Appointment of whole time Member under statutory authority formalizes an SEBI membership through ministry notification.
Central Government appoints Shri T.M. Nagarajan as a whole time Member of the Securities and Exchange Board of India under statutory appointment authority, pursuant to the Securities and Exchange Board of India Act and the Terms and Conditions of Service Rules, with the appointment communicated by a Ministry of Finance notification.

Depository portfolio limits relaxed for high net worth stock brokers; higher threshold exempts them from aggregate holding caps.
The amendment to regulation 19 exempts stock brokers with a minimum net worth of ten crores from the limits on the aggregate value of the portfolio of securities of beneficial owners held in dematerialized form through them, and substitutes the prior monetary figure in a related sub clause with Rupees ten crores.

Fund of funds scheme restrictions: expense cap and investment limits imposed to protect unitholder interests.
Defines fund of funds scheme as a mutual fund scheme investing primarily in schemes of the same mutual fund or other mutual funds. Requires the Chief Executive Officer to ensure regulatory compliance, unitholder interest investments, and overall risk management; requires fund managers to invest to achieve scheme objectives and in unitholders' interest. Establishes expense limits for fund of funds schemes, prohibits any mutual fund scheme from investing in a fund of funds, forbids fund of funds from investing in other fund of funds, and restricts investments to mutual fund schemes except for liquidity required for repurchases or redemptions disclosed in the offer document.

Renewal of recognition conditioned on SEBI's final approval for a Settlement or Trade Guarantee Fund before trading begins.
Renewal of recognition to Bhubaneswar Stock Exchange is granted under the Securities Contracts (Regulation) Act for one year commencing 5 June 2003 and ending 4 June 2004 in respect of contracts in securities, subject to the condition that the Exchange shall commence trading only after obtaining SEBI's final approval for establishment of a Settlement Guarantee Fund or Trade Guarantee Fund.

Renewal of recognition granted with conditions on member capital, settlement windows, and delivery procedures.
SEBI grants renewal of recognition to The Uttar Pradesh Stock Exchange Association Limited for one year under the Securities Contracts (Regulation) Act, 1956, conditioned on the Exchange ensuring members maintain adequate Base Minimum Capital free of encumbrances, establishing a trade-for-trade window and a separate physical-trade window, and ensuring deliveries are effected through the clearing house with direct delivery to investors' accounts as specified by SEBI.

Exemption for FII divestment where sales respond to ADR/GDR offers, subject to operative guidelines and RBI directions.
Amendment adds a proviso to regulation 15(3)(c) exempting that clause from applying to divestment of securities by Foreign Institutional Investors in response to offers by Indian companies under the Operative Guidelines for disinvestment through ADR or GDR, subject to compliance with those Government of India guidelines and directions issued by the Reserve Bank of India under the Foreign Exchange Management Act.

Renewal of recognition conditioned on fixing the screen trading system, creating a settlement guarantee fund and regulator approval.
Renewal of recognition under Section 4 of the Securities Contracts (Regulation) Act is granted to Guwahati Stock Exchange Limited subject to conditions: immediate rectification and functioning of its screen based trading system; prompt establishment of a Settlement Guarantee Fund; and commencement of trading only after complying with these conditions and receiving further approval from the regulator.

Renewal of recognition under Securities Contracts (Regulation) Act granted with compliance condition after special inspection.
Renewal of recognition under the Securities Contracts (Regulation) Act has been granted to Ludhiana Stock Exchange Association Limited for one year commencing 28 April 2003, in respect of contracts in securities, subject to the Exchange complying at the earliest with the observations from the special inspection conducted in April 2003 as detailed in the regulator's letter.

Central Listing Authority amendment removes proviso to Regulation 6, changing commencement and regulatory procedures.
The notification amends the Central Listing Authority Regulations, 2003 by omitting the proviso to Regulation 6 and declares the amendment effective from its publication in the Official Gazette; the change is made under the Board's statutory rulemaking powers.

Recognition under Section 4 renewed for an exchange, authorising continued contracts in securities subject to prescribed conditions.
Renewal of statutory recognition is granted to the exchange under Section 4 of the Securities Contracts (Regulation) Act, permitting the exchange to deal in contracts in securities for a fixed five-year period commencing in April 2003, subject to conditions that may be prescribed or imposed from time to time.

Supersession of stock exchange board: regulator appointed an administrator to restore governance, surveillance, and investor protection.
SEBI found systemic failures in listing due diligence, concentrated and abnormal trading with inadequate surveillance, governance interference, deficient margin and capital maintenance, and multiple operational lapses in the exchange and its subsidiary; invoking statutory powers under Section 11 the regulator superseded the Governing Board and appointed an Administrator to assume the board's functions and implement corrective measures to restore compliant governance, surveillance and risk management.

Unofficial trading prohibition: regulatory action taken to replace exchange governance after persistent off system derivatives dealing.
SEBI identified recurring unofficial open outcry trading in ASE premises in local derivatives called "phatak," with members participating and cash settlements outside exchange clearing, despite warnings and inspections. ASE failed to curb the activity, adequately discipline implicated members, amend governance as directed, or secure police action. SEBI concluded that these failures amounted to regulatory non compliance and threats to market integrity, and exercised statutory powers to supersede the Governing Board and appoint an independent administrator to restore oversight and compliance.

Conflict of interest rules: credit rating agencies may rate associate securities if independent director abstains and disclosure is made.
The amendment allows a Credit Rating Agency to rate securities of an associate sharing a common independent director provided that the common independent director does not participate in rating discussions or meetings and the CRA discloses in the rating announcement the existence of the common independent director and that the director did not take part in the rating process; it also defines "independent director" as one without material pecuniary relationships that might affect independent judgment.

Supersession of Council of Management for governance failures and appointment of administrator to restore market integrity.
SEBI found that the Members Welfare Trust was established without approval and that substantial, poorly documented loans were granted mainly to office-bearers and trustees, leaving large outstanding dues. The exchange failed to adopt accounts, lacked internal controls, and did not comply with SEBI directives to reconstitute the trust, suspend indebted members, recover dues and submit inquiry reports. Concluding governance and financial integrity had broken down and investor confidence was impaired, SEBI superseded the Council of Management and appointed an administrator to exercise its powers.