Margin pledge disclosures dispensed for securities pledged with brokers as collateral, simplifying reporting for ordinary margin arrangements.
SEBI dispensed with the requirement under the Takeover disclosure regime to treat shares encumbered with Trading Members or Clearing Members as acquisitions/disposals for disclosure where such securities are accepted as collateral for margin obligations by way of a margin pledge created in the depository system, aligning with prior guidance that collateral be accepted only via depository-based margin pledges and intended to simplify ordinary course stockbroking collateral practices.

Transparency in debt and money market transactions: require daily, downloadable disclosures with a shortened public time lag.
Mutual funds, AMCs, trustees and boards of trustees must disclose daily details of debt and money market securities transactions, including inter-scheme transfers, in the revised Annexure A format with a 15-day time lag. Disclosures must be comparable, downloadable as a spreadsheet and machine readable. The requirement takes effect October 1, 2020, and is issued under the regulator's powers to protect investor interests and regulate the securities market.

Default recognition relief for COVID-19-related debt restructuring allows credit rating agencies to withhold default classification with disclosure.
Credit rating agencies may, if in their assessment restructuring is solely due to COVID-19-related stress or under the designated resolution framework, refrain from recognizing such restructuring as a default, provided they make appropriate disclosure in the press release; this relaxation is extended until December 31, 2020.

Temporary relaxation for FPIs continues where lockdowns persist, with in transit applications processed under prior circular.
Temporary processing relaxations for Foreign Portfolio Investors are extended for entities located in jurisdictions still under COVID 19 lockdown until such lockdowns are lifted; in transit applications will be processed per the March 30 circular, while entities in jurisdictions where lockdowns have been lifted are not eligible for the relief. All other terms of the March 30 circular remain in force, and Designated Depository Participants and custodians are instructed to inform their FPI clients. The extension is issued under the regulator's statutory powers and anti money laundering record rules.

Power of Attorney optional for brokers-limited to exchange settlement transfers and margin pledging; off market transfers need DIS or OTP.
PoA is optional and must not be a condition for account opening; PoAs may only be used to transfer securities for exchange settlement obligations arising from trades executed through the same broker and to pledge/re pledge securities for margin in connection with such trades. Off market transfers require a client signed physical DIS or electronic DIS and depositories must obtain client consent via OTP. Stock exchanges and depositories must amend rules, disseminate the requirements and report implementation; other provisions of earlier SEBI circulars continue to apply.

Extension of compliance timeline for proxy advisors; applicability deferred due to pandemic-related requests and operational constraints.
SEBI has deferred the applicability of its Procedural Guidelines for Proxy Advisors by four months, moving the effective compliance date from early September 2020 to early January 2021, in response to requests from registered proxy advisors and operational disruptions caused by the COVID 19 pandemic; the extension is issued under SEBI's regulatory authority and the circular is published on SEBI's website.

Extension of compliance timeline for proxy adviser procedures and grievance-resolution requirements now operative from January 01, 2021.
The operative compliance date for Procedural Guidelines for Proxy Advisors and the grievance-resolution framework between listed entities and proxy advisers is extended so that both requirements become applicable from January 1, 2021; recognized exchanges must disseminate the circular and the extension is issued under the regulator's statutory powers and listing obligations framework.

Master Circular consolidates mutual fund rules on offer documents, scheme categorisation, risk management, disclosures and governance.
SEBI's Master Circular consolidates operative mutual fund circulars, prescribing comprehensive requirements for offer documentation (SID/SAI/KIM) filings and updates, scheme categorisation and minimum allocations, uniform product and plan structures including Direct Plans, risk management and stress testing protocols, rules for creation and governance of segregated portfolios after issuer-level credit events, redemption restriction conditions in systemic crises, extensive disclosure and reporting obligations (portfolio, AUM, performance benchmarked to TRI, CTRs, MCR, NSR), governance and conduct norms for trustees, AMCs, auditors and intermediaries, and technology, cyber security and AI/ML reporting obligations.

IFSC access expanded: entities based in India or abroad may provide financial services subject to Board-specified compliance.
Addition of Clause 8(3) permits entities based in India or in foreign jurisdictions to provide financial services in IFSC, provided they comply with the applicable regulatory framework and guidelines for such financial services as specified by the Board from time to time.

Accounting standards for IFSC debt issuers require IFRS/US GAAP/Ind AS compliance or a quantified reconciliation in disclosures.
Issuers listing debt securities in IFSC must prepare financial statements under IFRS, US GAAP or Ind AS or their home accounting standards. If not prepared under those frameworks, issuers must include a quantitative summary of significant differences between national standards and IFRS in disclosure documents; alternatively, for issues aimed at institutional investors a statement of differences plus a disclaimer that effects are not quantified is permissible.

