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indiafinbench_TMP_038 | temporal_reasoning | easy | RBI | These Directions shall be called the Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026. These Directions shall come into effect from Financial Year (FY) 2026-27.
Annex III: Circular repealed — DOR.ACC.REC.118/21-02-067/2025-26 dated November 28, 2025. | The RBI SFB Dividend Directions 2026 were issued on March 10, 2026 but take effect from FY 2026-27. Were the 2025 Directions (repealed circular dated November 28, 2025) issued before or after the 2026 Directions were issued? | The 2025 Directions were issued before the 2026 Directions — on November 28, 2025, compared to March 10, 2026 for the 2026 Directions. | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_NUM_126 | numerical_reasoning | hard | SEBI | Regulation 9(e): the promoter of the credit rating agency, in terms of regulation 4, shall maintain a minimum shareholding of 26% in the credit rating agency for a minimum period of three years from the date of grant of registration by the Board. | A CRA's promoter holds 35% of the CRA's shares at the time of registration. The CRA was granted registration on April 1, 2023. Can the promoter legally reduce its shareholding to 20% on June 15, 2026? | The promoter must maintain at least 26% shareholding for a minimum of three years from the date of grant of registration. Three years from April 1, 2023 = April 1, 2026. June 15, 2026 is after April 1, 2026, so the lock-in period of three years has expired by then. After April 1, 2026, the promoter is no longer bound b... | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_TMP_076 | temporal_reasoning | medium | SEBI | Regulation 2(h) — definition of 'credit rating agency' (pre-2021): rating of securities offered by way of public or rights issue. [Amended by SEBI (CRA) (Amendment) Regulations, 2021 w.e.f. 03-08-2021]: rating of securities that are listed or proposed to be listed on a stock exchange recognized by the Board. | What change did the SEBI (CRA) (Amendment) Regulations, 2021 make to the definition of 'credit rating agency' under Regulation 2(h)? | The SEBI (Credit Rating Agencies) (Amendment) Regulations, 2021 (w.e.f. 03-08-2021) substituted the definition of 'credit rating agency' under Regulation 2(h). The original definition restricted 'credit rating agencies' to entities rating securities 'offered by way of public or rights issue' — covering only primary mar... | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_CON_009 | contradiction_detection | medium | SEBI | Passage A:
An issuer shall be eligible to make an initial public offer only if it has net tangible assets of at least three crore rupees, of which not more than fifty per cent. are held in monetary assets: Provided that if more than fifty per cent. of the net tangible assets are held in monetary assets, the issuer has ... | Do the two passages collectively indicate that the 50% monetary asset limit always applies to every IPO regardless of its structure? | No | SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt |
indiafinbench_REG_057 | regulatory_interpretation | easy | SEBI | "holdco" or "holding company" means a company or LLP, — (i) in which InvIT holds or proposes to hold controlling interest and not less than fifty one per cent of the equity share capital or interest and which in turn has made investments in other SPV(s), which ultimately hold the infrastructure assets; (ii) which is ... | Under SEBI (InvIT) Regulations 2014, what minimum equity interest must an InvIT hold or propose to hold in a holding company (holdco) for it to qualify as such? | Not less than fifty one per cent of the equity share capital or interest | SEBI_2014_securities_and_exchange_board_of_india_infrastructure_i_091.txt |
indiafinbench_TMP_037 | temporal_reasoning | medium | RBI | Calendar for Issuance of Government of India Dated Securities (April 01, 2026 to September 30, 2026). Auction Week 4 (April 20-24, 2026): ₹32,000 crore — (i) 3 Year for ₹11,000 crore (ii) 7 Year for ₹11,000 crore (iii) 30 Year for ₹5,000 crore (iv) 30 Year SGrB for ₹5,000 crore. Switch auctions will be conducted on the... | In the GoI securities issuance calendar for H1 FY2026-27, which is the first auction week that includes Sovereign Green Bonds (SGrBs), and what amount is allocated for them? | Auction Week 4 (April 20-24, 2026) is the first week to include Sovereign Green Bonds, with ₹5,000 crore allocated for the 30-year SGrB. | RBI_Issuance_C_issuance_calendar_for_marketable_dated_securities_for_a_031.txt |
indiafinbench_REG_012 | regulatory_interpretation | medium | SEBI | A transaction with a related party shall be considered material if the transaction(s) to be entered into individually or taken together with previous transactions during a financial year, exceeds Rupees one thousand crore or ten per cent. of the annual consolidated turnover of the listed entity as per the last audited ... | Under SEBI LODR Regulations 2015, a related party transaction is considered material if it exceeds what threshold — Rupees one thousand crore or ten per cent of annual consolidated turnover, whichever is lower? | Rupees one thousand crore or ten per cent of the annual consolidated turnover of the listed entity as per the last audited financial statements, whichever is lower | SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt |
