SEBI
Securities law, listing rules and SEBI circulars.
6stories · Relief
September 2026
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Accredited Investor framework: SEBI Board approves accreditation by AIF, SIF and PMS managers, a ₹5 crore market-exposure test and deemed status for non-residents
Accreditation by fund managersReliefThe SEBI Board has approved four changes to the Accredited Investor framework: managers of AIFs, AMCs offering SIFs and portfolio managers may accredit investors; securities market exposure becomes an eligibility test; persons resident outside India are deemed accredited; and LLPs can qualify. It also approved extending to all AIFs the bar on a manager using fund assets for its own losses.
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IRDAI repeals 2020 guidelines on repatriation of dividends by foreign-majority insurance intermediaries; prior approval requirement already removed
2020 dividend guidelines repealedReliefIRDAI has repealed its Guidelines on repatriation of dividends by insurance intermediaries having majority by foreign investors, dated 3 January 2020, with effect from 30 July 2026. The Insurance Intermediaries (Amendment) Regulations, 2026 notified on that date removed the requirement of the Authority’s prior approval for repatriating dividends and the condition on related party payments.
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Commodity derivatives: SEBI revises penalties for client-level position limit breaches and the test for a “Broad” agricultural commodity
Penalty: 2% or ₹2 lakh, lowerReliefSEBI has revised the penal provisions for open-interest violations at client level in the commodity derivatives segment: the penalty is 2% of the value of the excess for the days it continues, or ₹2,00,000 (₹10,000 where the excess is up to 2% of the limit), whichever is lower. No additional penalty applies where the breach arises only from clubbing. The definition of “Broad Commodity” and client position limits are also revised.
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FPIs: no investor group details for those investing only in Government Securities, and a digitally signed Power of Attorney to custodians is now accepted
No investor group detailsReliefTwo SEBI circulars ease compliance for Foreign Portfolio Investors. From 7 September 2026, FPIs investing only in Government Securities — by any route — need not furnish investor group details. From 20 August 2026, a Power of Attorney given by an FPI to its custodian may be executed with a digital signature under the Information Technology Act, 2000, without notarisation, apostille or consularisation.
August 2026
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Online Bond Platform Providers may now offer 54EC / section 85 capital-gains bonds and IFSCA-regulated products; compliance officer rule changed
54EC bonds on bond platformsReliefSEBI has widened what Online Bond Platform Providers can offer. From 14 August 2026 they may offer bonds issued under section 54EC of the Income Tax Act, 1961 or section 85 of the Income-tax Act, 2025, and products regulated by IFSCA, each with labelling and disclaimer conditions. The compliance officer is now to be appointed as per the Stock Brokers Regulations, 2026 in place of a Company Secretary.
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Municipal bonds: SEBI sets face value at ₹1 lakh or ₹10,000 for private placements, adds a two-step escrow for pooled finance vehicles and gives more time for financial results
Face value ₹1 lakh or ₹10,000ReliefFollowing the July 2026 amendment to the municipal debt securities regulations, SEBI has specified operational norms by a circular of 11 August 2026. Privately placed municipal debt securities are to have a face value of ₹1 lakh or ₹10,000; pooled finance vehicles get a two-step escrow mechanism and a list of credit enhancement options; municipalities get 60 days for half-yearly and 90 days for annual results.
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