Renewal of recognition granted to exchange subject to mandatory SEBI regulatory compliance before commencing securities trading.
Renewal of recognition was granted to Vadodara Stock Exchange Limited under the Securities Contracts (Regulation) Act for the period commencing 4 January 2011 and ending 3 January 2012, subject to conditions; the Exchange may commence trading in securities only after complying with all regulatory requirements imposed by the Securities and Exchange Board of India.

Foreign VC registration now mandates minimum capital commitment and supporting investor documents and contact details.
Form A now requires firm commitment letters from investors showing an aggregate minimum capital commitment, financial statements of the applicant and the investors who provided such commitments for the preceding financial year, and the names, addresses, telephone numbers and e-mail addresses of all directors and of all investors who furnished firm commitment letters.

Certification requirement for securities operations and risk management personnel to obtain NISM accreditation within prescribed periods.
Requirement that certain associated persons of registered stock-brokers, trading members and clearing members obtain NISM-Series-VII: Securities Operations and Risk Management certification for roles concerning investor assets, grievance redressal, internal control and operational risk; firms must ensure existing personnel and new hires obtain the required certification within the periods prescribed by the notification.

Renewal of recognition under securities law granted to a stock exchange, subject to compliance before trading may commence.
SEBI grants renewal of recognition to Inter connected Stock Exchange of India Limited under the Securities Contracts (Regulation) Act for a one year term in respect of contracts in securities, subject to conditions prescribed or to be imposed by SEBI. The Exchange may commence trading in securities only after complying with all regulatory requirements imposed by SEBI.

Securities regulation amendments expand disclosure and compliance obligations, tighten eligibility for preferential allotments and IPO issuance.
The amendment broadens institutional investor categories and raises specified application thresholds, mandates public announcement upon filing a draft offer document inviting public comments, and requires merchant bankers to submit a prescribed compliance certificate for news reports from draft filing to issue closure. It tightens issuance conditions by prohibiting IPOs where outstanding convertible rights exist except where fully paid convertible securities convert prior to filing, restricts preferential allotment eligibility for promoters who sold shares or failed to exercise warrants within specified periods, standardizes investor payment options, and expands disclosure templates to include proforma financial statements and detailed directorship histories for suspended or delisted companies.

Renewal of recognition permits a stock exchange to operate only after complying with regulatory requirements and prescribed circulars.
Renewal of recognition to Cochin Stock Exchange Limited is granted under Section 4 of the Securities Contracts (Regulation) Act, 1956 for a one year period commencing in November 2010, subject to conditions that trading may commence only after compliance with all regulatory requirements and with the regulator's circular dated October 7, 2009, and to any further conditions imposed by the regulator.

Direct recruitment: new junior posts added with an age limit, specified qualifications and selection committee composition.
The amendment adds Junior Secretarial Assistant, Junior Accounts Assistant and Junior Library Assistant as posts to be filled by direct recruitment, each with an upper age limit of up to 28 years and requiring the qualifications specified for the corresponding assistant categories; it also mandates a minimum three-member selection committee of two internal members and one external member.

Ministerial nomination power expanded to permit nomination of additional persons to SEBI membership under amended service rules.
Amendment inserts clause (e) into rule 3(5) of the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992, permitting the Minister of Finance to nominate up to two additional persons; the change is made under section 29 of the SEBI Act and comes into force on publication in the Official Gazette.

Renewal of recognition requires exchanges to comply with regulator's requirements and a specified circular before commencing trading.
Renewal of recognition is granted to Pune Stock Exchange Limited under the Securities Contracts (Regulation) Act for a one year period commencing 2 September and ending 1 September of the following year, conditional on the Exchange satisfying all regulatory requirements and complying with the regulator's circular dated October 7, 2009 before commencing trading.

Renewal of recognition for OTC Exchange subject to compliance with public shareholding regulations and a regulatory circular.
Renewal of recognition is granted to OTC Exchange of India under the Securities Contracts (Regulation) Act for one year from 23 August 2010 to 22 August 2011, subject to the condition that the Exchange commence trading only after full compliance with the Manner of Increasing and Maintaining Public Shareholding in Recognised Stock Exchanges Regulations, 2006 and the regulator's specified circular, and subject to any additional conditions prescribed by the regulator.

