SEBI notifies Guidelines for depositiers, vault managers in respect of electronic gold receipts (EGR).
As per the guidelines, Vault Manager shall furnish Financial Security Deposit (FSD) of Rs. 10 lakhs to any one of the two Depositories(viz. NSDL or CDSL) before obtaining a certificate of registration from SEBI. This is the minimum amount of FSD which has to be maintained with Depository at all points of time.
SEBI notifies the Trading features pertaining to the electronic Gold Receipts (EGR) segment.
SEBI in its Board meeting held on September 28, 2021 approved the framework for Gold Exchange and SEBI (Vault Managers) Regulations, 2021. The EGRs were later notified as ‘securities’ under the Securities Contracts (Regulation) Act 1956 in December 2021, paving the way for operationalization of Gold Exchange in India. Subsequently, framework for operationalizing the Gold Exchange in India were also issued.
SEBI notifies Framework on conversion of Private listed InvIT into Public InvIT.
The Minimum sponsor(s) contribution for the public issue of units shall be either to the extent of 15% of the units issued through the public issue or to the extent of 15% of the post-issue capital.
SEBI issues circular on Audit Committee of Asset Management Companies.
The Audit Committee of the AMC shall be responsible for oversight of financial reporting process, audit process, company’s system of internal controls, compliance to laws and regulations and other related process, with specific reference to operation of its Mutual Fund business.
SEBI notified new disclosure format for abridged prospectus.
In order to further simplify, provide greater clarity and consistency in the disclosures across various documents and to provide additional but critical information in the abridged prospectus, the format for disclosures in the abridged prospectus has been revised.
SEBI issues Guidelines on accounting with respect to Indian Accounting Standards
As per the earlier amendment dated 25th January 2022 on SEBI (MutualFunds)Regulations, 1996(MF Regulations), which, inter-alia, mandated that the AMCs shall prepare the Financial Statements and Accounts of the Mutual Fund Schemes in accordance with IND AS with effect from April 01, 2023.
SEBI issues notification on schemes of arrangement by listed entities.
No Objection Certificate (NOC) from the lending scheduled commercial banks/ financial institutions/ debenture trustees, from not less than 75% of the secured creditors in value.
SEBI clarification regarding Change in control of AMCs involving scheme of arrangement
The validity of SEBI in-principle approval for scheme of arrangement for AMC shall be three months from the date of issuance, within which the relevant application shall be made to NCLT.
SEBI to introduce special situation funds as a sub-category under category I AIFs.
Each scheme of SSF shall have a corpus of at least one hundred crore rupees and shall accept an investment of value not less than ten crore rupees from an investor. In case of an accredited investor, the SSF shall accept an investment of value not less than five crore rupees. Further, in case of investors who are employees or directors of the SSF or employees or directors of the manager of the SSF, the minimum value of investment shall be twenty-five lakh rupees.
Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) (Amendment) Regulations, 2022.
Dealing in securities shall be deemed to be a fraudulent or an unfair trade practice if it involves fraud and may include “disseminating information or advice through any media, whether physical or digital, which the disseminator knows to be false or misleading in a reckless or careless manner and which is designed to, or likely to influence the decision of investors dealing in securities”
