Venture capital undertaking definition tightened, restricting eligible unlisted investees and excluding specified financial and prohibited activities.
Amends SEBI (FVCI) Regulations by omitting clause (j) and the Third Schedule and substituting clause (m) to define venture capital undertaking as a domestic, unlisted company engaged in services or production/manufacture, excluding specified NBFCs except certain infrastructure CICs, Asset Finance Companies, Infrastructure Finance Companies registered with RBI, gold financing, activities not permitted under the industrial policy, and other activities the Board may specify in consultation with the Government of India.

Networth requirement relaxed: asset management companies meeting remediation steps may be permitted limited scheme launches annually.
Amendment to regulation 21(1)(f) replaces a cross-reference with the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2014 and inserts a proviso permitting the Board, when satisfied that an asset management company is taking steps to meet the networth requirement within the specified time, to allow that asset management company to launch a limited number of new schemes annually.

Acting as participant in more than one depository requires depository approval, registration fees and separate annual payments.
A registered participant may act as a participant of another depository with that depository's approval following an application as specified by the Board; the depository, on satisfaction of compliance and eligibility requirements, shall grant approval subject to payment of registration fees specified in Part A of the Second Schedule in the manner in Part B within fifteen days of intimation, and must inform the Board. Approved participants must pay separate annual fees specified in Part A of the Second Schedule and pay registration fees every five years from the sixth year to keep registration in force.

Local office establishment enhances investor protection and grievance redressal within Himachal Pradesh jurisdiction under regional administrative control.
Establishment of a Local Office at Shimla under the administrative control of the Northern Regional Office delegates local oversight to administer securities regulation in Himachal Pradesh, with responsibilities for investor protection, grievance redressal, financial and investor education, and other assigned regulatory functions within the State's territorial jurisdiction.

Minimum public shareholding requirements revised; higher-cap companies must increase public float within specified timeframe after listing.
The amendment substitutes rule 19(2)(b) to set graduated minimum public allocations of equity shares or convertible debentures based on post-issue capital, mandates that companies in the intermediate and larger tranches increase public shareholding to a prescribed minimum within three years of listing in the manner specified by the regulator, provides a transitional exemption for pending draft offer documents meeting prior conditions, omits clause (c) of rule 19(2), and deletes wording from the Explanation to rule 19A(1).

Share-based employee benefit regulation establishes SEBI authority to oversee schemes ensuring smooth operation and preventing market manipulation.
Establishes a framework for the regulation of all schemes by companies providing employee benefits involving dealing in shares, directly or indirectly, using statutory powers to facilitate smooth operation of such schemes while preventing possible manipulation and addressing matters connected or incidental thereto.

Conveyance facility revised for Presiding Officer and Members: entitlement to staff car and capped petrol supply.
The Central Government amends the 2003 Rules to substitute the rule on conveyance, entitling the Presiding Officer and Members to a staff car and a monthly petrol allowance subject to a fixed ceiling or actual monthly consumption, with the amendment effective on publication in the Official Gazette.

Registration requirement: certificate from the Board mandated for brokers and clearing members, subject to exchange or clearing approval.
Amendments require a Board certificate of registration to act as a stock broker or clearing member, while clarifying that no separate registration is needed for a clearing member to act as a stock broker or vice versa within trading or clearing bodies of which they are members, subject to approval by the concerned exchange or clearing corporation. Registered intermediaries seeking to operate in other exchanges, clearing corporations or segments must apply to the concerned body, which shall grant approval after satisfying itself of regulatory and eligibility compliance and inform the Board. Form and Schedule I changes update application particulars and replace the Certificate of Registration text.

Recognition under securities contracts regulation granted to a clearing corporation, conditional on regulator-specified compliance and oversight.
Recognition is granted to Indian Clearing Corporation Limited under Regulation 4 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 for a one-year period, subject to conditions specified by the regulator and any additional conditions that may be imposed, with the grant made in the interest of trade, the securities market and the public interest.

Recognition of a clearing corporation under securities law granted, subject to regulatory conditions and ongoing compliance requirements.
Recognition is granted to MCX-SX Clearing Corporation Limited under Regulation 4 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012, pursuant to section 4 read with sub section (4) of Section 8A of the Securities Contracts (Regulation) Act, 1956, for a specified one year period in early October 2014-early October 2015, conditional on compliance with regulatory conditions prescribed by the regulator.

