Renewal of recognition under the Securities Contracts (Regulation) Act granted to a regional stock exchange, subject to conditions.
Renewal of recognition is granted to The Uttar Pradesh Stock Exchange Association Limited under the Securities Contracts (Regulation) Act for a one year period, following an application for renewal and on the satisfaction that renewal is in the interest of trade and the public; the renewal is subject to such conditions as may be prescribed or imposed thereafter.

Acquisition thresholds require acquirers with substantial holdings to make a public offer before further increasing control.
The amendments redefine promoter and promoter group with specified corporate, familial and associated-entity inclusions and carve-outs for financial institutions, banks, FIIs and mutual funds. They institute "qualifying promoter" terminology for listing-related provisions and clarify non-impact on listing requirements. Critically, an acquirer holding a substantial majority but less than a super-majority, together with concert parties, must make a public announcement before acquiring further shares; special higher thresholds apply for companies listed after offering a specified public portion. Consolidation of holdings that risks breaching minimum public shareholding must occur via public offer, with prohibitions on market or negotiated purchases during the offer period and specified minimum public offer sizing.

Renewal of recognition: exchange authorization conditioned on final approval of a settlement guarantee fund before trading resumes.
The renewal authorizes the Bhubaneswar Stock Exchange Limited to operate as a recognized exchange for a one year term, but prohibits commencement of trading until final regulatory approval is obtained for the establishment of a Settlement Guarantee Fund or Trade Guarantee Fund, making activation of trading rights contingent on that compliance requirement.

Derivatives trading: mutual funds may transact on recognised exchanges subject to Board guidelines and scheme provisions.
Mutual funds may enter into derivatives transactions on recognised stock exchanges subject to Board guidelines; initial issue expenses of close ended schemes must be amortised per the Tenth Schedule and initial launch expenses shall not exceed six per cent of initial resources raised. No entry load shall be charged by any close ended scheme after commencement. On repurchase of units in qualifying close ended schemes, the mutual fund may deduct the proportionate unamortised initial issue expenses from repurchase proceeds, credited to the scheme's unamortised initial issue expenses. Dividend declarations are permitted per the offer document and Board guidelines.

Age limit establishes retirement cap for SEBI chair and members, preventing service beyond specified statutory age.
The amendment substitutes the proviso to rule 3, sub-rule 2 of the 1992 service rules to provide that no person shall hold office as the Chairman or a Member after he attains the age of sixty-five years, with the amendment taking effect upon publication in the Official Gazette.

Merchant banker filing fees scaled by issue size, payable on draft submission and adjusted on final prospectus filing.
Fees for draft offer documents by merchant bankers are prescribed by tiered schedules for public and rights issues in two time phases; fees must be paid on submission or on estimated issue size if unsettled, with post finalization adjustments requiring deficient fees to be paid within seven days of filing the final prospectus and refunds of any excess by the Board; payment is by demand draft payable to the Securities and Exchange Board of India at Mumbai or the relevant Regional Office city.

Renewal of recognition requires regulatory approval for the settlement/trade guarantee fund before exchange may commence trading.
SEBI granted renewal of recognition to Guwahati Stock Exchange Limited for the period 1 May 2006 to 30 April 2007 under the Securities Contracts (Regulation) Act, conditional on the Exchange commencing trading only after obtaining final SEBI approval for establishment of its Settlement Guarantee Fund/Trade Guarantee Fund.

Renewal of exchange recognition: renewal granted for one year authorising contracts in securities, subject to regulatory conditions.
SEBI considered an application under the Securities Contracts (Regulation) Act and granted renewal of recognition to The Ludhiana Stock Exchange Limited for a one year period from 28 April 2006 to 27 April 2007 to deal in contracts in securities, subject to conditions that may be prescribed or imposed subsequently.

