SEBI guidelines for MIIs regarding Cyber security and Cyber resilience
The guidelines outline essential practices that MIIs should adopt to enhance their market infrastructure security.
IFSCAI expert committee report on onshoring the Indian Innovation to GIFT IFSC
IFSCAI has issued a Report of the Expert committee on ‘Onshoring the Indian Innovation to GIFT IFSC to incentivize the holding companies with subsidiaries in IFSC to shift back to India, by ensuring that the tax regime is at par or more favourable.
SEBI Consultation Paper on Association of SEBI Registered Intermediaries/Regulated Entities with Unregistered Entities (including Finfluencers)
No SEBI registered intermediaries/regulated entities or their agents/representatives shall, directly or indirectly, have any association/relationship in any form, whether monetary or non-monetary, for any promotion or advertisement of their services/products, with any unregistered entities ( including finfluencers). Entities registered/regulated by SEBI or stock exchanges or AMFI shall not share any confidential information of their clients with any unregistered entities.SEBI registered intermediaries/regulated entities shall not pay any trailing commission based on the number of referrals as referral fee. Limited referrals from retail clients, and payment of fees for such limited referrals by stockbrokers shall be allowed.
SEBI Consultation Paper on mechanism for fee collection by SEBI registered Investment Advisers and Research Analysts
Fees shall be paid by clients on designated platforms to be specified/administered by a SEBI recognized supervisory body. IAs/RAs shall provide the details of the designated bank account/s in which fees shall be received through the proposed mechanism. These designated bank account/s shall be used solely for collection of fee from investment advisory/research activity.
SEBI mandates additional disclosures by FPIs
The SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2023 outline the criteria rendering FPIs liable to provide detailed information about individuals and entities associated with them. While the broad principles are outlined, the finer details will be delineated in a Standard Operating Procedure (SOP) to be established in consultation with SEBI. The criteria for submitting disclosures by FPIs include instances such as FPIs holding more than 50% of their Indian equity Assets Under Management (AUM) in a single Indian corporate group, or FPIs holding more than INR 25,000 crore of equity AUM in the Indian markets individually or within their investor group.
SEBI provides for modification in cyber security and cyber resilience framework of Stock Exchanges, Clearing Corporations and Depositories
MIIs, whose systems have been identified as Critical Information Infrastructure (CII) by National Critical Information Infrastructure Protection Centre (NCIIPC), are mandated to send regular updates/closure status of the vulnerabilities found in their respective “protected systems” to NCIIPC.
Consultation Paper on permitting increased participation of NRIs and OCIs into SEBI registered FPIs based out of IFSCs
The paper is issued to enhance investments by FPIs in India by facilitating increased participation from NRIs and OCIs as constituents of FPIs that are based out of IFSCs in India and regulated by IFSCA, while putting in place adequate measures to mitigate the risks emanating from such investments.
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2023
The process of voluntary delisting begins with the listed entity making an application to the relevant stock exchange(s) seeking in-principle approval. This application should be submitted within fifteen working days from the date of passing the board resolution or receipt of necessary regulatory approvals. The stock exchange(s) must dispose of this application within a maximum of fifteen working days from the date of receiving a complete application.
Securities Contracts (Regulation) (Stock Exchanges and Clearing
Corporations) (Third Amendment) Regulations, 2023
corporation is not deemed to be fit and proper, the recognized stock exchange or recognized clearing corporation shall replace such a person within thirty days from the date of such disqualification, failing which the fit and proper person criteria may be invoked against the recognized stock exchange or recognized clearing corporation.
Consultation Paper on Recognition of Body Corporate for Administration and Supervision of Research Analysts
SEBI proposes to recognize a body, designated as Research Analyst Administration and Consultation Paper on Recognition of Body Corporate for Administration and Supervision of Research Analysts Supervisory Body (‘RAASB’), to administer and supervise RAs and thereby extend the framework for administration and supervision to RAs as in the case of IAs.