Public shareholding requirement increased for listed companies; public sector firms must offer and maintain minimum public stake within specified timelines.
Amendments insert a definition of public sector company and modify rules on public shareholding: companies listing securities must increase public shareholding to prescribed minimums within SEBI-specified periods and manners; public sector companies must offer and allot a specified portion of each equity class or convertible debentures to the public and maintain a separate minimum public shareholding floor with transitional compliance timelines; listing requirements generally apply to public sector companies except as otherwise provided or permitted by SEBI.

Fund expense limits revised and operational timeframes shortened for mutual fund schemes under regulatory amendment.
The amendment reduces procedural deadlines in Regulations 34, 35 and 36 to shorter working day periods and replaces Regulation 52(6) to impose limits on total scheme expenses (excluding issue/redemption expenses) including management and advisory fees, with differentiated frameworks for fund of funds, index/ETF schemes, and other schemes under a tiered expense scale, and requires bond investing schemes to carry recurring expenses lower by a specified margin; Tenth Schedule clause (e) is omitted.

Certification requirement: Series IV Interest Rate Derivatives exam mandated for approved users and sales personnel with set compliance timelines.
Approval is granted for the NISM Series IV: Interest Rate Derivatives (IRD) certification as the mandatory qualification for approved users and sales personnel of trading members in the currency derivatives segment trading in interest rate derivatives; trading members must ensure existing personnel obtain the certification within two years of the notification and that personnel employed after the notification obtain it within one year of employment.

Public shareholding requirement raised; listed companies must meet minimum threshold through phased annual increases and continuous listing compliance.
The amendment defines 'public' excluding promoters, promoter group, subsidiaries and associates, and excludes shares held by custodians against overseas depository receipts from public shareholding. It amends listing rules to set public offer thresholds for allotment, provides transitional relief for pending drafts, and inserts a Continuous Listing Requirement obliging listed companies to attain and maintain prescribed minimum public shareholding through staged annual increases or to restore any shortfall within a specified remedial period as specified by SEBI.

Renewal of recognition under Securities Contracts (Regulation) Act granted to a regional stock exchange for a limited term.
Renewal of recognition under the Securities Contracts (Regulation) Act was granted to U.P. Stock Exchange Limited, Kanpur, authorising it to operate as a recognised stock exchange for a one-year period commencing in early June 2010 and subject to conditions that may be prescribed or imposed subsequently.

Renewal of recognition granted to a stock exchange subject to regulatory compliance and a trading commencement condition.
Renewal of recognition to Bhubaneswar Stock Exchange Limited is granted under the Securities Contracts (Regulation) Act for one year from 5 June 2010 to 4 June 2011 in respect of contracts in securities, subject to the condition that the Exchange shall commence trading only after complying with all regulatory requirements and with the specified regulatory circular, and subject to any further prescribed or imposed conditions.

Certification requirement for mutual fund distributors mandates NISM qualification; prior AMFI module holders remain exempt.
A certification requirement under regulation 3 mandates that distributors, agents, and persons engaged in sale or distribution of mutual fund products obtain a valid NISM certification by passing the prescribed Series V A: MFD examination; persons who passed the AMFI Mutual Fund (Advisors) Module prior to the commencement date are exempt from this NISM requirement.

Renewal of recognition granted to a regional stock exchange, subject to SEBI compliance and regulatory conditions for a one-year term.
Renewal of recognition is granted to The Ludhiana Stock Exchange Limited under the Securities Contracts (Regulation) Act for a one year term commencing in late April 2010, conditional on the exchange commencing trading only after complying with all regulatory requirements imposed by the Securities and Exchange Board of India and subject to any further conditions SEBI may prescribe.

Investment in securities listed on SME exchange: venture capital funds may subscribe to unsubscribed issues or engage in market making.
The amendment inserts Regulation 12A permitting a venture capital fund to enter into an agreement with a merchant banker to subscribe to the unsubscribed portion of an issue or to receive or deliver securities in the process of market making under the Issue of Capital and Disclosure Requirements, and provides that Regulation 12 shall not apply to acquisitions or sales pursuant to such subscription or market making.

SME platform eligibility: brokers with nationwide exchange membership may trade without separate registration, subject to regulatory conditions.
The amendment allows a stock broker holding registration via membership of a recognised exchange with nationwide trading terminals to trade on the SME platform of that exchange without a separate registration, subject to the conditions of regulation 6A; it also provides that a registered sub-broker affiliated to such an eligible stock broker need not obtain a fresh certificate under regulation 11(1), subject to regulation 12A, and defines SME platform as the exchange trading platform permitted to list securities under Chapter XA of the ICDR Regulations.