indiafinbench_REG_098 | regulatory_interpretation | easy | SEBI | Eligibility criteria for appointment of asset management company. 21. (1) For grant of approval of the asset management company the applicant has to fulfill the following:— (d) the board of directors of such asset management company has at least fifty per cent directors, who are not associate of, or associated in any m... | What restriction does SEBI (Mutual Funds) Regulations, 1996 impose on the Chairman of an asset management company? | The Chairman of the asset management company is not a trustee of any mutual fund | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_REG_024 | regulatory_interpretation | medium | SEBI | No credit rating agency shall rate a security issued by its promoter. A credit rating agency which has a shareholding in the issuer of the security being rated, of more than ten per cent of the paid-up share capital of that issuer, shall not rate the security. A credit rating agency shall not employ a person who is a d... | Under SEBI Credit Rating Agencies Regulations 1999, above what percentage shareholding in an issuer does a credit rating agency become prohibited from rating that issuer's securities? | More than ten per cent of the paid-up share capital | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_TMP_048 | temporal_reasoning | hard | SEBI | Regulations 69, 70, 71, 72, 73 and 74 of the SEBI (Mutual Funds) Regulations, 1996, which dealt with enforcement and enquiry procedures, were omitted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-9-2002. | From what date were Regulations 69 to 74 of SEBI (Mutual Funds) Regulations, 1996 omitted? | 27-9-2002 | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_NUM_099 | numerical_reasoning | medium | SEBI | Seventh Schedule — Restrictions on Investments. 1. A mutual fund scheme shall not invest more than 10% of its NAV in debt instruments...issued by a single issuer...Such investment limit may be extended to 12% of the NAV of the scheme with the prior approval of the Board of Trustees and Board of Directors of the asset m... | To what maximum percentage of NAV can the single-issuer debt investment limit be extended, and whose approvals are needed for this extension? | Up to 12% of NAV, with prior approval of both the Board of Trustees and the Board of Directors of the AMC | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_REG_173 | regulatory_interpretation | medium | SEBI | Regulation 14: Every credit rating agency shall enter into a written agreement with each client whose securities it proposes to rate, and every such agreement shall include — (a) the rights and liabilities of each party; (b) the fee to be charged; (c) the client shall co-operate for periodic review; (d) the client shal... | What must a written agreement between a credit rating agency and its client contain under SEBI (CRA) Regulations, 1999? | Under Regulation 14, the written agreement must include: (a) the rights and liabilities of each party; (b) the fee to be charged; (c) an obligation on the client to co-operate for periodic review of the rating during the tenure of the rated instrument; (d) an obligation on the client to provide true, adequate, and time... | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_TMP_014 | temporal_reasoning | medium | SEBI | The term 'sponsor group' was substituted for 'sponsor(s)' by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016. Prior to this amendment, the relevant provisions referred only to 'sponsors'. The term 'inducted sponsor' was inserted by a subsequent amendment and means any person who has been inducted... | What term was used in SEBI REIT Regulations 2014 before the 2016 amendment replaced it with the broader term 'sponsor group'? | Sponsor(s) | SEBI_2014_securities_and_exchange_board_of_india_real_estate_inve_069.txt |
indiafinbench_NUM_082 | numerical_reasoning | easy | RBI | Foreign Exchange Reserves as on Mar. 13, 2026: Total Reserves — ₹65,61,849 crore / US$ 709,759 million. Variation over Week: ₹ -13,778 crore / US$ -7,052 million. | As on March 13, 2026, what was India's total foreign exchange reserve in US dollar terms, and by how much did it change during the week? | Total reserves: US$ 709,759 million. Weekly variation: a decrease of US$ 7,052 million. | RBI_Reserve_Ba_reserve_bank_of_india_bulletin_weekly_statistical_suppl_078.txt |
indiafinbench_REG_025 | regulatory_interpretation | medium | SEBI | A depository shall not be eligible to carry on its activities as a depository if any person, individually or together with persons acting in concert, holds or acquires more than five per cent of the paid-up equity share capital of such depository, unless the prior approval of the Board has been obtained for the same. A... | Under SEBI Depositories and Participants Regulations 2018, what is the threshold shareholding in a depository that triggers the requirement for prior Board approval? | More than five per cent of the paid-up equity share capital | SEBI_2018_securities_and_exchange_board_of_india_depositories_and_062.txt |
