Dematerialisation requirement for non promoter holdings must be certified before shifting securities from TFTS to rolling settlement.
Shift to Rolling Settlement is permitted for securities with connectivity to both depositories provided a defined proportion of other than promoter holdings are dematerialised, certified by the Registrar and Transfer Agent or, if none, by a practicing Company Secretary or Chartered Accountant; exchanges must ensure no other grounds warrant continuation of Trade for Trade Settlement and must report action taken in the Monthly/Quarterly Development Report.

Disclosure for convertible debt: convertible instruments follow equity disclosure norms for listing, while non-convertible debt follows debt listing regulations.
Issue and listing of non-convertible debt securities, public or private, must follow the Issue and Listing of Debt Securities Regulations, 2008, while debt securities convertible into equity are governed by the disclosure norms applicable to the equity or instruments on conversion under the Disclosure and Investor Protection Guidelines, 2000. The clarification applies to information memoranda and offer documents for privately placed debt securities intended for listing prepared after this circular; merchant bankers must ensure compliance and stock exchanges must inform issuers.

Portfolio managers must keep clients' funds in segregated bank accounts with daily reconciliation and monthly statements to clients.
Portfolio managers may maintain clients' funds in a single separate bank account so long as they segregate each client's funds via clear back-office records, maintain a client-wise accounting system, refrain from using one client's funds for another, provide monthly client statements, and perform daily client-wise reconciliation between ledger records and the bank account.

Listing requirements for Indian Depository Receipts demand synchronized cross border disclosures, translated financials and continuous compliance.
Model listing terms require issuers of Indian Depository Receipts to furnish pre issuance documentation including SEBI observation and merchant banker compliance certificates, ensure underlying shares are listed in the home market, obtain in principle exchange approval for further IDRs, and disclose pre/post capital structure changes. Continuing obligations mandate simultaneous electronic filing of corporate actions and financial statements disclosed in other jurisdictions, quarterly IDR holder pattern reports, appointment of an India based compliance officer, translated audited annual and periodical financials with reconciliations where applicable, and prompt notification of material events, with stock exchange powers to suspend or delist for non compliance.

Investment compliance in money market instruments: mutual funds must meet issuer exposure limits within regulator's prescribed transition period.
Where existing schemes hold money market instruments of an issuer not in conformity with the amendment, the asset management company must ensure compliance within the specified transition period; the circular is issued under Section 11(1) of the SEBI Act read with Regulation 77 of the SEBI (Mutual Funds) Regulations to protect investors and regulate the market.

Submission of Monthly Report: Portfolio managers must upload AUM and activity data on SEBI portal by the 5th.
All registered portfolio managers must upload a standardized monthly report on the regulator's portal by the 5th of the following month, stating AUM as on the last calendar day in rupees (crores) and providing investor counts and AUM breakdowns for discretionary, non-discretionary and advisory services, plus gross sales, gross purchases and portfolio turnover ratio; the Compliance Officer is responsible for ensuring compliance under Regulation 23(A) and hard copies must not be sent.

Investment in Indian Depository Receipts permitted for mutual funds subject to SEBI Regulations and Seventh Schedule compliance.
Mutual funds may invest in Indian Depository Receipts provided such investments comply with the SEBI (Mutual Funds) Regulations, 1996 and the investment restrictions set out in the Seventh Schedule; the circular also transmits amending gazette notifications and invokes powers under Section 11(1) of the SEBI Act, 1992 and Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996.

PAN requirement: transferees must submit PAN copy for registration of physical share transfers affecting listed-company transactions.
Transferees must furnish a copy of their PAN card to the Company or Registrar and Transfer Agent as a mandatory condition for registration of transfers of physical shares of listed companies, covering securities market transactions and off-market/private transfers. Stock exchanges are required to amend bye-laws and the Listing Agreement, notify listed companies, publish the requirement online, and report implementation; RTAs must implement and disseminate the circular. The measure is issued under section 11 of the SEBI Act and section 55A of the Companies Act to protect investors and regulate the market.

Debt investment allocation: unutilised government debt limits reallocated and a single-entity allocation cap imposed for FIIs.
The circular mandates that unutilised investment limits for government debt shall be allocated using the same allocation methodology previously prescribed for debt limits, and it amends the prior provision to impose a maximum allocation per single entity for government debt; custodians are required to inform their FII clients and the circular is posted on the regulator's FII webpage.

Simplified listing for debt securities streamlines disclosure and imposes ongoing security cover and reporting obligations.
The Listing Agreement for Debt Securities establishes a two part regime: Part A imposes incremental disclosures where the issuer's equity is listed (including forwarding statutory reports to debenture trustees, half yearly certification of 100% security cover, disclosure of coverage ratios, timely demat credits, prescribed electronic payments, and prompt notification of expected defaults); Part B requires broader disclosures and affirmative duties for non equity listed issuers (including creation and registration of charges, transfer of unclaimed interest to the Investor Education and Protection Fund, detailed event and price sensitive notifications to the Exchange, and specified reporting and allotment timelines).

