Reporting of option contracts: daily end of day submissions to SEBI with specified contract fields for regulatory oversight.
SEBI directs exchanges' derivatives segments to submit specified contract-level data for each option contract daily at the end of the trading day. Required fields include product, series, type (call/put), volume, notional value, end of day open interest, and value at risk at close, using the circular's template to report index and stock options across series.

Compulsory dematerialised trading requires depository connectivity and entails trade-for-trade restrictions for non-compliant scrips.
SEBI requires companies to establish connectivity with both depositories and imposes a three-month interval between establishing connectivity and commencement of compulsory dematerialised trading; companies that fail to connect by the scheduled date remain restricted to the trade-for-trade settlement window. Of 723 scrips on trade-for-trade, 90 have connected and will move to the normal trading segment from June 18, 2001, becoming compulsorily dematerialised three months later.

Post-expiry disinvestment permission allows FIIs to sell residual illiquid holdings subject to prior regulatory approvals and reporting.
SEBI permits FIIs and sub accounts to seek time limited approval to retain and sell residual or illiquid securities after registration expiry by submitting holdings in the prescribed annexure; approvals will be communicated to the central bank for foreign exchange clearance, authorise only disposals of existing holdings (no purchases), allow corporate benefits and rights applications, require custodians and FIIs to report trades, and permit case by case extensions if sales are not completed within the authorised period.

Compulsory rolling settlement announced for specified scrips; exchanges must report omissions for regulator inclusion.
Compulsory Rolling Settlement is imposed for specified scrips with deferral trading products or designated index membership, requiring migration to a rolling settlement regime as set out in the circular. The enclosed list, compiled from exchanges' submissions, identifies the affected scrips and serves as the operative list for the settlement change. Exchanges must promptly notify the regulator of any omitted scrips that have deferral products so they can be added and brought under the compulsory rolling settlement.

Restriction on brokerage payments now applies prospectively to sponsor investments only, per the circular issued.
Restriction on payment of brokerage/commission is imposed prospectively from the April circular date and applies only to subscriptions made by the sponsor(s) of the mutual fund, covering payments to agents, distributors or otherwise.

Conditional listing permission prohibited under company law; stock exchanges must issue only final, unqualified listing decisions.
The circular directs that the Companies Act provision governing listing contemplates a definitive decision to grant or refuse listing and does not provide for qualified or conditional listings; stock exchanges are therefore instructed to desist from issuing conditional listing permissions and to apply a final, unqualified decision-making approach when processing listing applications.

Custodian reporting obligations: mandatory annual expert review filing, monthly market-value reports, and ISIN data submission requirements.
Custodians must file an annual expert review of systems, procedures and controls covering client and regulatory obligations, including FII transaction reporting, with an Action Taken Report; submit certified monthly market-value reports of securities held in custody using the prescribed format by the seventh day of the following month; follow standardised data-format rules for equity and debt reporting; submit separate reports for trading on SEBI holidays; and provide issuer information in the prescribed format to enable ISIN issuance for unlisted securities, with auditor and executive certifications as required.

Timely transmission of application data required to Registrar to enable prompt allotment after issue closure.
Bankers to an Issue must forward investor applications, collection figures and application monies to the Registrar, the lead manager and the issuer within a short prescribed period after issue closure, and the designated controlling branch must send daily statements of applications and amounts received; these obligations apply to all issues including book-built issues and require appropriate systems and procedures to ensure compliance.

Mandatory guidelines for share transfer processing require registrars and listed companies to adopt uniform norms and formats.
SEBI directed that all registered registrars to an issue/share transfer agents and companies listed on stock exchanges must mandatorily follow uniform guidelines and prescribed formats for handling and processing transfer documents, bad deliveries and related stock-investment paperwork. The guidelines are organized into three operative parts: general norms for document processing, norms for processing transfers, and norms for objection, and are issued under SEBI's regulatory powers to ensure consistent practices and reduce investor inconvenience.

Employee trading restrictions require preclearance, cooling off and disclosure to prevent front running and self dealing.
Regulatory guidelines require AMCs and trustee companies to control employees' personal securities transactions to prevent conflicts of interest and misuse of price sensitive information. Access persons must obtain Compliance Officer pre clearance for non exempt secondary market trades, comply with time limited approvals and cooling off intervals where mutual fund schemes have transacted, and submit periodic transaction and holding disclosures. Prohibitions include front running, self dealing, carry forward and short sales; the Compliance Officer records approvals and the boards review compliance and report violations and remedial action to the regulator.