indiafinbench_NUM_101 | numerical_reasoning | easy | SEBI | Seventh Schedule. 13. A mutual fund scheme shall not invest— i. more than 10% of its NAV in the units of InvIT; and ii. more than 5% of its NAV in the units of InvIT issued by a single issuer. | Under the Seventh Schedule, what are the NAV-based caps for a scheme investing in InvIT units — the overall cap and the single-issuer cap? | Overall cap: 10% of NAV; single-issuer cap: 5% of NAV | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_TMP_031 | temporal_reasoning | medium | SEBI | buy-back from the open market through stock exchanges, based on the standalone or consolidated financial statements of the company, whichever sets out a lower amount, shall be less than: (i) fifteen per cent of the paid up capital and free reserves of the company till March 31, 2023; (ii) ten per cent of the paid up ca... | Describe the step-by-step reduction in the maximum open-market buy-back limit through stock exchanges under SEBI Regulations, from 2023 to the final prohibition. | 15% (until March 31, 2023) → 10% (until March 31, 2024) → 5% (until March 31, 2025) → Complete prohibition from April 1, 2025. | SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt |
indiafinbench_NUM_074 | numerical_reasoning | medium | RBI | Government of India (GoI) has announced the sale (re-issue) of two dated securities for a notified amount of ₹29,000 crore as per the following details:
1. 6.68% GS 2040 Jul 07, 2040 — ₹17,000 crore
2. 7.43% GS 2076 Jan 19, 2076 — ₹12,000 crore
Total: ₹29,000 crore
GoI will have the option to retain additional subscrip... | In the GoI dated securities auction announced on March 28, 2026, what is the maximum total amount the Government of India can raise if it exercises the greenshoe option on both securities? | ₹33,000 crore. Calculation: Notified amount ₹29,000 crore + greenshoe of ₹2,000 crore per security × 2 securities = ₹29,000 + ₹4,000 = ₹33,000 crore. | RBI_Auction_of_auction_of_government_of_india_dated_securities_028.txt |
indiafinbench_REG_080 | regulatory_interpretation | easy | SEBI | "compulsory delisting" means delisting of equity shares of a company by a recognised stock exchange under Chapter V of these regulations. | How does SEBI (Delisting of Equity Shares) Regulations, 2021 define 'compulsory delisting'? | Delisting of equity shares of a company by a recognised stock exchange under Chapter V of these regulations. | SEBI_2021_securities_and_exchange_board_of_india_delisting_of_equ_055.txt |
indiafinbench_CON_031 | contradiction_detection | medium | SEBI | Passage A:
The maximum limit of any buy-back shall be twenty-five per cent or less of the aggregate of paid-up capital and free reserves of the company.
Passage B:
buy-back from the open market through stock exchanges...shall be less than fifteen per cent of the paid up capital and free reserves of the company till Ma... | Do the two passages prescribe the same maximum limit for all buy-back transactions under SEBI Buy-Back of Securities Regulations? | No | SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt |
indiafinbench_NUM_138 | numerical_reasoning | easy | SEBI | Regulation 7(2): The open offer made under regulation 6 (voluntary offer) shall be for acquisition of at least such number of shares as would entitle the holder thereof to exercise an additional ten per cent of the voting rights in the target company. | An acquirer holds 40% voting rights in a target company with 200 crore total shares. They wish to make a voluntary open offer under Regulation 6. What is the minimum number of shares for which the offer must be made under Regulation 7(2)? | At least 10% additional voting rights = 10% of 200 crore total shares = 20 crore shares. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_138 | regulatory_interpretation | easy | SEBI | Regulation 13(h): the number of clients of a part-time investment adviser shall not exceed seventy-five in total at any point of time. | What is the maximum number of clients that a part-time investment adviser registered under SEBI IA Regulations, 2013 is permitted to have at any point in time? | A part-time investment adviser shall not have more than seventy-five clients in total at any point in time, as provided under Regulation 13(h). | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_REG_002 | regulatory_interpretation | easy | SEBI | An issuer not satisfying the condition stipulated in sub-regulation (1) shall be eligible to make an initial public offer only if the issue is made through the book-building process and the issuer undertakes to allot at least seventy five per cent. of the net offer to qualified institutional buyers and to refund the fu... | Under SEBI ICDR Regulations, 2018, what percentage of the net offer must an issuer that does not meet the standard eligibility criteria undertake to allot to qualified institutional buyers? | At least seventy five per cent. | SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt |
indiafinbench_CON_037 | contradiction_detection | medium | SEBI | Passage A:
"delisting" means permanent removal of equity shares of the company from the trading platform of a recognised stock exchange, either by way of voluntary or compulsory method.
