SEBI revises principles of Financial Market Infrastructures
SEBI has issued Principles of Financial Market Infrastructures (PFMIs). The Principles apply to systematically important FMI entities such as Central Counterparty (CCP), Central Securities Depository (CSD)/ Securities Settlement System (SSS), Payment and Settlement Systems (PSS) and Trade Repository (TR) which are responsible for providing clearing, settlement and recording of monetary and other financial transactions.
SEBI simplifies requirements for grant of accreditation to investors
The validity period of the accreditation certificate has been revised as under: If the applicant meets the eligibility criteria for preceding one financial year, the accreditation certificate issued shall be valid for a period of two years from the date of issuance.(earlier the accreditation was valid for one year). If the applicant meets the eligibility criteria in each of the preceding two financial years, the accreditation certificate issued shall be valid for a period of three years from the date of issuance (earlier the accreditation was valid for maximum two years).
Consultation paper on ‘Introduction of optional T+0 and optional Instant Settlement of Trades in addition to T+1 Settlement Cycle in Indian Securities Markets’
Comments/suggestions may be sent by email to Shri Suman Kumar, Assistant General Manager (e-mail id:sumank@sebi.gov.in),Shri Dhanush Kumar Reddy, Manager(e-mail id: dhanushs@sebi.gov.in)and mrd_pod3@sebi.gov.inlatest by January 12, 2024.
Draft Guidelines on IFSCA (Assets, Liabilities, and Solvency Margin) Regulations 2023
These guidelines further specify the regulatory requirements towards maintenance of capital and solvency margins for transacting insurance business by IIOs registered with the Authority whether set up in an incorporated or in unincorporated form in the IFSC.
Frequently Asked Questions (FAQs) on IFSC Insurance Office
IFSCA vide circular dated 21.12.2023 has issued Frequently Asked Questions (FAQs) on IFSC Insurance Office (updated as on December 13, 2023). The revised Frequently Asked Questions provides clarifications regarding all IFSCA regulations.
Consultation paper on proposed Guidelines on IFSCA(Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business) Regulations, 2023
In addition to the forms, IIOs are required to submit a quarterly certificate demonstrating their solvency and compliance with capital requirements. For IIOs incorporated in an IFSC, this certificate must be signed by the appointed actuary and the principal officer. For unincorporated IIOs, the signing responsibility falls to the actuary or the principal officer of the parent entity. This certification process ensures that the IIOs maintain sufficient capital buffers and are solvent, which is crucial for policyholder protection.
Report of the Working Group on Direct Listing of Listed Indian Companies on IFSC Exchanges
The tax on dividend may be reduced to 10% for shareholders in IFSC. This would be in line with the DR framework.
Revised framework for upstreaming of clients’ funds by Stock Brokers (SBs) and Clearing Members (CMs) to Clearing Corporations
The Securities and Exchange Board of India (SEBI) recently issued a circular on December 12, 2023, addressing the upstreaming of clients’ funds by Stock Brokers (SBs) and Clearing Members (CMs) to Clearing Corporations (CCs). This circular revises the framework outlined in previous circulars and aims to enhance operational efficiency while ensuring the safety of clients’ funds.
Informal Guidance on AIF investments
SEBI has clarified that Investment in Mutual Funds is not covered under permissible investments by a Category III AIF.
NSE issues Periodic relaxation of Surveillance action for securities under Graded Surveillance Measure (GSM) framework
National Stock Exchange vide circular dated December 15, 2023 has issued Periodic relaxation of Surveillance action for securities under Graded Surveillance Measure (GSM) framework. As per the provisions of GSM framework, a periodic review of securities under GSM, to assess relaxation of surveillance actions has been carried out in coordination with the other Exchanges.
