The regulatory compliance calendar sets out key regulatory compliance requirements (both periodical and event-based) for Category III AIFs under SEBI regulations and other important applicable laws in India.
Tag: Capital Markets
Regulatory Compliance Calendar for Category II AIFs
The regulatory compliance calendar sets out key regulatory compliance requirements (both periodical and event-based) for Category II AIFs under SEBI regulations and other important applicable laws in India.
Regulatory Compliance Calendar for Category I AIFs
The regulatory compliance calendar sets out key regulatory compliance requirements (both periodical and event-based) for Category I AIFs under SEBI regulations and other important applicable laws in India.
SEBI Introduces Framework to Streamline Transfer of Portfolio Management Services
The Securities and Exchange Board of India (“SEBI”) has issued a circular introducing a framework for the transfer of Portfolio Management Service (“PMS”) businesses between registered Portfolio Managers. The framework, effective immediately, requires prior SEBI approval for all transfers, whether within the same group or to an unrelated entity. It sets out clear procedures, timelines, and responsibilities for both transferor and transferee, including requirements for joint applications, client consent, undertakings, and surrender of registration where applicable. The framework provides regulatory clarity and operational flexibility for business reorganizations, group consolidations, and exits in the PMS sector while maintaining investor protection.
Regulatory Update: Introduction of a New Co-Investment Scheme for AIFs by SEBI
The Securities and Exchange Board of India has introduced a new Co-Investment Vehicle Scheme (“CIV Scheme”) under the AIF Regulations, effective September 9, 2025, allowing Category I and II AIFs to offer co-investment opportunities directly to accredited investors. The CIV Scheme serves as an in-house alternative to the Co-investment PMS route, with clear rules on eligibility, investment limits, governance, and exits. Exemptions from certain AIF requirements provide operational flexibility, while safeguards such as ring-fencing of assets, pro-rata rights, and strict compliance standards ensure investor protection.
Recent Regulatory Developments in India (2025)
The Securities and Exchange Board of India (SEBI) has introduced certain amendments to the regulatory framework for real estate investment trusts (REITs) in 2025. These amendments primarily focus on ease of doing business and investor protection. This note provides an overview of the 2025 amendments.
From Private to Public: SEBI’s New Roadmap for InvIT Conversion
SEBI has proposed reforms to simplify the conversion of private listed InvITs into public ones by removing sponsor lock-ins and minimum contribution requirements, easing post-conversion liquidity norms, and aligning disclosure standards with follow-on offers. The changes aim to reduce compliance, attract investors, and foster InvIT market growth.
Amendments to the SEBI (Prohibition of Insider Trading) Regulations, 2015: Widening the Scope of “Unpublished Price Sensitive Information”
With effect from June 10, 2025, the Securities and Exchange Board of India (“SEBI”) has introduced certain amendments to the definition of unpublished price sensitive information (“UPSI”) under the SEBI (Prohibition of Insider Trading) Regulations, 2015, (“PIT Regulations”). The amendments aim to align the existing definition of UPSI under the PIT Regulations, which sets out an illustrative list of events constituting UPSI, with material events under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This note analyzes the amendments and explains how the expansion of the definition of UPSI will recalibrate compliance obligations for listed companies and their insiders.
Regulatory Landscape for SM REITs in India
In March 2024, the Securities and Exchange Board of India (“SEBI”) amended the SEBI (Real Estate Investment Trusts) Regulations, 2014, to introduce Small and Medium Real Estate Investment Trusts (“SM REITs”), aiming to regulate fractional ownership platforms (“FOPs”) that offer retail investors access to real estate. This move addresses concerns related to investor protection, regulatory gaps, and operational transparency in FOPs. SM REITs are structured as SEBI-registered trusts and are required to comply with specific eligibility, investment, and governance criteria. This note outlines procedures for registration, scheme launches, and investor safeguards intended to enhance investor confidence, market liquidity, and standardized practices in India’s evolving real estate sector.
Recalibrating Compliance: Legal Implications of SEBI’s Revised Listing Regulations for HVDLEs
The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) provide for the various compliance actions and reporting requirements for entities who have listed equity shares or other specified securities and/or non-convertible securities on the stock exchange. The Securities and Exchange Board of India (“SEBI”) recently amended the Listing Regulations by way of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2025 which has become effective as of March 28, 2025 (“Listing AmendmentRegulations”).
The changes introduced by the Listing Amendment Regulations primarily provide for additional reporting and compliance requirements for companies that have listed only non-convertible securities and qualify as a “high value debt listed entity” under the Listing Regulations. Previously, all high value debt listed entities needed to comply with Chapter V of the Listing Regulations, regardless of whether they had listed equity shares or other specified securities. Pursuant to the Listing Amendment Regulations, a new Chapter VA has been introduced that prescribes additional requirements for those high value debt listed entities that have only listed non-convertible debt securities. Such entities are now required to comply with the provisions of both Chapter V and Chapter VA of the Listing Regulations.