Passage B:
A company shall not buy-back its shares or other specified securities so as to delist its shares or other specified securi... | Do the two passages together suggest that a company can use buy-back as a mechanism to achieve delisting of its shares? | No | SEBI_2021_securities_and_exchange_board_of_india_delisting_of_equ_055.txt |
indiafinbench_TMP_058 | temporal_reasoning | easy | SEBI | Regulation 8 (Networth, pre-2024): (1) Investment advisers who are non-individuals shall have a net worth of not less than fifty lakh rupees. (2) Investment advisers who are individuals shall have net tangible assets of value not less than five lakh rupees: Provided that existing investment advisers shall comply with t... | What was the networth requirement for non-individual investment advisers under the SEBI (Investment Advisers) Regulations, 2013 before the 2024 amendment substituted it with a 'deposit' requirement? | Before the substitution by the SEBI (Investment Advisers) (Second Amendment) Regulations, 2024 (w.e.f. 16-12-2024), Regulation 8 required non-individual investment advisers to have a net worth of not less than fifty lakh rupees. Individual investment advisers were required to have net tangible assets of not less than f... | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_NUM_122 | numerical_reasoning | hard | SEBI | Regulation 13(2): Category I and II Alternative Investment Fund or schemes launched by such funds shall have a minimum tenure of three years. Regulation 13(5): Extension of the tenure of the close ended Alternative Investment Fund may be permitted up to two years subject to approval of two-thirds of the unit holders by... | A Category II AIF was registered with a scheme tenure of 5 years. The tenure has now expired and unit holders are considering an extension. (a) What is the maximum total tenure (including extension) for a regular Category II AIF? (b) What would it be if the fund were an Accredited Investors only fund? | (a) Regular Category II AIF: Original tenure = 5 years + maximum extension = 2 years (subject to 2/3 unit holder approval). Maximum total tenure = 7 years. (b) Accredited Investors only fund: Original tenure = 5 years + maximum extension = 5 years (subject to 2/3 unit holder approval). Maximum total tenure = 10 years. ... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_REG_110 | regulatory_interpretation | easy | RBI | E. Reporting system. 11. A bank declaring dividend shall report details thereof as per the format prescribed in Annex II. The report shall be furnished to the Department of Supervision of the Reserve Bank within a fortnight of declaration of dividend. | Within what period must an SFB submit its dividend declaration report to the RBI's Department of Supervision? | Within a fortnight of declaration of dividend | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_NUM_106 | numerical_reasoning | hard | SEBI | Seventh Schedule (historical). Clause 5 (now omitted): The initial issue expenses in respect of any scheme may not exceed six per cent of the funds raised under that scheme. (This clause was omitted by the SEBI (Mutual Funds) (Amendment) Regulations, 2008, w.e.f. 16-4-2008.) | What was the maximum initial issue expense ratio for a mutual fund scheme under the original Seventh Schedule, and when was this provision omitted? | Six per cent of funds raised; the clause was omitted w.e.f. 16-4-2008 | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_REG_117 | regulatory_interpretation | easy | SEBI | Seventh Schedule — Restrictions on Investments. 3. Transfers of investments from one scheme to another scheme in the same mutual fund shall be allowed only if,— (a) such transfers are done at the prevailing market price for quoted instruments on spot basis. Explanation.— 'Spot basis' shall have same meaning as specifie... | On what price basis must inter-scheme transfers of quoted securities between schemes of the same mutual fund be conducted? | At the prevailing market price for quoted instruments on spot basis | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_REG_097 | regulatory_interpretation | easy | SEBI | Eligibility criteria for appointment of asset management company. 21. (1) For grant of approval of the asset management company the applicant has to fulfill the following:— (d) the board of directors of such asset management company has at least fifty per cent directors, who are not associate of, or associated in any m... | What minimum proportion of the board of directors of an AMC must comprise directors who are not associated with the sponsor, its subsidiaries, or the trustees? | At least fifty per cent | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_REG_166 | regulatory_interpretation | medium | SEBI | Regulation 16(2)(a): at least seventy-five percent of the investable funds shall be invested in unlisted equity shares or equity linked instruments of a venture capital undertaking or in companies listed or proposed to be listed on a SME exchange or SME segment of an exchange: Provided that the investment conditions sp... | What minimum percentage of investable funds must a venture capital fund (which is a sub-category of Category I AIF) invest in qualifying instruments under SEBI AIF Regulations, 2012? | Under Regulation 16(2)(a), at least 75% of the investable funds of a venture capital fund must be invested in unlisted equity shares or equity-linked instruments of a venture capital undertaking, or in companies listed or proposed to be listed on an SME exchange or SME segment of an exchange. This 75% threshold must be... