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In personam: “against the person”
INDEX
- SEBI operationalises mechanism for lock-in of pledged shares under the ICDR Regulations
- SEBI grants one-time relaxation from penal provisions for non-compliance with minimum public shareholding requirements
- SEBI relaxes social stock exchange norms for not-for-profit organisations
- SEBI amends the ‘fit and proper person’ criteria for intermediaries
- SEBI amends the AIF Regulations 2012
RBI & IFSC UPDATES
- RBI exempts NBFCs without public funds or customer interface from registration
- RBI issues standardised approach directions for credit risk capital charge
- IFSCA mandates certification courses for KMPs and employees of capital market intermediaries and fund management entities in IFSC
- IFSCA amends KMP circular for FMEs in IFSC
- IFSCA revises reporting norms for CMIs in IFSC
- IFSCA mandates segregation of fiduciaries roles from fund administration roles in IFSC
LABOUR UPDATES
- Karnataka exempts certain classes of enrolled persons from filing profession tax returns
- No profession tax in Odisha from April 2026
OTHER UPDATES
- Central Government establishes Startup India Fund of Funds 2.0 with INR 10,000 crores corpus
SEBI UPDATES
SEBI OPERATIONALISES MECHANISM FOR LOCK-IN OF PLEDGED SHARES UNDER THE ICDR REGULATIONS
Securities and Exchange Board of India (“SEBI”), vide its circular dated April 8, 2026, has operationalised the mechanism for lock-in of pledged shares under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“ICDR Regulations”), as part of its ease of doing business initiatives.
SEBI, vide its notification dated March 16, 2026, had amended the ICDR Regulations to, inter alia, provide that specified securities on which lock-in cannot be created may be recorded as “non transferable” by depositories for the duration of the applicable lock-in period (as covered in our earlier edition of Legalaxy).
To operationalise the aforesaid amendment, the depositories have issued the framework to be followed by issuers, which includes, inter alia, incorporation of suitable provisions in the articles of association, issuance of necessary intimations to the concerned lenders or pledgees, and suitable disclosures in the offer documents. The depositories have also made the necessary changes to their systems and processes.
Accordingly, stock exchanges, depositories, merchant bankers and issuers have been directed to ensure compliance with the mechanism for lock-in of pledged shares.
To read the circular click here to read the notification click here.
SEBI GRANTS ONE-TIME RELAXATION FROM PENAL PROVISIONS FOR NON-COMPLIANCE WITH MINIMUM PUBLIC SHAREHOLDING REQUIREMENTS
SEBI’s Master Circular dated July 11, 2023, for compliance with the provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, by listed entities (“2023 Master Circular”), inter alia, prescribes the procedure to be followed by recognized stock exchanges and depositories in respect of listed entities not complying with minimum public shareholding (“MPS”) requirements, including levy of fines, freezing of promoter shareholding, and other consequential actions.
SEBI, vide its circular dated April 7, 2026, has now granted a one-time relaxation from the applicability of penal provisions under the 2023 Master Circular, for listed entities whose due date for compliance with MPS requirements falls during the period from April 1, 2026 to September 30, 2026. This relaxation has been granted by SEBI pursuant to receiving representations from an industry body highlighting the difficulties faced by listed entities in achieving compliance with MPS requirements, inter alia, on account of capital market volatility arising from ongoing geopolitical tensions in the Middle East.
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