EDIFAR electronic filing requirement expanded-additional listed companies must commence prescribed online disclosures from the stated quarter.
SEBI expands mandatory EDIFAR on-line filing obligations to an additional group of listed companies chosen by market capitalization and turnover; those companies must upload the prescribed statements and information from the quarter ending June 30, 2003. Stock exchanges must notify the companies, publish the requirement for investor access, and report implementation status to SEBI in the Monthly Development Report, pursuant to SEBI's regulatory powers to protect investors and regulate the securities market.

Sub-broker eligibility: only members of the parent stock exchange may trade through a subsidiary, exchanges must amend rules.
SEBI requires that only members eligible to trade on the parent stock exchange may trade or continue to trade through the exchange's subsidiary company; exchanges must amend their rules, byelaws and the subsidiary's Memorandum/Articles of Association accordingly, notify member brokers and clearing members, publish the provision on their websites for investor access, and report implementation status to SEBI in the Monthly Development Report.

Impact cost reliance: exchanges may use another exchange's impact cost if a formal liquidation agreement exists.
SEBI allows exchanges unable to compute mean impact cost to use BSE or NSE impact cost calculations only if they enter a formal legal arrangement permitting liquidation of their members' positions on that exchange; absent such arrangement, exchanges must levy margins as applicable to Group II or Group III scrips and cannot classify between Group I and Group II.

Arbitration independence requirement: panels for member-nonmember disputes must consist of non members, ensuring impartial dispute resolution.
Stock exchanges must amend rules and bye laws so arbitration panels resolving member-non member disputes consist exclusively of non members with prior regulatory approval; exchanges must reconstitute panels and report implementation, while existing member arbitrators may complete ongoing cases and awards in those cases must be issued within three months.

Exemption power: board may waive disclosure guideline provisions for technical breaches or violations beyond the applicant's control.
An amendment establishes an express exemption clause enabling the Board to grant exemption from any particular provision of the disclosure guidelines on application by a listed company or intermediary, for a technical or possible technical violation, or where the violation was caused or may be caused by factors beyond the applicant's control; the amendment takes immediate effect.

Certified copies: SEBI procedure allows eligible parties to obtain certified orders and circulars for appeals through designated officers.
Framework prescribes issuance of certified copies of Board/Chairman/Adjudicating Officer orders and departmental circulars within 25 years, available to persons covered by or aggrieved by an order and for use in appeals or other proceedings. Executive Directors shall designate a Division Chief rank officer as a Designated Officer to receive applications, certify copies expeditiously against acknowledgment, retain or be deemed custodian of originals, maintain serialised records to prevent forgery, and ensure certified copies include required certification language, date, page count, certifier details and office seal; fees paid by demand draft and collection or registered post options provided.

Disclosure of court filed schemes: companies must file schemes with exchanges in advance and ensure compliance with securities laws.
Listed companies must file any scheme or petition proposed under the Companies Act with the stock exchange at least one month before presentation to a Court or Tribunal and must ensure such schemes do not violate or override securities laws, the Listing Agreement, or related rules and guidelines. Companies must disclose expected pre and post arrangement capital structure and shareholding pattern in the explanatory statement to shareholders and provide copies of notices and annexures to the exchange contemporaneously with circulation to stakeholders.

SEBI registration number requirement must be quoted on all correspondence and on draft reverses to ensure proper processing.
Brokers, sub-brokers and the stock exchanges forwarding correspondence must quote the SEBI registration number on all communications to SEBI to enable correct filing and processing. Demand drafts sent to SEBI should have on their reverse the SEBI registration number and the broker/sub-broker name as per the SEBI registration certificate to ensure prompt crediting and avoid administrative delays.

Lock-in transfer of securities: transfers allowed among locked-in holders and promoters subject to continued lock-in and takeover compliance.
Amendments permit inter-se transfers of locked-in securities among similarly locked-in holders and among promoters or to new promoters/persons in control, subject to continuation of lock-in for the remaining period and compliance with substantial acquisition and takeover regulations. The draft and final offer documents must be board-approved and signed by all directors, CEO and CFO certifying accuracy of disclosures. Offer documents must disclose specified financial metrics (three-year EPS, P/E, return on net worth, NAV before and after issue) and compare them with industry averages and peer group, with projected earnings prohibited as justification for issue price.

Issuance of electronic contract notes permitted when authenticated by digital signatures, requiring exchanges to amend rules and notify members.
Brokers may issue contract notes in electronic form provided such contract notes are authenticated by means of digital signatures issued by a Certifying Authority under the IT Act; exchanges must amend bye laws, notify members, publish the clarification on their websites and report implementation status to the regulator.

Venture capital reporting requirement mandates quarterly standardized investment reports by foreign venture investors within three days of quarter end.
Foreign Venture Capital Investors must submit complete quarterly reports in SEBI's prescribed format within three days of each calendar quarter-end; an immediate report was requested for March 31, 2003. Required fields include investor name, funds committed for investment in India, cumulative investments at quarter end by instrument type (equity, debt, VCFs, total) and an industry-wise cumulative investment breakdown across specified sectors.

