges with periodic review and advance notice.
Prescribes standardized lot sizes for derivative contracts on individual securities by linking contract size to price bands; requires Exchanges to review lot size semiannually based on one month average closing price, issue advance notice for revisions, apply upward revisions only to new contracts while handling corporate action adjustments under existing SEBI guidance, and ensure identical lot sizes for the same underlying across Exchanges.

PAN requirement for share transmission: furnishing PAN copy is mandatory for deletions, transmissions to heirs and transpositions.
PAN copy must be furnished for deletion of a deceased co-holder, transmission to legal heirs where the deceased was sole holder, and transposition of joint holdings. RTAs can accept PAN despite mismatches if they verify identity with sufficient documentary evidence per prior SEBI guidance. Stock exchanges must amend byelaws and the Listing Agreement, notify companies, publish the circular online and report implementation; registrars and transfer agents must implement and disseminate the provisions.