Categorization and Rationalization of Mutual Fund Schemes

  CIRCULAR SEBI/HO/IMD/DF3/CIR/P/2017/126 December 4, 2017 All Mutual Funds/Asset Management Companies (AMCs)/ Trustee Companies/Boards of Trustees of Mutual Funds Sir/ Madam, Subject: Categorization and Rationalization of Mutual Fund Schemes 1. SEBI, vide circular no. SEBI/HO/IMD/DF3/CIR/P/2017/114 dated October 6, 2017, has issued guidelines regarding categorization and rationalization of Mutual Fund Schemes. 2. Upon consideration of the subsequent representation received from AMFI, it has been decided to partially modify the aforesaid circular as under: i. In pt. 8 of the aforesaid circular, after clause c, an additional clause ‘d’ shall be added as follows: d. While preparing the single consolidated list of stocks, average full market capitalization of the previous six month of the stocks shall be considered. ii. In respect of sr. nos. 3, 4, 6, 7, 8 and 9 of

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Online Registration Mechanism and Filing System for Clearing Corporations for webupload

  CIRCULAR SEBI/HO/MRD/DRMNP/CIR/P/2017/119 November 03, 2017 To, All Recognised Clearing Corporations Dear Sir / Madam, Subject: Online  Registration Mechanism  and  Filing  System  for Clearing Corporations 1. In order to  ease  the process  of  application  for  recognition  /  renewal, reporting and other filings in terms Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 and other circulars issued  from  time to  time,  SEBI  has  introduced  a  digital  platform  for  online filings related to Clearing Corporations. 2. All applicants desirous  of  seeking  registration  /  renewal as a  Clearing Corporation in  terms  of  Regulation  4 and  12 of  the Securities  Contracts (Regulation) (Stock  Exchanges  and  Clearing  Corporations)  Regulations, 2012, shall now  submit  their  applications  online  only,  through  SEBI Intermediary Portal at https://siportal.sebi.gov.in. 3. Further, all other filings including Annual Financial Statements and

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Non-compliance with the Minimum Public Shareholding (MPS) requirements

  CIRCULAR CFD/CMD/CIR/P/2017/115 October 10, 2017 To All Listed entities All the Recognised Stock Exchanges All Depositories Dear Sir/Madam, Sub: Non-compliance    with the Minimum    Public    Shareholding (MPS) requirements 1. Regulation 38 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)  Regulations,  2015  (“Listing  Regulations”) mandates a listed entity to comply with the Minimum Public Shareholding(“MPS”) requirements  specified  in  rules  19(2)  and  19A  of  the  Securities  Contracts (Regulation)  Rules,  1957  in  the  manner  as  specified  by  the  Board  from  time  to time. 2. In terms of sub  regulation  (1) of  regulation  97  of the Listing  Regulations, recognized  Stock  Exchanges are  mandated  to monitor  compliance by  listed entities with the provisions of the Listing Regulations. 3. Sub regulations (1) and  (2)  of  regulation  98  of  Listing  Regulations inter-alia

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Cabinet approves MoU between SEBI and FSC 

  The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for signing of a Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Financial Services Commission (FSC), Gibraltar for mutual co-operation and technical assistance. The MoU is likely to promote further development of economic links and cooperation between the two regulators and aims at creating conditions for an effective development of securities markets in the two countries. It would also contribute towards strengthening the information sharing framework between the two signatories. It is expected to add value to overseas mutual cooperation and regulation activities of SEBI and FSC, Gibraltar. ****** AKT/VBA/SH (Release ID :171621)

Categorization and Rationalization of Mutual Fund Schemes

  CIRCULAR SEBI/HO/IMD/DF3/CIR/P/2017/114 October 6, 2017 All Mutual Funds/Asset Management Companies (AMCs)/Trustee Companies/Boards of Trustees of Mutual Funds/ AMFI Sir/ Madam, Subject: Categorization and Rationalization of Mutual Fund Schemes 1. It is desirable that different schemes launched by a Mutual Fund are clearly distinct in terms of asset allocation, investment strategy etc. Further, there is a need to bring in uniformity in the characteristics of similar type of schemes launched by different Mutual Funds. This would ensure that an investor of Mutual Funds is able to evaluate the different options available, before taking an  informed decision  to  invest  in  a scheme. 2. In order to bring the desired uniformity in the practice, across Mutual Funds and to standardize the scheme categories and characteristics of each category, the issue was discussed