Recognition of Clearing Corporation granted under securities law, subject to regulatory compliance and periodic conditions.
Recognition is granted to National Securities Clearing Corporation Ltd. under Regulation 4 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 and Section 4 read with sub section (4) of Section 8A of the Securities Contracts (Regulation) Act, 1956 for a one year period commencing on the stated date, subject to conditions set out in the notification and to any conditions that the regulator may specify or impose, including an express obligation that the Clearing Corporation shall comply with conditions specified by the regulator from time to time.

Infrastructure investment trusts framework empowers securities regulator to register and regulate InvIT formation, governance and disclosures.
Establishes a regulatory framework empowering the securities regulator to define, register and supervise Infrastructure Investment Trusts, prescribing formation and registration criteria, organisational and governance structures, and ongoing compliance obligations for trustees, trust managers, sponsors and investment entities offering interests to the public.

Regulatory framework for real estate investment trusts establishes registration, governance and disclosure obligations under securities law.
Establishes a regulatory framework for Real Estate Investment Trusts prescribing registration, oversight, governance, disclosure and compliance obligations under the securities regulatory statute to bring pooled real estate investment vehicles within the securities regulatory regime.

Eligibility of provident funds as stock exchange members now permitted, extending membership to trustee represented exempted establishments.
The Securities Contracts (Regulation) (Second Amendment) Rules, 2014 insert sub rule (7) in rule 8 of the 1957 Rules, stating that any provident fund represented by its trustees of an exempted establishment under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, shall be eligible to be elected as a member of a stock exchange; the amendment was notified on 19 September 2014 and takes effect upon Gazette publication.

Recognition renewal for a stock exchange granted under the Securities Contracts (Regulation) Act, subject to SEBI compliance.
Renewal of recognition is granted to MCX Stock Exchange Limited under the Securities Contracts (Regulation) Act, 1956 for a one-year period in respect of contracts in securities, exercised under section 4 after an application under section 3, and is subject to compliance with conditions specified by the regulator and any further prescriptions imposed under the Act.

Increase in settlement bracket expands the applicable slab in Schedule I Part B under settlement regulations.
Amendment substitutes the word five with the word ten in Schedule I, Part B of the Settlement Regulations, thereby altering the numeric slab referenced in that Part; the amendment comes into force upon publication in the Official Gazette.

Regulation of research analysts establishes mandatory registration and compliance framework to ensure independent, transparent securities research.
Establishes a statutory regulatory framework requiring registration and oversight of research analysts, prescribing conduct standards, disclosure and recordkeeping obligations to address conflicts of interest and ensure independence and transparency in securities research, and empowering the regulator to set registration processes, eligibility criteria, ongoing compliance duties, and enforcement measures.

Pricing of equity shares: new VWAP standard and valuation rules for infrequently traded shares, with adjustment events specified.
Regulations amend ICAR rules to permit sale of bonus shares where underlying securities were held for at least one year and bonus shares issued from free reserves/share premium; extend a timing reference from thirty to sixty days; define "frequently traded shares" by twelve month turnover relative to class size; change pricing for frequently traded shares to volume weighted average price; require valuation parameters and an independent certificate for infrequently traded share pricing; and subject preferential issue prices to adjustments for specified corporate events. Schedule XI allocation illustrations are updated accordingly.

Public shareholding requirement: listed public sector companies must raise public shareholding to prescribed minimum within a fixed compliance period.
The amendment to rule 19A removes the exclusion for public sector companies and requires listed public sector companies whose public shareholding was below the prescribed threshold on commencement to increase public shareholding to at least that threshold within a specified compliance period and in the manner to be prescribed by the Securities and Exchange Board of India; the amendment comes into force on publication in the Official Gazette and deletes sub rule three of rule 19A.

KYC information sharing: regulated financial entities may access KRA systems to undertake client KYC and share data via a central registry.
New regulation permits entities regulated by other financial sector regulators, as specified by the Board, to access the KYC Registration Agency system to undertake client KYC; the KRA regulations apply mutatis mutandis to those entities; and the KRA system may connect with any Central Government authorised central KYC registry for collation and sharing of KYC information in the financial sector.