Periodic reporting requirement for merchant bankers imposed, with Board to specify submission manner and Schedule IV omitted.
Amendment substitutes regulation 28(2) to require merchant bankers to submit periodic reports in such manner as may be specified by the Board, centralising the form and manner of reporting. The Amendment further omits Schedule IV from the principal Regulations and takes effect on publication in the Official Gazette, thereby altering reporting and compliance obligations under the merchant bankers regulatory framework.

Renewal of recognition under the Securities Contracts (Regulation) Act granted to a stock exchange, subject to regulatory conditions.
SEBI grants renewal of recognition to United Stock Exchange of India Limited under Section 4 of the Securities Contracts (Regulation) Act for a one-year period in respect of contracts in securities, on the basis that renewal is in the interest of trade and the public, and subject to the conditions stated in the notification and any further conditions that SEBI may prescribe or impose.

Fair valuation principles require asset management companies to compute, publish valuations and compensate investors for inappropriate valuation.
Asset management companies must compute and publish scheme investment valuations per the Eighth Schedule's Principles of Fair Valuation, which require valuations to reflect realizable value, be based on board approved policies and methodologies, include procedures for exceptional events, periodic independent review, documentation of valuation rationales (including inter scheme transfers), disclosure in the Statement of Additional Information and on the website, and measures to address conflicts of interest; AMCs retain ultimate responsibility for true and fair valuation and correct NAV, with permitted deviations subject to board reporting and investor disclosure.

Minimum investment requirement revised with new applicability and segregation rules for unlisted securities and adjusted director disclosure.
The amendment raises the minimum investment requirement per client and limits its application to new clients and fresh investments by existing clients while allowing existing investments to continue until maturity. It adds unlisted securities to permitted holdings and mandates segregation of each client's unlisted securities holdings into separate accounts for new and fresh investments, with existing unlisted investments grandfathered until maturity. The model disclosure is altered to require the name and signature of at least two directors of the portfolio manager.

Buyback reservation for small shareholders introduced; procedural timelines and expanded disclosure obligations tightened for buybacks.
Amendments add definitions for small shareholder and working day, require filing of board resolutions within two working days, reserve a portion of buybacks for small shareholders with reserved and general categories and entitlement-based acceptance, and tighten timelines: public announcements and filings within two working days, dispatch of letter of offer within five working days of Board comments, offer periods and a seven-working-day deadline for verification and payment. Revised Schedules consolidate expanded disclosure requirements for public announcements and letters of offer, including board, financial, market and promoter-related information.

Treatment of convertible debt instruments clarified: compulsorily convertible instruments govern reserved allotments and preferential exemptions applied.
Regulations amend the treatment of outstanding convertible debt in rights and bonus issues by specifying holders of compulsorily convertible debt instruments, removing prior conditional wording, adding ", if any," to allocation language, and replacing "on" with "at" in pricing/allotment clauses. A new provision exempts certain sub regulation requirements from applying to preferential issues where the proposed allottee is a registered Mutual Fund or an Insurance Company.

Qualified institutional buyer status extended to registered Alternative Investment Funds for purposes of securitisation law.
The regulator, under clause (u) of sub-section (1) of Section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, specifies that an Alternative Investment Fund which is a body corporate and registered under the Alternative Investment Funds Regulations, 2012, shall be a qualified institutional buyer for the purposes of that Act, thereby aligning registered corporate AIFs with the qualified institutional buyer category under the securitisation and enforcement framework.

Institutional placement programme: new SEBI framework limiting allocation, eligibility, pricing and one year lock in on allotted securities.
A new Chapter VIII-A creates an Institutional Placement Programme (IPP) permitting fresh issues or offers for sale by listed issuers or promoters to meet minimum public shareholding, limited to qualified institutional buyers. IPP requires a shareholder special resolution, merchant banker management with due diligence, in principle stock exchange approval, detailed offer document filings with SEBI/Registrar/stock exchanges, ASBA bidding, prescribed allocation methods and restrictions (including promoter exclusion and reserved allocation to mutual funds/insurance companies), oversight by the stock exchange, short subscription windows, and a one year lock in on allotted securities.

Renewal of recognition conditioned on compliance with regulatory requirements and other prescribed conditions for a defined period.
Renewal of recognition under the Securities Contracts (Regulation) Act is granted for a limited period and is conditional on meeting all regulatory prerequisites before commencing trading; the exchange must also comply with any additional conditions that may be prescribed or imposed during the renewed period.

Renewal of recognition under securities contracts regulation permits Vadodara Stock Exchange to operate subject to SEBI regulatory conditions.
SEBI granted renewal of recognition to Vadodara Stock Exchange Limited under Section 4 of the Securities Contracts (Regulation) Act following an application under Section 3, authorising contracts in securities for a one year period and conditioned on compliance with all SEBI regulatory requirements and any other conditions SEBI may prescribe or impose.