Trustee eligibility restrictions bar asset management company personnel from trusteeship and prevent trustees serving multiple mutual funds.
Amendment prohibits any asset management company and its directors, officers or employees from being appointed as trustees of a mutual fund, and further prohibits any person who is a trustee of one mutual fund from being appointed as a trustee of any other mutual fund; mutual funds not in compliance at commencement must achieve compliance within a prescribed remedial period.

Renewal of recognition granted to a regional stock exchange under Securities Contracts (Regulation) Act, subject to conditions.
Renewal of recognition is granted to Vadodara Stock Exchange Limited under the Securities Contracts (Regulation) Act for trading in securities, subject to conditions to be prescribed or imposed and on the regulator being satisfied that renewal is in the interest of trade and the public.

Gold valuation for exchange traded funds now ties to LBMA AM fixing with prescribed currency, metric and delivery adjustments.
Gold held by gold exchange traded fund schemes must be valued at the LBMA AM fixing price in US dollars per troy ounce for 995 fineness, with adjustments for conversion to metric measures and conversion of US dollars to Indian rupees by the RBI reference rate declared by FEDAI, and addition of transportation charges and notional customs duty and applicable taxes or a notional delivery premium; greater fineness uses the relevant LBMA AM fixing price. Non standard bars must be assayed and converted into LBMA good delivery standard bars prior to valuation.

Regulatory fee on stock exchanges: SEBI notifies regulations exercising statutory powers to prescribe and collect such fees.
The notification promulgates the Securities and Exchange Board of India (Regulatory Fee on Stock Exchanges) Regulations, 2006, establishing a framework for a regulatory fee on recognised stock exchanges. It records the Board's exercise of statutory powers under the SEBI Act to prescribe, impose and administer such fees and is issued as a Gazette notification dated 14 December 2006.

Foreign institutional investors allowed to use portfolio management services after amendment permitting registered sub-accounts to engage portfolio managers.
The amendment substitutes the existing eligibility provision to provide that registered foreign institutional investors and their sub-accounts may avail the services of a portfolio manager, with the change taking effect upon publication in the Official Gazette.

Renewal of recognition granted to a stock exchange for a limited period subject to prescribed regulatory conditions and public interest criteria.
The regulator renews recognition of a stock exchange for a one year term after considering an application under the Securities Contracts (Regulation) Act, finding renewal in the interest of trade and the public, and makes the renewal subject to any regulatory conditions that may be prescribed or imposed subsequently.

Adjudication procedure amendment adds new sections to penalty provisions and authorises appointment of presenting officers.
The amendment updates Rule 4 by expanding the list of referenced penalty sections to include additional penalty provisions and inserts a new sub-rule authorising the Board to appoint a presenting officer in inquiries under Rule 4, thereby formalising an authorised presenting role in adjudication proceedings.

Public shareholding requirement: exchanges must ensure a majority of equity is held by the public via prescribed mechanisms.
These regulations require recognised stock exchanges undergoing corporatisation or demutualisation to ensure a majority of equity capital is held by the public through public issues, offers for sale by trading-rights shareholders, approved placements, private placements to non-trading persons, or combinations thereof, all subject to Companies Act and SEBI disclosure and preferential issue rules; the Board issues confirmation upon compliance and may inspect, audit and direct divestment or other remedial measures for breaches.

Disqualification exception for former whole-time directors of public sector banks permits their eligibility as ombudsman under amended regulations.
The amendment creates a proviso to regulation 6(1) excluding from the disqualification in clause (v) persons who have been whole-time directors of specified public sector banks or public sector undertakings, and defines ''public sector bank'' and ''public sector undertaking'' for this purpose.

Renewal of recognition conditioned on operationalisation of Settlement Guarantee Fund/Trade Guarantee Fund before trading commences.
Renewal of recognition to the Cochin Stock Exchange Limited is granted for one year in respect of contracts in securities, on the basis that renewal is in the interest of trade and the public. The Exchange shall commence trading only after operationalisation of the Settlement Guarantee Fund/Trade Guarantee Fund duly approved by the regulator, and recognition remains subject to stated or subsequently prescribed conditions.

Certificate validity and renewal: custodian registration, updated fee regime, asset-based annual fee and safekeeping conditions.
Amendments set a uniform multi-year validity for custodian certificates and require renewal applications to be filed before expiry and treated as fresh applications with applicable fees. The fee regime is revised to specify application, registration and an annual fee, the latter payable after each financial year and calculated as the higher of a fixed sum or an asset-linked charge based on assets under custody; payment must include a certified statement of assets. Custodians may subcontract physical safekeeping of gold for mutual fund gold ETF schemes, while retaining full responsibility and record-keeping obligations.

