SEBI framework for System Audit of Professional Clearing Members
The Systems Audit report including compliance with SEBI/CCs/circulars/guidelines and exceptional observation format along with compliance status of previous year observations shall be placed before the Governing Board of the PCM and then the report along with the comments of the Management of the PCM shall be communicated to CCs within one month of completion of audit.
Revised Framework for Offer for Sale (OFS)of Shares to Employees through Stock Exchange Mechanism
SEBI vide circular dated June 14, 2024 has revised the Framework for Offer for Sale (OFS)of Shares to Employees through Stock Exchange Mechanism. The new framework provides that OFS to employees shall be on T+1 day along with the retail category under a new category called as “Employee”
SEBI circular for Doing away with freezing of Demat Accounts and Mutual Fund Folios for existing investors
The Securities and Exchange Board of India (SEBI) has issued a new circular on June 10, 2024, aimed at easing investment procedures and addressing compliance issues for existing investors in the Indian securities market. This circular, directed to various stakeholders including recognized stock exchanges, depositories, mutual funds, asset management companies (AMCs), and other related entities, introduces significant changes to the regulations concerning the submission of ‘choice of nomination’ for demat accounts and mutual fund folios.
Consultation paper on Review of Eligibility Criteria of Stock Derivatives in line with the market growth
Considering the implications of the said matter on market participants, public comments are invited on the proposal. Comments may be sent to the following, latest by June 19, 2024 via online web based platform through the link.
BSE announces discontinuation of usage of pool accounts for transactions in units of mutual funds on BSE StAR MF Platform
BSE announces discontinuation of usage of pool accounts for transactions in units of mutual funds on BSE StAR MF Platform. Currently, bank account no. are mandatory for placing Redemption orders/SWP Registrations in Demat as well as Non-Demat mode on BSE StAR MF Platform. Members are requested to note that Bank Account No. will be made optional for Redemption Order and SWP Registration in Non-Demat Mode on BSE StAR MF platform.
SEBI revises process Uploading of KYC information by KYC Registration Agencies (KRAs) to Central KYC Records Registry
For intermediaries, these changes mean adhering to stricter timelines and ensuring continuous updates of KYC information.
Guidelines on Anti-Money Laundering (AML) Standards and Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002
To be in compliance with these obligations, the senior management of a registered intermediary shall be fully committed to establishing appropriate policies and procedures for the prevention of ML and TF and ensuring their effectiveness and compliance with all relevant legal and regulatory requirements.
Framework of “Financial Disincentives for Surveillance Related Lapses” at Market Infrastructure Institutions
MIIs shall disclose on their websites (and in their respective annual reports) the details pertaining to financial disincentive(s) if any, credited to the SEBI–IPEF under the framework for FDSRL at MIIs. Further, listed MIIs make appropriate disclosures required in terms of the Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations, 2015, regarding any financial disincentive(s)imposed by SEBI.
Consultation paper on Review of Eligibility Criteria of Stock Derivatives in line with the market growth
Considering the implications of the said matter on market participants, public comments are invited on the proposal. Comments may be sent to the following, latest by June 19, 2024.
SEBI consultation paper on flexibility in participation by mutual funds in credit default swaps
The objective of this consultation paper is to seek comments from the public on the proposal for allowing greater flexibility in participation by Mutual Funds in Credit Default Swaps.