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_REG_130 | regulatory_interpretation | easy | SEBI | Valuation of investments. 47. The asset management company shall compute and carry out valuation of investments made by the scheme(s) of the mutual fund in accordance with the investment valuation norms specified in the Eighth Schedule and publish the same. | Which Schedule of SEBI (Mutual Funds) Regulations specifies the norms for valuation of mutual fund scheme investments, and what must the AMC do after computing valuations? | Eighth Schedule; the AMC shall publish the valuations | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_REG_019 | regulatory_interpretation | easy | SEBI | The trading member/clearing member/self-clearing member/professional clearing member shall comply with the following minimum net worth requirements: Trading Member — 1 crore; Self-Clearing Member — 5 crore; Clearing Member — 15 crore; Professional Clearing Member — 50 crore. The stock broker may act as an underwriter o... | Under SEBI Stock Brokers Regulations 2026, what is the minimum net worth requirement for a Professional Clearing Member? | 50 crore | SEBI_2026_securities_and_exchange_board_of_india_stock_brokers_re_051.txt |
indiafinbench_TMP_042 | temporal_reasoning | easy | RBI | Reserve Bank of India will also be conducting switches of dated securities through auction on the third Monday of every month or at more frequent intervals. In case the third Monday is a holiday, switch auction will be conducted on the fourth Monday of the month. | Under the RBI GoI issuance calendar for H1 FY2026-27, if the third Monday of a month is a public holiday, on which day is the switch auction conducted instead? | On the fourth Monday of that month. | RBI_Issuance_C_issuance_calendar_for_marketable_dated_securities_for_a_031.txt |
indiafinbench_REG_197 | regulatory_interpretation | easy | SEBI | Regulation 12(1): Prior to making a public announcement, the acquirer shall appoint a merchant banker registered with the Board, who is not an associate of the acquirer, as the manager to the open offer. (2) The public announcement of the open offer shall be made by the acquirer through such manager to the open offer. | What is the key independence requirement for the manager to the open offer under Regulation 12(1) of SEBI Takeovers Regulations 2011? | The manager to the open offer must be a SEBI-registered merchant banker who is not an associate of the acquirer. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_CON_052 | contradiction_detection | medium | SEBI | Passage A:
A mutual fund scheme shall not invest more than 5% of its NAV in the unlisted equity shares or equity related instruments in case of open ended scheme and 10% of its NAV in case of close ended scheme.
Passage B:
All investments by a mutual fund scheme in equity shares and equity related instruments shall on... | Do Passage A and Passage B permit mutual fund schemes to hold any unlisted equity instruments? | No | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_CON_032 | contradiction_detection | medium | RBI | Passage A:
The bank shall not be under any explicit restrictions for declaration of dividends from the Reserve Bank or any other authority.
Passage B:
The Reserve Bank reserves the right to place restrictions on distribution of dividend where a bank is found to be non-compliant with the applicable laws, regulations / ... | Are the two passages contradictory regarding RBI's authority over Small Finance Bank dividend declarations? | No | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_TMP_082 | temporal_reasoning | medium | SEBI | Regulation 18(4): Irrespective of whether a competing offer has been made, an acquirer may make upward revisions to the offer price at any time prior to the commencement of the last one working day before the commencement of the tendering period. Substituted by the SEBI (SAST) (Second Amendment) Regulations, 2018, w.e.... | How was the deadline for making upward revisions to the offer price changed under Regulation 18(4) of SEBI Takeovers Regulations 2011 by the 2018 amendments? | Prior to the 2018 amendment, an acquirer could make upward revisions to the offer price up to three working days before the commencement of the tendering period. The Second Amendment Regulations, 2018 (effective September 11, 2018) reduced this window to one working day before the commencement of the tendering period, ... | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_073 | regulatory_interpretation | medium | SEBI | Subject to compliance with the provisions of the Act, these regulations and the relevant regulations, the certificate granted to an intermediary shall be permanent unless surrendered by the intermediary or suspended or cancelled in accordance with these regulations. | Under what three circumstances can a permanent certificate granted to an intermediary under SEBI (Intermediaries) Regulations 2008 cease to be valid? | If the certificate is surrendered by the intermediary, or suspended, or cancelled in accordance with the regulations. | SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt |
indiafinbench_REG_060 | regulatory_interpretation | medium | SEBI | who, apart from receiving director's remuneration, does not have any or has had no material pecuniary relationship with the InvIT, its Holdco and/or SPV, parties to the InvIT, its holding company, the subsidiary or associate or their promoters or directors, during the three immediately preceding financial years... the ... | Under SEBI (InvIT) Regulations 2014, what is the combined monetary cap on permissible pecuniary relationships with the InvIT for a person to qualify as an independent director of the investment manager? | Two per cent of its gross turnover or total income, or fifty lakh rupees, whichever is lower | SEBI_2014_securities_and_exchange_board_of_india_infrastructure_i_091.txt |
