Compulsory dematerialised trading postponed for specified scrips due to depository connectivity issues; revised date to follow.
SEBI has postponed the effective date for compulsory settlement of trades in dematerialised form for 51 specified scrips because some companies had not signed agreements or established connectivity with one or both depositories in time. The circular lists the affected companies and states that a revised date for compulsory dematerialised trading by institutional investors and certain foreign categories will be announced later; the underlying requirement remains intended and will take effect once depository arrangements are completed.

Daily reporting requirement for derivative trading mandates exchanges and clearing houses to submit market activity and margin/MTM reports before next trading day.
SEBI requires exchanges to file a Daily Market Activity Report at the end of each trading day covering index futures price series, volumes, open interest and exceptional events, and requires the Clearing House to file an Initial Margin & Mark to Market Settlement Collection Report before trading the next day detailing 99% VaR and initial margin metrics, MTM liabilities and collections, and any shortages, to be submitted to the Sr. Director, IES with a copy to the Division Chief, Derivative Cell.

Mutual fund advertisement standards require substantiation, clear risk disclosure, and strict controls on performance claims and rankings.
Mutual fund advertisements, sales literature and related communications used to market schemes or convey performance must be substantiated by the offer documents and comply with Regulation 77 and the Advertisement Code. Communications must not omit material facts, must disclose risks, and must avoid exaggerated claims or unsupported forecasts. Specific formats are regulated: tombstone ads may give basic fund identification but not performance; product launch ads must include objectives, terms, risk factors and supporting documentation; performance ads must use prescribed yield measures, current data, appropriate benchmarks and state that past performance may not be sustained.

Non compliant listing under Rule 19(2)(b) must be referred to the securities regulator for exemption, not listed directly.
Listing of equity securities not meeting Rule 19(2)(b) - including amalgamation, arrangement, demerger and hive off cases - must not be carried out directly by stock exchanges and must be referred to the securities regulator for appropriate exemption with the recommending exchange's recommendations; this instruction supersedes earlier guidance.

Derivative exchange governance requirements: independent board composition and Board approval for CEO and committee appointments.
SEBI requires approved derivative exchanges/segments and clearing houses/corporations to constitute a Governing Board, Clearing Council, appoint CEOs for the derivative segment and clearing house, and establish Statutory Committees within two months. Governing Board composition must limit trading/clearing member representation, ensure a majority of public representatives or Board nominees with relevant competence, provide for staggered elected-member retirement and cooling-off after consecutive terms, and include the derivatives CEO as a board member. All non-elected appointments and CEO terms require prior Board approval.

Registration as debenture trustee now requires the amended Form A with detailed disclosures, declarations and renewal compliance.
The amendment substitutes a new Form A in Schedule I requiring applicants for registration or renewal as Debenture Trustee to submit an original signed application with detailed disclosures: applicant identity and status, principal and compliance officers, organisational structure, directors, infrastructure specific to trusteeship, a three year business plan, comprehensive financial information, details of experience in trusteeship, investor grievance redressal mechanisms, and a declaration by principal officer(s) warranting compliance and absence of convictions for specified offences.

Dematerialisation requirement: IPO securities must trade only in dematerialised form and issuers must contract with depositories.
Trading in securities of companies making initial public offers must be in dematerialised form only; issuers must enter into agreements with all depositories and provide investors the option of dematerialised allotment. Lead merchant bankers must furnish final printed and soft copies of the final offer document to SEBI within short filing timelines, certify that the HTML soft copy is identical to the printed prospectus, and comply with Schedule XXIII technical and labelling requirements; failure to comply will prevent processing.