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Investments by FPIs in Government Securities

  CIRCULAR IMD/FPIC/CIR/P/2017/113 October 04, 2017 To All Foreign Portfolio Investors through their designated Custodians of Securities The Depositories (NSDL and CDSL) Sir / Madam, Sub: Investments by FPIs in Government Securities 1. RBI in its Fourth Bi-monthly Policy Statement for the year 2015-16, dated September 29, 2015 had announced a Medium Term  Framework (MTF) for  FPI  limits  in  Government  securities  in consultation    with    the    Government    of    India. Accordingly,    SEBI    had    issued    circulars CIR/IMD/FPIC/8/2015  dated  October  06,  2015, IMD/FPIC/CIR/P/2016/45 dated March  29, 2016 and IMD/FPIC/CIR/P/2016/107 dated  October  03,  2016, IMD/FPIC/CIR/P/2017/30 dated April 03, 2017 and IMD/FPIC/CIR/P/2017/74 dated July 04, 2017 regarding the allocation and monitoring of FPI debt investment limits in Government securities. 2. It has been decided to revise the limit for investment by FPIs in Government Securities, for

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Listed firms get a breather as Sebi defers order on loan default intimation

  Markets regulator Sebi has put off implementation of its directive “until further notice” that required listed firms to inform exchanges if they default on loan payments to banks and financial institutions. In a circular, the Securities and Exchange Board of India (Sebi) said it has decided to defer implementation of its earlier directive “until further notice”. Last month, the regulator had directed listed companies to disclose from October 1 any payment defaults to banks and financial institutions within one working day of such a miss. The move came against the backdrop of the government and the Reserve Bank of India stepping up efforts to tackle the menace of bad loans amounting to over Rs 8 lakh crore. “Corporates in India are even today primarily reliant on loans from the

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Loan default: Listed companies get breather from Sebi

  The Securities and Exchange Board of India (Sebi) has put off implementation of its directive “until further notice” that required listed firms to inform exchanges if they default on loan payments to banks and financial institutions, a circular of the markets regulator has said. Last month, the regulator had directed listed companies to disclose from October 1 any payment defaults to banks and financial institutions within one working day of such a miss. The move came against the backdrop of the government and the Reserve Bank of India (RBI) stepping up efforts to tackle the menace of bad loans amounting to over Rs 8 lakh crore. “Corporates in India are even today primarily reliant on loans from the banking sector. Many banks are presently under considerable stress on account

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Change in reporting norms for Category III Alternative Investment Funds (“AIFs”), regarding investment in commodity derivatives market

  CIRCULAR SEBI/HO/IMD/DF1/CIR/P/2017/110 September 29, 2017 To All Registered Category III Alternative Investment Funds All Custodian(s) of Securities Dear Sir / Madam, Sub: Change in reporting norms for Category III Alternative Investment Funds (“AIFs”) regarding investment in commodity derivatives market. 1. In terms of circular no. SEBI/HO/CDMRD/DMP/CIR/P/2017/61 dated June 21, 2017, the Category III Alternative Investment Funds (AIFs) are  allowed to participate  in the commodity derivatives  market,  subject to  certain  conditions which inter-alia include  the following: i. Category III AIFs shall invest not more than ten percent of the investable funds in one underlying commodity. ii. Category III  AIF  shall  be  subject  to  the  reporting requirements  as  may  be specified by SEBI. 2. In view of the above, it is decided to revise the reporting formats for Category III AIFs

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GDR manipulation: Sebi bars 19 companies from securities markets

  Cracking the whip, Sebi on Tuesday barred 19 domestic and foreign entities from securities markets for manipulation in issuances of global depository receipts and warned several others including FIIs. The regulator has imposed a ten-year ban on K Sera Sera and Asahi Infrastructure and Projects, which figured among the six companies whose GDR issuances were manipulated, while at least 26 entities including European American Investment Bank AG (Euram) have been warned that all their future dealings in Indian markets should be strictly as per regulations. Sebi has been probing misuse of GDRs (Global Depository Receipts) for routing black money back to India for which role of more than 50 individuals and companies was under scanner. The modus-operandi typically involves creating an intricate web of entities in offshore locations for

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