indiafinbench_REG_023 | regulatory_interpretation | medium | SEBI | A recognised stock exchange shall not be eligible for recognition if any person, individually or together with persons acting in concert with such person, acquires or holds or controls more than five per cent of the paid-up equity share capital of the recognised stock exchange, unless the prior written approval of the ... | Under SEBI Stock Exchanges and Clearing Corporations Regulations 2018, what is the maximum shareholding percentage a single entity can hold in a recognised stock exchange without prior written approval of the Board? | Five per cent of the paid-up equity share capital | SEBI_2018_securities_contracts_regulation_stock_exchanges_and_cle_065.txt |
indiafinbench_REG_088 | regulatory_interpretation | easy | RBI | A bank declaring dividend shall report details thereof as per the format prescribed in Annex II. The report shall be furnished to the Department of Supervision of the Reserve Bank within a fortnight of declaration of dividend. | After declaring a dividend, within what time period must a Small Finance Bank submit its dividend report to the Department of Supervision of the Reserve Bank? | Within a fortnight (two weeks) of the declaration of dividend. | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_TMP_075 | temporal_reasoning | hard | SEBI | Regulation 8(2) (as amended by 2011 Amendment): certificate of initial registration valid for 5 years. Regulation 8A (inserted by 2011 Amendment): application for permanent registration to be made 3 months before expiry of initial certificate. [Regulation 8A omitted and Regulation 8(2) substituted by the Change in Cond... | Describe the evolution of the certificate validity regime for credit rating agencies under SEBI (CRA) Regulations, 1999 from the original regulations through to the current position. | The evolution of certificate validity for CRAs under SEBI (CRA) Regulations, 1999 went through three stages: (1) Original (1999): The original regulation prescribed a fixed validity period of three years for the certificate of registration. (2) 2011 Amendment (w.e.f. 05-07-2011): SEBI (CRA) (Amendment) Regulations, 201... | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_REG_193 | regulatory_interpretation | medium | SEBI | Regulation 8(8): Where the acquirer has acquired or agreed to acquire any shares or voting rights in the target company during the offer period at a price higher than the offer price, the offer price shall stand revised to the highest price paid or payable for any such acquisition. Provided that no such acquisition sha... | What happens to the offer price if an acquirer purchases shares of the target company during the offer period at a price higher than the declared offer price under Regulation 8(8)? | The offer price automatically stands revised to the highest price paid or payable for such acquisition. However, no such acquisition is permitted after the third working day prior to the commencement of the tendering period and during the tendering period. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_CON_045 | contradiction_detection | hard | SEBI | Passage A:
buy-back from the open market through the stock exchange shall not be allowed with effect from April 1, 2025.
Passage B:
A company may buy-back its shares or other specified securities by any one of the following methods: (a) from the existing shareholders on a proportionate basis through the tender offer; ... | Do the two passages together indicate that open-market buy-back through stock exchanges is permitted under SEBI (Buy-Back of Securities) Regulations 2018? | No | SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt |
indiafinbench_NUM_007 | numerical_reasoning | hard | SEBI | An application in respect of any specified proceeding pending before the Board shall not be considered if it is made after sixty days from the date of service of the notice to show cause. Where the application is filed after sixty calendar days from the expiry of the period specified in sub-regulation (1), the settleme... | Under SEBI Settlement Proceedings Regulations 2018, what is the total maximum number of calendar days from the date of service of a show cause notice within which a settlement application can be filed (including the initial sixty-day window and the additional delayed period)? | 180 calendar days (60 days initial window + 120 days additional delayed period = 180 days total) | SEBI_2018_securities_and_exchange_board_of_india_settlement_proce_064.txt |