Normal Rolling Settlement eligibility expanded as specified companies moved from trade-for-trade to rolling settlement, effective soon.
Shifting trading eligibility from trade-for-trade to Normal Rolling Settlement is conditioned on establishment of electronic connectivity with both depositories and admission into their systems. Fifty-six companies that established connectivity before the specified cutoff are eligible for immediate trading under Normal Rolling Settlement; the remaining admitted companies are to be shifted into rolling settlement on staggered future effective dates as listed.

Margin and risk framework for exchange-traded interest rate derivatives established with transparent yield-curve computation and real-time margining.
SEBI prescribes a regulatory framework for exchange-traded interest rate futures on notional government bonds and treasury bills, requiring SEBI approval, public disclosure of notional bond features, and cash settlement. Final settlement must use a zero coupon yield curve computed by an objective, publicly disclosed algorithm with published input data and historical parameter series. A portfolio-based margining regime using an exponentially weighted volatility estimator, price-scan ranges and minimum margin floors is required, together with calendar-spread charges, exposure and position limits, real-time margining where feasible, and prescribed procedures for mark-to-market settlement, margin collection and stress response.

Maintenance of arbitration records: original awards preserved permanently and other records retained for defined post-award periods.
Stock exchanges must adopt a uniform policy: the original arbitration award with acknowledgements shall be preserved permanently; other arbitration records shall be preserved for five years from the date of the award unless an appeal is filed, in which case records shall be preserved for five years from the date of final disposal by the court. Destruction requires prior written order of the Executive Director, and exchanges must maintain a register recording particulars of destroyed records and the date and mode of destruction.

Mutual fund foreign investment limits: overseas listed equity permitted with qualifying Indian holdings, subject to industry and fund caps.
Mutual funds may invest in equity of listed overseas companies that hold at least ten percent shareholding in an Indian listed company; industry and fund level caps constrain aggregate and individual exposures, while existing minimum and maximum fund thresholds remain operative. Investments must comply with SEBI (Mutual Funds) Regulations and prior SEBI guidance covering due diligence, disclosure, existing schemes, trustee reporting, performance review, and reporting to SEBI. Funds with prior exchange control approvals may seek enhancements; others must apply to SEBI per the referenced procedural circular.

Certification and registration requirement extended for mutual fund intermediaries; funds must monitor and report compliance promptly.
Intermediaries distributing mutual fund units must pass the prescribed certification examination and be registered with AMFI within the extended compliance period. AMFI must organise a nationwide examination drive. Mutual funds shall ensure intermediary compliance, record progress in AMC and trustee board meetings, and submit detailed reports to SEBI, including the position as on the prior reference date and quarterly updates with Compliance Test Reports, under Regulation 77 of the SEBI (Mutual Funds) Regulations, 1996.

Unique client code requirement mandates exchanges to assign codes to mutual funds and FIIs, with implementation and reporting obligations.
SEBI directs exchanges to generate a unique client code for Mutual Funds and their schemes, and for Foreign Institutional Investors and sub-accounts, to facilitate T+2 rolling settlement; exchanges have three months to implement, must amend bye-laws and notify members, publish the change on their websites, and report implementation status to SEBI in the Monthly Development Report (Section II, item no. 13).

Mandatory EDIFAR filing requirement expanded to additional companies; online financial statement uploads required under specified prior circular.
SEBI extends mandatory EDIFAR online filing to a further 500 listed companies selected by market capitalization and turnover; these companies must upload all statements and information as specified in the prior EDIFAR circular with effect from the quarter ending March 30, 2003. Newly listed companies must also upload financial statements/documents on the EDIFAR web site. Stock exchanges are to notify the listed companies and advise them about EDIFAR filing procedures.

Eligibility criteria for derivatives updated; exchanges must revise monthly reporting to include price scanning, volatility and sigma-based compliance.
SEBI mandates a revised monthly report for the derivative segment: Trading statistics for all futures and options must be reported; the prior scanning table is replaced by a Price Scanning Range and Volatility table with average, maximum and minimum scanning ranges and volatilities plus impact cost. Eligibility compliance is restructured into two tables-one for underlyings traded in derivatives requiring quarter sigma order size, current eligibility status, duration of ineligibility and actions taken; another for other Top-500 stocks requiring median quarter sigma order size and eligibility months. Submission begins from March 2003.

Risk-based margining for T+2 rolling settlement uses scrip impact cost and amplified VaR to determine margins and collection timing.
Stock exchanges must classify scrips into three groups using trading frequency and a rolling six month impact cost calculated from four intra-day order book snapshots; publish a common methodology; and apply differentiated margins: scrip VaR for low-impact scrips, scaled amplified VaR for higher-impact and illiquid scrips with an index VaR floor, together with continuing mark-to-market collection, discretionary adhoc margins, phased reduction of additional margins, and T+1 margin collection, with daily VaR dissemination and mandatory real-time market data.