Renewal of recognition under securities law granted for a one-year term, subject to regulatory compliance and prescribed conditions.
Renewal of recognition under the Securities Contracts (Regulation) Act has been granted to OTC Exchange of India for a one year period from 23 August 2013 to 22 August 2014, conditioned on full compliance with the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations and specified SEBI operational circulars, and subject to any additional conditions SEBI may impose.

Buy-back regulation tightened: prohibits large open-market repurchases and mandates escrow security, disclosure, timing, and extinguishment safeguards.
Amendments prohibit certain open-market buy-backs reaching a material portion of paid-up capital and reserves, bar a subsequent buy-back within one year of closure, require at least half of the earmarked buy-back amount to be used for repurchases, mandate prompt announcement, opening and closing timelines, daily disclosures, a separate mechanism for physical share buy-backs with identity verification and VWAP-based pricing, and creation of an escrow with cash or bank guarantee subject to drawdown, minimum cash security, staged release, and limited forfeiture to SEBI's investor fund for non-compliance.

Certification requirement: Merchant bankers must ensure key management personnel obtain NISM Merchant Banking certification within prescribed timelines.
Merchant Bankers must ensure that at least two associated persons designated as Key Management Personnel who perform SEBI-regulated merchant banking activities, deal with issuers or intermediaries, act as designated Compliance Officer, or submit Due Diligence Certificates obtain NISM-Series-IX: Merchant Banking Certification Examination (MBCE) certification from the National Institute of Securities Markets, pursuant to the Board's power under regulation 3; newly engaged personnel must obtain the certification within a shorter period from their date of employment.

Appointment of Presiding Officer of Securities Appellate Tribunal under SEBI Act with tenure limited by entry date and age cap.
The Central Government, exercising powers under the Securities and Exchange Board of India Act, appoints Justice Jaiprakash P. Devadhar, former Justice of the Mumbai High Court, as Presiding Officer of the Securities Appellate Tribunal, Mumbai, for a period of five years from the date he enters upon office or until he attains the age of sixty eight years, whichever is earlier.

Establishment of Local Office to enforce investor protection and grievance redressal across Chandigarh, Punjab and Haryana.
The Board has established a Local Office at Chandigarh under administrative control of the Northern Regional Office at New Delhi to execute regulatory functions including investor protection, facilitation of investor grievance redressal, delivery of financial and investor education, and other assigned functions, with territorial responsibility covering the Union Territory of Chandigarh, the State of Punjab and the State of Haryana.

Certification requirement for investment advisers mandates NISM Level One certification, with CPFA holders temporarily exempt.
Investment Advisers and their associated persons offering investment advice must obtain NISM certification by passing the NISM-Series-X-A Investment Adviser (Level 1) examination; holders of the NISM Certified Personal Financial Advisor certification are exempt from Level One for the validity period of that certification. Those who pass Level One or hold CPFA must also obtain Level Two Investment Adviser certification from NISM for compliance with the Investment Advisers Regulations, with accredited organizations approved by NISM permitted as an alternative.

Subscription period limits for RGESS eligible mutual fund schemes shortened under SEBI amendment to initial offer timelines.
The regulations amend SEBI (Mutual Funds) Regulations, 1996 by inserting provisos in regulations 34, 35 and 36 specifying that, for mutual fund schemes eligible under the Rajiv Gandhi Equity Savings Scheme, the periods applicable to the initial offer and subscription processes shall be limited to a short, prescribed interval measured from the closure of the initial subscription list.

Issue and Listing of Non-Convertible Redeemable Preference Shares: regulatory framework established governing issuance, listing and compliance requirements.
SEBI, exercising powers under sub-section (1) of Section 30 of the SEBI Act, 1992, notified Regulations establishing a regulatory framework for the issue, conditions of issuance, and listing of non-convertible redeemable preference shares, prescribing compliance obligations and procedural requirements for market participants and stock exchange admission.

Tribunal remuneration aligned with judicial and Group A pay scales, with pension offsets and provident fund provisions.
Amendments replace rules 4-6 to set the Presiding Officer's salary at the level admissible to a serving Supreme Court or High Court Judge and Members' salary at Secretary to the Government of India level, with pay reduced by gross retirement benefits received. Service in the Tribunal by judges or pensionable government officers counts for pension under their parent service rules. Presiding Officer and Members fall under the General Provident Fund (Central Services) Rules, 1960 or are entitled to a Contributory Provident Fund. Travelling and related allowances are aligned to judicial scales for the Presiding Officer and Group A officer scales for Members.

Renewal of recognition under securities law granted; exchange must comply with prescribed circular before commencing trading and follow conditions.
Renewal of recognition is granted to U. P. Stock Exchange Limited under the Securities Contracts (Regulation) Act, 1956 for a one year period for contracts in securities, conditional on commencement of trading only after complying with the prescribed regulatory circular and on adherence to any additional conditions that may be stipulated by the regulator.

