Exchange recognition renewal conditioned on full compliance with securities exchange and clearing regulations before trading begins.
Recognition renewal to Vadodara Stock Exchange Limited is granted for a limited term conditional on the Exchange commencing trading only after full compliance with applicable regulatory requirements, including the consolidated regulations governing stock exchanges and clearing corporations, and on adherence to any further conditions prescribed by the regulator.

Renewal of recognition granted to Jaipur Stock Exchange, conditioned on compliance with SEBI regulatory requirements.
Grant of renewal of recognition to Jaipur Stock Exchange Limited under the Securities Contracts (Regulation) Act, 1956 for the period 9 January 2014 to 8 January 2015, issued under Section 4. Renewal is conditional: the Exchange may commence trading only after complying with all regulatory requirements imposed by SEBI and must adhere to any additional conditions SEBI prescribes.

Consolidated salary revision updates pay for SEBI chairman and members under amended terms of service.
Amendment revises Rule 4(1)(b) of the SEBI Terms and Conditions of Service Rules to prescribe a consolidated salary for the Chairman and Members and links future changes to orders of the Department of Expenditure, Government of India; the notification is issued under Section 29 of the SEBI Act and provides that the rules shall be given retroactive effect as necessary pursuant to relevant government orders.

Establishment of Local Office to oversee investor protection, grievance redressal and financial education in territorial jurisdiction.
The Board established a Local Office at Panaji under the administrative control of Western Regional Office II pursuant to sub section (4) of Section 3 of the SEBI Act. The Local Office will handle investor protection, redressal of investor grievances, financial and investor education, and other assigned functions, with its role and responsibility extending to areas within the territorial jurisdiction of the State of Goa.

Local SEBI office establishment expands investor protection and grievance redressal in Chhattisgarh under regional administrative control.
SEBI has established a Local Office at Raipur under sub section (4) of Section 3 of the SEBI Act, 1992, administratively controlled by its Western Regional Office II at Ahmedabad, with territorial jurisdiction over Chhattisgarh and primary responsibilities for investor protection, redressal of investor grievances, financial and investor education, and other assigned regulatory functions.

In principle approval enables time limited preliminary recognition for otherwise non compliant SRO applicants, subject to compliance and extension rules.
Amendments limit distributor recognition to one group per asset management company applicant, align applicant fitness with Schedule II fit and proper criteria of the Intermediaries Regulations, and introduce an in principle approval allowing time limited preliminary recognition for applicants not meeting certain regulatory clauses, with a discretionary extension for sufficient cause; application processing language is modified to be subject to this in principle approval mechanism.

Renewal of recognition under Securities Contracts (Regulation) Act: exchange may operate only with full regulatory compliance.
Renewal of recognition under the Securities Contracts (Regulation) Act is granted to Inter-connected Stock Exchange of India Limited for a one year period in respect of contracts in securities, conditional on full compliance with all regulatory requirements, including the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, and any other conditions prescribed by the regulator before commencing or continuing trading.

Limited liability partnership membership eligibility established for stock exchanges, subject to SEBI registration, partner fitness, and experience conditions.
An amendment adds sub rule (6) to rule 8, making a limited liability partnership eligible for election as a stock exchange member if it undertakes to comply with SEBI financial requirements for registration under section 12(1); its designated partners are not disqualified under the specified sub rules and have not been office holders in entities that were declared defaulters or expelled; and at least two designated partners each have a minimum two years' experience in dealing in securities, or as portfolio managers, or as investment consultants.

Local office establishment extends regulatory oversight for investor protection and grievance redressal within its territorial jurisdiction and financial education.
The Board has established a Local Office at Ranchi under the administrative control of its Eastern Regional Office at Kolkata to oversee investor protection, facilitate redressal of investor grievances, provide financial and investor education, and perform other assigned regulatory functions within the State's territorial jurisdiction.

SME institutional trading platform listing allows listing without IPO subject to eligibility, disclosure and restricted capital raising rules.
A framework allows SMEs to list specified securities on an institutional trading platform without an IPO, subject to defined eligibility (clean regulatory record, limits on age, revenue and paid up capital, audited accounts and prior institutional or validated investment or financing). Listing requires filing an information document with prescribed disclosures, public hosting, in principle exchange approval and adherence to exchange bye laws. Public offers are prohibited while listed; capital may be raised by private placement or rights issue under disclosure, shareholder approval and pricing safeguards. Promoter shareholding minimums, lock in, trading dematerialisation and exit/delisting rules are specified.

Special casual leave for child care introduced for female employees to care for eldest surviving children with specified conditions.
Special casual leave for child care grants female employees leave to care for their two eldest surviving children under twelve years for specified days per annum per child, covering medical, educational and child rearing needs. The leave cannot be clubbed with other leave, counts intervening holidays, may be taken in multiple spells in a calendar year, lapses if unavailed, and does not permit leave fare concession. Prior approval of the competent authority is required, though intimation within 24 hours is allowed in genuine exigency and delays may be condoned; 'child' includes natural and adopted children.