Amendment to Merchant Bankers Regulations removes regulation 19, effective upon publication in the Official Gazette.
The Securities and Exchange Board of India (Merchant Bankers) (Amendment) Regulations, 2006 omit regulation 19 of the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992. The amendment is made under the Board's powers conferred by the Securities and Exchange Board of India Act and comes into force on publication in the Official Gazette.

Appointment of Part-time Member: Chief Economic Adviser designated to serve as SEBI part-time member under statutory appointment powers.
The Central Government, exercising statutory appointment powers and the Rules on terms and conditions, designates the Chief Economic Adviser, Department of Economic Affairs, Ministry of Finance, as a Part-time Member of the Securities and Exchange Board of India under the appointment clause of the SEBI statute.

Supersession of Governing Board extended to allow completion of corporatisation, demutualisation and corrective regulatory measures under oversight.
SEBI extended the supersession of the Governing Board of the Uttar Pradesh Stock Exchange for six months to allow completion of elections, corporatisation and demutualisation and to implement corrective measures identified in inspection reports-including surveillance and risk-management weaknesses-while the Administrator continues to exercise all powers of the Governing Board and may engage assistance as required.

Extension of supersession preserves Administrator authority to complete demutualisation, corporatisation and committee formation processes.
The supersession of the Committee of The Calcutta Stock Exchange Association Limited is extended to allow completion of corrective measures, corporatisation and demutualisation steps already initiated by the Administrator; the Administrator shall continue to exercise and perform all powers and duties of the Committee and may take assistance as necessary to complete the election of a new Committee and the appointment of a Chief Executive Officer.

Extension of supersession continues administrator to complete elections, corporatisation and demutualisation processes.
The supersession of the Council of Management of Bhubaneswar Stock Exchange Limited is extended for six months to September 30, 2006, effective April 1, 2006; Shri Jai Prakash Verma, IPS (Retd.) shall continue as Administrator exercising and performing all powers and duties of the Council and may take assistance of persons he deems necessary, the extension being effected under statutory powers vested in the regulatory authority and the cited Central Government notification.

Foreign company investment: venture capital funds may invest in securities of foreign companies subject to regulatory conditions.
Amendment inserts a definition of "a foreign company" into the Venture Capital Funds Regulations, adopting the Companies Act meaning, and permits venture capital funds to invest in securities of foreign companies, subject to conditions or guidelines issued by the Reserve Bank of India and the Board.

Custodial services for gold now regulated, registration may be restricted and prior board approval required.
The amendment expressly includes gold and gold related instruments within the definition of custodial services for mutual funds, listing safekeeping, account maintenance, collection of benefits or rights, client communication about issuer actions, and record maintenance and reconciliation. Applicants must possess requisite approvals under applicable law to provide custodial services for mutual fund gold instruments. The Board may restrict a registration certificate to either securities or gold custody, and existing custodians may provide custody of mutual fund gold instruments only after obtaining prior Board approval.

Gold exchange traded fund schemes: permitted to invest solely in gold instruments with specified custody and investment restrictions.
The Regulations define gold exchange traded fund scheme and gold related instrument, allow mutual funds to invest scheme moneys in gold or gold related instruments, permit custody of such assets with a bank registered as a custodian, exclude the Seventh Schedule from applying to gold ETF schemes, and impose scheme-specific restrictions including a cap on initial issue expenses, investment of scheme funds primarily in gold or related instruments except to meet disclosed liquidity needs, permissible short-term bank deposits pending deployment, and inclusion of storage and handling as recurring expenses.

Renewal of recognition granted to a stock exchange, conditional on obtaining final approval for settlement guarantee arrangements.
Renewal of recognition is granted to Jaipur Stock Exchange Limited authorising dealings in contracts in securities for a defined limited period, subject to conditions. Trading may commence only after obtaining final approval from the Securities and Exchange Board of India for establishment of the Settlement Guarantee Fund/Trade Guarantee Fund, and the regulator may prescribe or impose further conditions on the recognition.