indiafinbench_TMP_069 | temporal_reasoning | easy | SEBI | Regulation 2(1)(ga) (inserted by SEBI (AIF) (Second Amendment) Regulations, 2023, w.e.f. 15-06-2023): 'Corporate Debt Market Development Fund' means an Alternative Investment Fund set up and making investments in terms of Chapter III-C of these regulations. | When was the Corporate Debt Market Development Fund (CDMDF) category introduced under SEBI AIF Regulations, 2012? | The Corporate Debt Market Development Fund was introduced by the Securities and Exchange Board of India (Alternative Investment Funds) (Second Amendment) Regulations, 2023, with effect from 15 June 2023. The CDMDF is defined as an Alternative Investment Fund set up and making investments in accordance with Chapter III-... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_NUM_125 | numerical_reasoning | easy | SEBI | Regulation 22: Every credit rating agency shall, within two month's from the date of the auditor's report, take steps to rectify the deficiencies if any, made out in the auditor's report, insofar as they relate to the activity of rating of securities. | An auditor submits a report to a CRA on October 3, 2025, identifying deficiencies in its rating activities. What is the deadline by which the CRA must take steps to rectify these deficiencies under SEBI (CRA) Regulations, 1999? | The CRA must take steps to rectify the deficiencies within two months from the date of the auditor's report. Date of report: October 3, 2025. Adding two months: December 3, 2025. The deadline for rectification is December 3, 2025. | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_REG_072 | regulatory_interpretation | easy | SEBI | Each intermediary shall prominently display a photocopy of the certificate at all its offices including branch offices. The intermediary shall also prominently display the name and contact details of the compliance officer to whom complaint may be made in the event of any investor grievance. | What two things must a SEBI-registered intermediary prominently display at all its offices, including branch offices? | A photocopy of the certificate of registration, and the name and contact details of the compliance officer. | SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt |
indiafinbench_TMP_043 | temporal_reasoning | easy | RBI | For transactions that are reportable in India and in a foreign jurisdiction and the foreign jurisdiction has a sooner reporting timeline, market participants may undertake reasonable efforts to ensure that the UTI is obtained and reported within the reporting deadline for the transaction. In case the market participant... | Under the RBI Master Direction on UTI 2026, if a market participant cannot obtain the UTI in time for a cross-border transaction, what is the maximum additional time allowed to submit the UTI to CCIL-TR? | Within five Mumbai business days from the date of the transaction. | RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt |
indiafinbench_NUM_094 | numerical_reasoning | easy | RBI | C. Quantum of dividend payable. 8. A bank which satisfies the eligibility criteria laid down in paragraph 7 above may declare and pay dividend up to the limits prescribed under Table 1 below, but in aggregate not exceeding 75% of the PAT for the period for which the dividend is being proposed. Table 1: Bucket B4 — Tier... | Under the RBI SFB Dividend Directions, 2026, what percentage of Adjusted PAT may an SFB with a Tier 1 Capital Ratio between 11.5% and 13.5% (Bucket B4) pay as dividend? | 40 per cent of Adjusted PAT | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_CON_035 | contradiction_detection | easy | RBI | Passage A:
As hitherto, all the auctions covered by the calendar will have the facility of non-competitive bidding under which five per cent of the notified amount will be reserved for the specified retail investors.
Passage B:
Government Stock up to 5% of the notified amount for sale of individual security will be al... | Do both passages state the same percentage of the notified amount reserved for non-competitive bidding in Government Securities auctions? | Yes | RBI_Issuance_C_issuance_calendar_for_marketable_dated_securities_for_a_031.txt |
indiafinbench_REG_063 | regulatory_interpretation | easy | SEBI | The draft offer document filed with the designated stock exchange shall be made public by posting the same on the website of the designated stock exchange for seeking public comments for a period of fifteen days from the date of filing the draft offer document with such exchange and shall be available for download in P... | Under SEBI (Issue and Listing of Municipal Debt Securities) Regulations 2015, for how many days must the draft offer document be publicly available on the designated stock exchange's website for public comments? | Fifteen days | SEBI_2015_securities_and_exchange_board_of_india_issue_and_listin_066.txt |
indiafinbench_REG_118 | regulatory_interpretation | medium | SEBI | Seventh Schedule — Restrictions on Investments. 4. A scheme may invest in another scheme under the same asset management company or any other mutual fund without charging any fees, provided that aggregate inter-scheme investment made by all schemes under the same management or in schemes under the management of any oth... | What is the maximum aggregate inter-scheme investment that all schemes under one AMC's management may collectively make in other mutual funds? | 5 per cent of the net asset value of the mutual fund (this restriction does not apply to fund of funds schemes) | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_REG_170 | regulatory_interpretation | medium | SEBI | Regulation 9(d): the credit rating agency shall at all times maintain a minimum net worth of rupees twenty five crore. Provided that a credit rating agency already registered with the Board having a net worth less than rupees twenty five crores, shall increase its net worth to the specified amount within a period of th... | What ongoing net worth requirement must a credit rating agency maintain at all times under SEBI (CRA) Regulations, 1999? What transitional relief was provided for existing CRAs? | Under Regulation 9(d), a credit rating agency must at all times maintain a minimum net worth of Rs twenty-five crore. Existing CRAs that were already