Permission of the Board required for most securities contracts; exceptions include spot, derivatives, pre-emption and delivery-settled options.
SEBI rescinds its prior notification and prohibits entering into contracts for sale or purchase of securities except with the permission of the Board, while specifying exceptions: spot delivery contracts; permissible securities or derivatives contracts under the securities enactments and exchange rules; pre-emption, right of first refusal, tag along and drag along rights in shareholders agreements; and shareholders agreement options for sale or purchase where ownership is continuously held, applicable laws govern consideration, and settlement is by actual delivery. These exceptions must comply with the Foreign Exchange Management Act and do not validate prior contracts.

Registration requirements for stock brokers and clearing members: new procedural, fee and networth obligations under amended regulations.
Registration is mandatory for each stock exchange or clearing corporation in which a person seeks to operate; applications must be submitted on prescribed forms through the relevant stock exchange or clearing corporation and forwarded to the Board within thirty days. The Board may require further information or personal representation, and will consider eligibility, infrastructure, disciplinary history, fit and proper status, certification of associated persons and prescribed minimum networth and deposit requirements before granting a certificate of registration subject to conditions and payment of fees.

Angel fund regulation: new AIF sub category with tailored registration, investor eligibility, investment limits and governance obligations.
The amendment creates angel funds as a sub category of Category I AIFs, prescribes definitions for angel investors and companies with family connection, and provides registration pathways including conversion of unused AIFs and an in principle approval process. Angel funds must raise by issuing units to qualified angel investors, meet minimum investible fund thresholds, accept investor subscriptions within prescribed minimums and timeframes, file scheme memoranda pre launch, cap scheme investor numbers, and comply with investee eligibility, investment size, concentration, lock in and governance obligations; units may not be listed.

Renewal of recognition under the Securities Contracts (Regulation) Act granted to a stock exchange, subject to regulator conditions.
Renewal of recognition under the Securities Contracts (Regulation) Act has been granted to MCX Stock Exchange Limited for a one year period in respect of contracts in securities, exercised under statutory powers and expressly subject to compliance with conditions specified by the regulator and any further prescribed or imposed requirements.

Illegal mobilization of funds by sponsoring collective investment schemes is prohibited, with scope clarified by an illustrative explanation.
Amendment adds illegal mobilization of funds by sponsoring, causing to be sponsored, carrying on or causing to be carried on any collective investment scheme to the list of prohibited fraudulent and unfair trade practices, and an explanation clarifies that the listed acts are illustrative and that conduct falling within the regulatory prohibition remains covered even if not specifically enumerated.

Netting and settlement finality: bye law netting or gross procedures become binding and irrevocable, with collateral priority for recovery.
Amendment defines netting as a Clearing Corporation's determination of net payment or delivery obligations by setting off inter se obligations, including claims from termination of future settled transactions, so only net claims or obligations remain. It allows settlement by netting or gross procedures as set out in bye laws with SEBI approval; such settlements are final, irrevocable and binding once determined, and recognised exchanges or clearing corporations may appropriate collaterals, deposits or margins according to bye laws. Recognised clearing corporations' rights to recover dues from clearing members have priority over other liabilities or claims.

Exchange recognition renewed - trading permitted only after meeting SEBI regulatory requirements and ongoing conditions for a limited period.
Renewal of recognition under the Securities Contracts (Regulation) Act, 1956 is granted to Pune Stock Exchange Limited for contracts in securities for a one year period commencing 2 September 2013 and ending 1 September 2014, subject to conditions that the Exchange may commence trading only after complying with all SEBI regulatory requirements and that it shall comply with such other conditions as SEBI may prescribe or impose.

Dematerialised allotment and trading approval requirement limit transfers until full trading approval is obtained.
The amendments require disclosure of the natural persons who are the ultimate beneficial owners or controllers of proposed allottees, allow a disclosure proviso where a listed company, mutual fund, bank or insurance company is in the ownership chain, mandate allotment only in dematerialised form (including shares from warrants or convertible securities), require cash consideration to be received from the allottee's bank account with a statutory auditor's certificate of compliance submitted to the stock exchange, replace "allotment" references with "trading approval" and bar transfer of preferentially allotted securities until trading approval by all recognised stock exchanges.

Custodian independence: new conditions permit associated custodians to serve sponsor funds subject to governance and independence safeguards.
An asset management company may become a proprietary trading member of a recognised stock exchange to carry out trades in the debt segment on behalf of a mutual fund. A custodian whose sponsor or its associates hold fifty per cent or more of its voting rights may act as custodian for a mutual fund of the same sponsor only if the sponsor maintains a specified net worth, a majority of custodial directors are independent of the sponsor, the custodian and the asset management company are not subsidiaries of each other, they share no directors, and both give undertakings to act independently in dealings with the scheme.