Sale of government securities already contracted for purchase permitted under RBI guidelines, changing mutual funds regulatory practice.
The amendment inserts a proviso to clause 6 of the Seventh Schedule to the Mutual Funds Regulations, 1996, permitting the sale of a government security already contracted for purchase, provided such sale is carried out in accordance with guidelines issued by the Reserve Bank of India. The change is effected under the Board's regulatory power and becomes effective upon publication in the Official Gazette.

Renewal of recognition permits a regional stock exchange to continue securities contracts subject to prescribed regulatory conditions.
Renewal of recognition is granted to the Uttar Pradesh Stock Exchange Association Limited, Kanpur, under section 4 of the Securities Contracts (Regulation) Act, 1956, permitting it to continue dealing in contracts in securities; the renewal is based on the interest of trade and public interest and is subject to conditions that may be prescribed or imposed thereafter.

Renewal of recognition: Exchange may commence trading only after SEBI approval for a settlement or trade guarantee fund.
SEBI renews recognition of Bhubaneswar Stock Exchange Limited for one year from 5 June 2008 to 4 June 2009, subject to the condition that the Exchange shall commence trading only after obtaining final SEBI approval for establishment of a Settlement Guarantee Fund or Trade Guarantee Fund. The renewal is granted under the Securities Contracts (Regulation) Act and is conditioned on SEBI's approval of the specified market infrastructure safeguard.

Renewal of recognition to stock exchange conditioned on final approval of settlement guarantee fund before trading commences.
Renewal of recognition is granted to The Gauhati Stock Exchange Limited under the Securities Contracts (Regulation) Act for a specified one year period in respect of contracts in securities, subject to conditions. The Exchange may commence trading only after obtaining final regulatory approval for the establishment of its Settlement Guarantee Fund/Trade Guarantee Fund; additional prescribed or subsequently imposed conditions also apply.

Renewal of recognition: exchange granted one-year renewal under securities law for trading in contracts in securities, subject to conditions.
The Securities and Exchange Board of India granted renewal of recognition to Ludhiana Stock Exchange Limited under the Securities Contracts (Regulation) Act, having been satisfied the renewal served trade and public interest; the renewal authorises dealing in contracts in securities for a one-year period and is subject to conditions that may be prescribed or imposed.

Renewal of recognition to a stock exchange on permanent basis under securities regulation, subject to prescribed conditions.
Renewal of recognition is granted to National Stock Exchange of India Limited under the Securities Contracts (Regulation) Act for continued operation as a recognised stock exchange, on a permanent basis, effective from the specified commencement date and subject to conditions that may be prescribed or imposed subsequently.

Real estate mutual fund schemes: new regime sets eligibility, investment limits, valuation and disclosure obligations.
Amendments insert Chapter VIA establishing a regulatory framework for real estate mutual fund schemes, defining real estate assets and valuers, requiring close-ended listed schemes, setting eligibility and personnel requirements, prescribing investment concentration limits and prohibitions on sponsor-related real estate and inter-scheme transfers, mandating valuation at cost on acquisition and periodic fair-value revaluations under Schedule IXB with NAV computed daily, and imposing governance, disclosure, accounting and reporting obligations on asset managers and trustees.

Notified date for amended mutual fund and foreign institutional investor regulations set as 21 April 2008.
SEBI fixes the notified date for commencement of amendments: the notification designates the notified date for sub regulation (1) of regulation 2 of the Mutual Funds (Second Amendment) Regulations, 2007 and for regulation 2 of the Foreign Institutional Investors (Second Amendment) Regulations, 2007, thereby specifying when those amendment provisions become operative.

Qualified institutional buyer status granted to qualifying NBFCs, enabling application of SARFAESI Act provisions.
SEBI designates certain non-deposit taking NBFCs registered under the RBI registration framework as qualified institutional buyers for the SARFAESI Act where they meet specified asset-size thresholds or, for a lower asset threshold category, meet a prescribed Capital to Risk Weighted Assets Ratio in the last audited balance sheet, pursuant to clause (u) of sub section (1) of section 2 of the SARFAESI Act.

Regulatory fees revised for securities filings with new tiered structures and reduced minimum charges taking effect immediately.
The amendment revises payment obligations and substitutes new tiered fee schedules across buy-back, merchant banker public and rights issues, takeovers, mutual funds, custodians and venture capital funds, effective April 1, 2008; it mandates payment of the revised fees at the time of submission of offer documents or draft letters of offer, prescribes banker's cheque or demand draft for certain filings, and adjusts percentage rates, minima, maxima and flat caps in the relevant Schedules.

Sponsor majority requirement mandates sponsor control while restricting non-sponsor and foreign holdings and FII board representation.
The amendment mandates sponsor majority control of a depository and bars any non-sponsor, individually or with persons acting in concert, from exceeding a small minority stake. It caps combined non-resident ownership below a minority threshold with sub-limits for foreign direct investment and foreign institutional investor holdings, requires that foreign institutional investors acquire shares only through the secondary market, and prohibits foreign institutional investor representation on the depository's board.

Appointment of SEBI Chairman: C B Bhave named under statutory power and assumes office for a fixed term.
The Central Government, exercising powers under the SEBI Act and the rules on terms and conditions of service, appoints Shri C B. Bhave as Chairman of the Securities and Exchange Board of India to assume office on completion of the predecessor's term and to hold office for the specified period from the date he assumes charge or until further orders.

Renewal of recognition for a stock exchange granted under securities regulation, subject to prescribed regulatory conditions.
SEBI, exercising powers under section 4 of the Securities Contracts (Regulation) Act, 1956, has granted renewal of recognition to Vadodara Stock Exchange Limited in respect of contracts in securities following an application under section 3; the renewal is subject to conditions which SEBI may prescribe or impose hereafter and is founded on the Board's satisfaction that renewal is in the interest of trade and the public.