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SEBI has issued a circular dated 19th September 2025 (SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/130) (“Circular”) providing a simplified mechanism for the smooth transmission of securities from nominees to legal heirs. The circular addresses difficulties faced by nominees in respect of capital gains tax assessments and prescribes a uniform reporting code to be adopted by market intermediaries. Background Under the … Read more

SEBI had issued a circular dated 26th June 2025 (Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/93) (“Circular”) with respect to the ‘Industry Standards on Minimum Information’ to be provided for review of the audit committee and shareholders for approval of related party transactions (“RPT Industry Standards”). In this regard, in our last month’s edition of All Things Listed (August … Read more

ISK Advisors Private Limited (“Querist”), a SEBI-registered Category-I Merchant Banker, carries out management of public issues of securities, underwriting, corporate advisory and other activities as permitted by the SEBI (Merchant Banker) Regulations, 1992 (“Merchant Banker Regulations”). Further, ISK Equities Private Limited (“IEPL”), a wholly-owned subsidiary of the Querist, is a SEBI-registered Stock Broker since January … Read more

SEBI has issued a circular dated 29th August 2025 (Circular No. SEBI/HO/ITD-1/ITD_VIAP/P/CIR/2025/121) (“New Circular”) extending timelines and updating reporting authorities for compliance with its earlier circular on digital accessibility for persons with disabilities (Circular No. SEBI/HO/ITD-1/ITD_VIAP/P/CIR/2025/111 dated 31st July 2025) (“Original Circular”). The Original Circular had mandated all regulated entities[1] (“REs”) to ensure compliance with … Read more

In a move to improve ease of doing business, the Securities and Exchange Board of India (“SEBI”) has amended the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) on the 9th of September, 2025. The Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2025 (“Amendment”) through … Read more

In a significant step towards inclusion in the securities market, SEBI has issued a circular titled ‘Rights of Persons with Disabilities Act, 2016 and Rules made thereunder – Mandatory Compliance by all Regulated Entities’ (“Circular”) dated 31st July 2025 (SEBI/HO/ITD-1/ITD_VIAP/P/CIR/2025/111) mandating accessibility of all digital platforms operated by SEBI regulated entities (“REs”) for persons with … Read more

SEBI has issued a consultation paper titled ‘Consultation Paper on Amendments To Provisions Relating To Related Party Transactions Under SEBI (LODR) Regulations, 2015 And Circulars Thereunder’ (“Consultation Paper”) dated 4th August 2025 proposing amendments to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”) and related circulars to ease compliance requirements for listed … Read more

The Securities and Exchange Board of India (“SEBI”) has issued a consultation paper proposing certain amendments to the regulatory framework governing Large Value Funds (“LVFs”) for Accredited Investors (“AIs”) under the SEBI (Alternative Investment Funds) Regulations, 2012 (“AIF Regulations”) dated 8th August, 2025 (“Consultation Paper”). The primary objective of this Consultation Paper is to invite … Read more

In order to facilitate ease of doing business for the Investment Advisors (“IAs”) and Research Analysts (“RAs”), SEBI has, through a consultation paper dated August 7, 2025 sought comments on proposed amendments to the SEBI (Investment Advisers) Regulations, 2013 (“IA Regulations”) and the SEBI (Research Analysts) Regulations, 2014 (“RA Regulations”). Following SEBI’s notification of certain … Read more

Regulatory Context Under Regulation 16 (1) (c) and Regulation 24 (1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR”), the determination of a subsidiary as a ‘Material Subsidiary’ is based on the turnover or net worth of the listed entity as per audited figures for the immediately preceding accounting year. Interim … Read more