Portfolio managers must halt new client onboarding until compliance with Regulation 16(8); pool accounts frozen with limited transfers allowed.
Non compliant portfolio managers must immediately stop accepting new clients until fully compliant with Regulation 16(8) and submit monthly progress reports; client securities in pool accounts as of May 11, 2009 are frozen for further transactions though selling and transfers to respective clients are permitted, and no fresh purchases on behalf of those clients are allowed.

Unclaimed share demat suspense account established to hold unclaimed allotments with frozen voting rights until claim.
A uniform procedure requires issuers to credit unclaimed shares from public or other issues to a demat suspense account, credit corporate benefits to that account, maintain individual allottee records, re-credit shares to an allottee's demat account after identity verification, prohibit transfers from the suspense account except to effect allotment, freeze voting rights until claim, and disclose aggregate suspense-account details and movements in the Annual Report while shares remain outstanding.

Filing location change: draft offer documents for Gujarat and Rajasthan companies to be filed with Ahmedabad SEBI regional office.
Amendment designates a Western Regional Office at Ahmedabad and modifies Schedule XXII of the SEBI (DIP) Guidelines, requiring merchant bankers to file draft offer documents for public and rights issues for companies with registered offices in Gujarat and Rajasthan with the Ahmedabad regional office; registered merchant bankers must ensure compliance and the amendment applies to filings on or after the effective date stated in the circular.

Dematerialisation requirement for shifting from trade-for-trade to rolling settlement; certificate from agent required and exchanges must report.
Companies connected to both depositories may be shifted from Trade-for-Trade to normal Rolling Settlement only if at least fifty percent of other-than-promoter holdings are dematerialised, certified by the Registrar and Transfer Agent or, where no separate RTA exists, by a practicing Company Secretary or Chartered Accountant, and provided there are no other grounds for continuation of TFTS; stock exchanges must report the action taken in their periodic development reports.

Position limits for exchange-traded currency derivatives increased for clients and non-bank trading members, raising permissible exposure.
Revised Position Limits increase client gross open positions to 6% of total open interest or 10 million USD, whichever is higher, and increase non-bank trading member gross open positions to 15% of total open interest or 50 million USD, whichever is higher; bank trading member limits remain as previously specified and limits apply per Exchange.

Portfolio disclosure requirement: monthly publication of debt oriented close ended and interval scheme holdings on AMC websites.
SEBI requires AMCs to disclose the portfolio of debt oriented close-ended and interval schemes as on the last day of each month, using the prescribed format, and to publish that portfolio on their website by the third working day of the succeeding month.

FII debt investment allocation: part through open bidding and remaining via first-come-first-served with per-entity cap and time-limited window.
Increase in the cumulative debt investment ceiling for Foreign Institutional Investors was allocated between an open bidding tranche and a residual tranche to be allotted on a time-bound first come first served basis, with the residual subject to a per-entity investment cap. Requests must be sent to the designated SEBI email and subscriptions under the first-come-first-served window must be utilized within the prescribed working-day period; custodians are required to inform their FII clients and the circular is available on SEBI's F.I.I. web page.

Portfolio managers granted three-month extension to segregate clients' listed securities and submit compliance report to SEBI.
SEBI permitted portfolio managers an additional three months to segregate clients' listed securities previously held in the manager's own name and required portfolio managers to furnish a compliance report to SEBI within one week after the extended deadline; continued non compliance may attract penal action under the SEBI Act and related regulations.

Validity of SEBI observations extended and updated offer documents required, with stricter price band disclosure before issue opening.
The amendments extend the validity of SEBI observation letters to twelve months and require issuers to file an updated offer document with the Board through the lead merchant banker before filing the red herring prospectus/prospectus or letter of offer with the ROC or Designated Stock Exchange; where updates are significant, the updated document must be filed with SEBI at least one month prior to filing with the ROC or stock exchange, and SEBI will specify the procedure for defining significant changes and additional fees.

Direct Market Access rules require institutional authorisations, broker safeguards, and audit trails to identify ultimate clients.
Institutional investors may authorise investment managers to use Direct Market Access subject to written agreements or undertakings that allocate responsibility to the institution; investment managers may execute documents on the institution's behalf. Broker client agreements must identify the investment manager, specify its role and regulatory status, and contain safeguards to limit DMA use to authorised clients. Exchanges and brokers must maintain audit trails to establish ultimate client identity, and exchanges may adopt additional safeguards as necessary.