Supersession extension and new administrator appointment continue management and demutualisation processes at the stock exchange to oversee reforms.
Extension of the supersession of the Council of Management of Bhubaneswar Stock Exchange Limited for six months to permit completion of elections, demutualisation and follow-up corrective measures, effective October 1, 2006; resignation of the prior Administrator and appointment of a new Administrator vested with all powers and duties of the Council who may take assistance as necessary to discharge those functions.

Supersession of exchange committee extended to allow demutualisation to proceed, with Administrator retaining full powers.
The supersession of the Committee of The Calcutta Stock Exchange Association Limited is extended to allow completion of demutualisation, finalisation of the Chief Executive Officer appointment, and constitution of a new Committee; Shri T. K. Das (IAS Retd.) continues as Administrator with authority to exercise all powers and duties of the Committee and to take such assistance as necessary during the extended period.

Broker fee liability expanded: transaction-based fees with exchange collection, Board recovery powers and interest on defaults.
A new transaction-based fee regime requires stock brokers to pay fees on sale and purchase transactions in securities and debt securities; recognised exchanges must collect fees for on-exchange and reported off-market transactions, remit collections monthly to the Board, and maintain registers and returns. Fees accrued under the prior schedule remain payable. The Board may recover unpaid fees directly from brokers, defaulting brokers incur prescribed interest for delayed payment, and brokers must provide information or explanations about fees. Similar fee and collection provisions apply to derivatives turnover.

Registration and renewal fee requirement for credit rating agencies; applications must include the prescribed non refundable fee.
A new sub regulation requires renewal applications for certificates of registration to be accompanied by a non refundable application fee as specified in the Second Schedule; the Second Schedule Part A is substituted to prescribe amounts for application fee, registration fee for grant of certificate and renewal fees, thereby making fee payment a condition for processing registrations and renewals.

Registration conditions for bankers to an issue now require fees, prior approval for status changes, and investor grievance redressal.
Amendments redefine key terms related to bankers to an issue, require non-refundable application fees with registration and renewal filings as per Schedule II, and add conditions of registration including prior Board approval for any change of status or constitution, a legally binding agreement with the issuer allocating duties, payment of prescribed fees, investor grievance redressal within one month with reporting to the Board, and compliance with applicable regulations. Certificates of registration and renewals are valid for three years from issuance and Schedule II fees are revised and supplemented.

Registration conditions: prior Board approval for status changes and mandatory fees, agreements, capital and grievance safeguards.
Amendments revise definitions and Schedule II fees, require non refundable application fees for registration and renewal, and impose conditions of registration: prior Board approval for any change of status or constitution; a binding agreement with the issuer allocating duties; payment of prescribed fees; maintenance of capital adequacy per regulation 7; investor grievance redressal within one month with reporting to the Board; and compliance with applicable regulations. Certificates of registration and renewals are valid for three years.

Registration conditions for debenture trustees: prior approval for status changes, fees, capital adequacy, and grievance redressal required.
The amendments expand and clarify definitions relevant to debenture trustees, require non-refundable application fees for registration and renewal as specified in Schedule II, and add conditions of registration including prior Board approval for any change of status or constitution before continuing as trustee, payment of fees, maintenance of capital adequacy, investor grievance redressal within one month with reporting to the Board, and compliance with regulations under the Act. The Board must decide on complete applications within a prescribed period and certificates are valid for three years.

Portfolio manager registration required: certificate, conditions, approval for status changes, capital adequacy and grievance redressal apply.
The Regulations require mandatory Board-issued certificates for portfolio managers, revise and add key definitions including change in control and discretionary portfolio manager, impose conditions on registration and renewal (prior Board approval for status changes, payment of fees, investor grievance redressal, capital adequacy and regulatory compliance), authorize a transitional period for merchant bankers to apply, and set the validity period of certificates and the updated fee schedule in Schedule II.

Underwriter registration: certificate requirement, prescribed fees, and conditions govern underwriting activities and continuity after structural changes.
A new registration regime mandates holding a certificate of registration to act as an underwriter, while stock brokers and merchant bankers with registration under the Act may underwrite without a separate certificate but are otherwise governed by these regulations. Applications for registration and renewal must include a prescribed non refundable fee. Conditions of registration require prior Board approval for changes of status or constitution, a valid underwriting agreement with the issuer, payment of fees, maintenance of capital adequacy requirements, and compliance with applicable regulations; certificates have a specified period of validity.