Record preservation requirement updated to an eight-year minimum for depositories and depository participants, aligning regulations and circulars.
Preservation of records requirement for depositories and depository participants is revised to mandate a minimum retention period of eight years, replacing Section 4.6(i) of the Master Circular and updating the footnote to reference the earlier circular and Regulations 54 and 66 of the D&P Regulations, 2018; depositories must amend bye-laws, effect system changes, publish the provision on their websites and report implementation status to SEBI.

Investor grievance redressal: exchanges must enforce complaint timelines and may levy fines and freeze promoter holdings for non redressal.
The circular mandates a SCORES based grievance process whereby specified investor complaints unaddressed by a company within 30 days are escalated to the Designated Stock Exchange, which must secure an Action Taken Report within 30 days and, if unresolved beyond 60 days, may levy daily fines, issue notices to promoters and direct depositories to freeze promoters' entire demat holdings; exchanges must record, publish and notify SEBI of actions and may forward cases to SEBI after prescribed thresholds are met.

Trustees' staffing requirement: appoint a dedicated qualified officer and secure standing audit and legal support for trustees.
Trustees must appoint a dedicated officer (qualified, minimum five years' finance/financial services experience) as an employee reporting directly to trustees and designated an access person; trustees must have standing arrangements with independent firms for special purpose audits and legal advice. Expenditure for these resources is to be charged under the clause for fees and expenses of trustees. Trustees continue to bear fiduciary responsibilities. The circular operates under regulatory powers to protect investors and regulate the market.

Eligibility and shareholding limits for IFSC clearing corporations require subsidiary structure with predominant parent ownership and capped other holdings.
Amendment prescribes eligibility and shareholding limits for clearing corporations in IFSCs: recognized exchanges or clearing corporations must form a subsidiary for IFSC clearing services with majority ownership by the parent; remaining share capital may be held by others subject to limits and specified institutional categories are permitted higher collective holdings; compliance with relevant Securities Contracts (Regulation) Regulations provisions is required.

Delegation of investment adviser supervision to stock exchange subsidiaries enables centralized administration and reporting to securities regulator.
SEBI permits recognition of a wholly owned stock exchange subsidiary to administer and supervise registered Investment Advisers under Regulation 14. Parent exchanges must satisfy eligibility thresholds and either form or designate a subsidiary, embed supervisory functions in its constitutional documents, and establish systems for grievance redressal, administrative action, data maintenance, information sharing, infrastructure, and manpower. The subsidiary will conduct on site and off site supervision, handle grievances, take administrative measures, monitor IAs through periodic reports, maintain an IA database, and submit reports to SEBI. Eligible exchanges must submit detailed proposals to SEBI within the circular's stipulated timeframe.

Proxy advisor grievances: regulator to examine alleged non compliance with Code of Conduct and procedural guidelines.
Listed entities may approach the regulator for grievances against proxy advisers where there is alleged non compliance with the Code of Conduct under the Research Analyst Regulations or with procedural guidelines for proxy advisers; the regulator will examine such matters for non compliance under its regulatory powers, and recognized stock exchanges are directed to disseminate the circular.

Proxy advisor obligations: disclose voting policy, methodology, report sharing, and timely conflict and error notifications.
Proxy advisors must adopt and disclose voting recommendation policies (reviewed at least annually), explain methodologies for research and recommendations, share reports simultaneously with clients and companies with a defined comment timeline and addendum procedure, notify clients within 24 hours of factual errors or material revisions, disclose when recommendations propose standards above legal requirements with rationale, and maintain stated communication processes with clients and companies.

Upfront margin requirement: collecting minimum upfront margin avoids penalty, while clearing corporation still enforces risk based margin.
SEBI permits Trading Members and Clearing Members to avoid penalty for short collection of margin if they collect a minimum upfront margin in lieu of VaR and ELM, while the Clearing Corporation will continue to collect risk based margins from members; the penalty provision for short collection in the cash segment is deferred to a specified future implementation date and the earlier circular is modified only to the extent indicated.

Digital signature certification allowed for authentication of stock exchange filings to facilitate remote compliance during pandemic.
Use of digital signature certifications is authorized for authentication and certification of filings and submissions made to stock exchanges under the Listing Obligations and Disclosure Requirements. The circular directs stock exchanges to notify listed entities and disseminate the guidance on their websites, creating a temporary administrative accommodation permitting digital signatures as an alternative to physical certification during the extension period.

Participation by physical shareholders in open offers, buybacks and delisting permitted subject to applicable tendering procedures.
Shareholders holding securities in physical form are permitted to tender those shares in open offers, buybacks through the tender offer route, and exit offers in voluntary or compulsory delisting, provided that such tendering is carried out in accordance with the relevant provisions governing each of those processes; the Circular is effective immediately and stock exchanges must disseminate the clarification to listed entities, registrars, transfer agents and depositories.