Recognition renewal under Securities Contracts Regulation permits exchange to operate subject to regulatory compliance and additional conditions.
Renewal of recognition is granted to Bhubaneswar Stock Exchange Limited under the Securities Contracts (Regulation) Act, 1956 for a one year period commencing in June 2013, authorising operations in contracts in securities subject to compliance with all regulatory requirements and any further conditions prescribed by the regulator.

Depository compliance obligations: periodic registration fees, consolidated account statement sharing, and strengthened issuer liability and inspection powers.
Participants must pay a periodic registration renewal fee at prescribed intervals, with payment made prior to expiry of the paid block. Depositories must enter into information sharing agreements to produce consolidated account statements for beneficial owners. Issuers and their agents face regulatory action for contraventions, failure to furnish or for furnishing false information, non cooperation with inspections, or failure to comply with Board directions; depositories must inspect issuer records to reconcile dematerialised securities with issued securities and report failures to the Board.

Local office establishment secures regional investor protection and grievance redressal services across Bihar.
Establishment of a Local Office of the Board at Patna under the administrative control of the Eastern Regional Office at Kolkata to look after regulatory functions for investor protection, facilitation of investor grievance redressal, financial and investor education, and other functions as assigned, with role and responsibility extending to areas falling under the territorial jurisdiction of the State of Bihar.

Local Office establishment expands regional investor protection and grievance redressal jurisdiction under administrative regional control.
Establishment of a Local Office at Hyderabad under the administrative control of the Southern Regional Office at Chennai pursuant to the Board's statutory power, tasked with regulatory responsibilities for investor protection, facilitating redressal of investor grievances, delivering financial and investor education, and performing other assigned functions within the territorial jurisdiction of the State of Andhra Pradesh.

Establishment of Local Office expands regional regulatory presence to handle investor protection and grievance redressal.
Establishment of a Local Office at Lucknow under the administrative control of the Northern Regional Office to exercise statutory regulatory functions within the territorial jurisdiction of Uttar Pradesh, tasked with investor protection, facilitating redressal of investor grievances, promoting financial and investor education, and performing other assigned functions.

Infrastructure debt fund regulations allow private placements with placement memorandum filing and investment and approval safeguards.
Amendments permit infrastructure debt fund schemes to raise funds by private placement subject to trustee and board approval, filing of a placement memorandum and payment of a filing fee; they fix offering and transaction period limits, allow tenure extension with two thirds unitholder approval, expand eligible investor categories, require reinvestment of principal receipts into prescribed instruments or specified bonds, and set portfolio concentration and sponsor participation conditions with disclosure and approval safeguards.

Renewal of recognition under SCRA requires the exchange to satisfy SEBI regulatory conditions before commencing trading.
Renewal of recognition under the Securities Contracts (Regulation) Act was granted to Ludhiana Stock Exchange Ltd. for a fixed one year period, subject to conditions that the exchange may commence trading only after full compliance with all regulatory requirements imposed by the Securities and Exchange Board of India and that it shall comply with any other conditions SEBI may prescribe from time to time.

Registration requirements: debt segment trading and clearing members must meet net worth, fee and conduct obligations.
The amendment inserts Chapter III C to regulate registration of trading members, proprietary trading members, clearing members and self clearing members in the debt segment. Applications must be made in Form AC through the relevant debt segment or clearing corporation, which shall forward recommendations to the Board. The Board may require additional information and personal representation and will assess eligibility, disciplinary history, infrastructure and liabilities. Registrations granted in Form DC are subject to net worth and deposit requirements, fee obligations under Schedule IVB, code of conduct compliance, KYC and risk disclosure, and applicability of Chapters IV-VI mutatis mutandis.

Takeover amendment clarifies buy-back and preferential issue triggers for open offer obligations and disclosure requirements.
Amendments clarify open offer triggers and acquisition mechanisms: buy-backs refer to buy-backs by the target company and measure voting-rights at buy-back closure; board-authorised preferential issues are recognised as a mode triggering obligations; combined acquisitions require a public announcement at the first acquisition with disclosure of planned subsequent acquisitions; acquisitions via preferential issue or exchange settlement are permitted subject to escrow and suspension of voting rights; an open offer triggered by a proposed preferential issue cannot be withdrawn if the issue fails; disclosure obligations for five percent holders are revised to capture changes exceeding two percent.

KYC registration obligations now require intermediaries to upload authenticated client KYC, retain physical files, and furnish them on request.
Regulatory amendments require intermediaries to perform initial KYC/due diligence, upload authenticated KYC information onto the KRA system, furnish scanned images of KYC documents to the KRA, and retain physical KYC documents. For mutual fund clients, the appointed Registrar to an Issue and Share Transfer Agent may perform and upload the initial KYC and scanned images. A new provision mandates that the intermediary or mutual fund must furnish physical KYC documents or authenticated copies to the KRA upon request. Clause wording is adjusted to emphasize retaining physical documents.