Minimum public shareholding requirement mandates continuous public float, limits allotments reducing float, and enforces takeover compliance.
Obligation to maintain on a continuous basis the minimum level of non promoter/public shareholding required at the time of listing; existing listed firms below the required public holding must raise non promoter holding within one year or undertake buyback under the takeover regulations; prohibition on preferential allotments or buybacks that would reduce non promoter holding below the applicable threshold; BIFR companies excluded; exchanges to amend listing agreements and monitor non promoter holding half yearly.

Large unitholding disclosure required in offering and periodic reports; brokerage to associates prohibited with reimbursement and reporting mandated.
Mutual funds must disclose large unitholdings by reporting the number of such investors and their aggregate percentage in allotment letters and in annual and half yearly results. Payments of brokerage or commission to associate entities on subscription of units are prohibited; funds that made such payments must reimburse the scheme(s) and report compliance with details of commissions reimbursed within thirty days.

Scheme offer document validity: time limited launch and reply requirement, fresh filing required if the period lapses.
Mutual funds must launch a scheme within six months of the letter containing SEBI's observations; if launch is intended later, a fresh offer document must be filed with filing fees. Replies to preliminary observations must also be filed within six months, failing which fresh offer documents and filing fees are required. This procedure applies to all schemes for which preliminary or final observations have been communicated and is issued under SEBI's regulatory authority.

Half-yearly disclosure obligations: mutual funds must publish unaudited results in prescribed format and timeframe, and file with regulator.
Mutual funds must publish unaudited half-yearly financial results in the Twelfth Schedule format, printed legibly, including scheme-wise capital, reserves, net assets, NAV, income and expense breakdowns, returns and yield calculations, and specified notes; publications must appear in a national English and regional language newspaper, be filed with the regulator, and be posted on the fund's website, with an older abridged format retained online for a temporary period.

Compulsory dematerialised trading mandated; scrips without depository connectivity confined to trade for trade settlement until compliance.
SEBI requires companies to establish connectivity with both depositories before exiting trade for trade restrictions and before compulsory dematerialised trading begins. Scrips that have achieved connectivity will be moved to normal trading and become subject to compulsory dematerialised trading after a three month transition; scrips lacking connectivity will remain in the trade for trade settlement segment until they comply.

Margin requirement corrected for highest slab: fixed elevated rate now applies to very large gross or high capital carryforward positions.
Corrigendum clarifies that the highest margin slab applies where gross outstanding market positions exceed a very large threshold or where gross carry forward positions exceed a specified proportion of the company's paid up capital, and that an elevated rate of margin is to be levied on such positions; stock exchanges and market participants must apply the corrected slab.

Incremental margin requirement: gross client-level calculation for MCFS/ALBM/BLESS with tiered rates and mandatory cross-exchange application.
Incremental margins for MCFS, ALBM and BLESS are to be calculated and collected on a gross basis at client level from system data; additional margins are levied at the higher applicable rate under prescribed tiered slabs for gross carry forward or outstanding market positions, effective April 02, 2001, and once any exchange imposes such margins other exchanges with these facilities must follow from the next settlement.

Thinly traded securities redefined; valuation rules updated prescribing amortised cost for short term debt and yield to maturity for government securities.
Definitions and valuation procedures for thinly traded and non traded securities are revised: thinly traded equity requires both a low value and low volume of trading aggregated across recognised exchanges; thinly traded debt (non government) is identified by low trading volume in the thirty days before valuation. Non traded debt with residual maturity up to 182 days must be valued on an amortisation basis (cost plus accrued interest and spread recognised over remaining maturity); government securities not recently traded shall be valued at yield to maturity. Clarification treats "second quarter" as the second calendar quarter. Amendments are effective immediately.

Valuation of illiquid and thinly traded securities: new rules prescribe valuation methods and impose a cap on illiquid holdings.
The notification amends the Mutual Funds Regulations to require valuation rules for thinly traded securities, to limit the aggregate value of illiquid securities in a scheme and prescribe valuation for excess holdings, to require provisions for income accrued but unpaid as per Board guidelines, and to mandate disclosure in the balance sheet of aggregate carrying and market values of non performing investments, defined by lack of dividend or interest for the period specified in the guidelines.

Compulsory rolling settlement expanded to listed scrips nationwide; exchanges must implement trading infrastructure by July.
All scrips in the ALBM/BLESS or MCFS lists and those in the BSE 200 not already covered must be traded only under Compulsory Rolling Settlement nationwide from the implementation date; exchanges must develop requisite software and infrastructure or else affected scrips will be limited to spot trading on that exchange, and report progress in the Monthly Development Report.