registered and had a net worth below Rs twenty-five crore at the time of the 2018 amendment were given transitional relief — they must increase their net worth to the Rs ... | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_TMP_083 | temporal_reasoning | medium | SEBI | Regulation 3(5): For the purpose of this regulation, any reference to 'twenty-five per cent' in case of listed entity which has listed its specified securities on Innovators Growth Platform shall be read as 'forty-nine per cent'. Inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Amendment) Regulat... | When did SEBI introduce the higher 49% open offer threshold for entities listed on the Innovators Growth Platform (formerly Institutional Trading Platform), and what changes were made simultaneously? | The Amendment Regulations, 2021, effective May 5, 2021, inserted Regulations 3(5) and 6(4) providing that the 25% mandatory open offer threshold reads as 49% for IGP-listed entities. Simultaneously, the same amendment renamed 'institutional trading platform' to 'Innovators Growth Platform' throughout the regulations. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_TMP_055 | temporal_reasoning | medium | SEBI | The original Regulation 45 of SEBI (Mutual Funds) Regulations, 1996 provided: 'The funds of a scheme shall not in any manner be used in option trading or in short selling or carry forward transactions.' This absolute prohibition was substantially modified by the SEBI (Mutual Funds) (Second Amendment) Regulations, 2007 ... | Under the original SEBI (Mutual Funds) Regulations, 1996, were mutual fund schemes permitted to use scheme funds in option trading, short selling, or carry forward transactions? | No. The original Regulation 45 absolutely prohibited the use of scheme funds in option trading, short selling, or carry forward transactions. | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_NUM_001 | numerical_reasoning | medium | SEBI | An issuer shall be eligible to make an initial public offer only if: (a) it has net tangible assets of at least three crore rupees, calculated on a restated and consolidated basis, in each of the preceding three full years; (b) it has an average operating profit of at least fifteen crore rupees during the preceding thr... | Under SEBI ICDR Regulations 2018, what is the minimum total net tangible assets an eligible issuer must have cumulatively demonstrated across all three preceding years (treating each year's minimum separately)? | Nine crore rupees (three crore rupees per year × three years) | SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt |
indiafinbench_NUM_115 | numerical_reasoning | medium | SEBI | Regulation 10(d): the Manager or Sponsor shall have a continuing interest in the Alternative Investment Fund of not less than two and half percent of the corpus or five crore rupees, whichever is lower, in the form of investment in the Alternative Investment Fund. | A Category I AIF has a total corpus of Rs 300 crore. What is the minimum continuing interest the Manager or Sponsor must maintain in this fund under SEBI AIF Regulations, 2012? | The continuing interest requirement is the lower of: (a) 2.5% of corpus = 2.5% × Rs 300 crore = Rs 7.5 crore, or (b) Rs 5 crore. Since Rs 5 crore < Rs 7.5 crore, the minimum continuing interest is Rs 5 crore. The Manager/Sponsor must maintain at least Rs 5 crore of investment in the fund. | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_NUM_133 | numerical_reasoning | easy | SEBI | Regulation 7(1): The open offer for acquiring shares to be made under regulation 3 and regulation 4 shall be for at least twenty six per cent of total shares of the target company, as of tenth working day from the closure of the tendering period. | A listed company has 50 crore shares outstanding. An acquirer acquires shares triggering a mandatory open offer under Regulation 3(1). What is the minimum number of shares for which the open offer must be made under Regulation 7(1)? | 26% of 50 crore = 13 crore shares. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_125 | regulatory_interpretation | easy | SEBI | Terms and conditions to be complied with. 22. The approval granted under sub-regulation (2) of regulation 21 shall be subject to the following conditions, namely:— (c) no appointment of a director of an asset management company shall be made without prior approval of the trustees. | Under SEBI (Mutual Funds) Regulations, 1996, whose prior approval is required before a director of an AMC can be appointed? | Prior approval of the trustees | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_CON_069 | contradiction_detection | hard | SEBI | Passage A:
Regulation 9(f) (pre-Second Amendment 2018): a credit rating agency shall not carry out any activity other than the rating of securities offered by way of public or rights issue. Provided that nothing in these regulations shall prohibit a credit rating agency from engaging in any other activity in so far as ... | Do the original and 2018-amended versions of Regulation 9(f) define the same permissible scope of rating activities for a credit rating agency? | No | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_CON_041 | contradiction_detection | hard | SEBI | Passage A:
The provisions of Chapters V and VI of these regulations shall come into force on the date of publication of these regulations in the Official Gazette.
Passage B:
These regulations may be called the Securities and Exchange Board of India (Intermediaries) Regulations, 2008. They shall come into force in rela... | Do Chapters V and VI of the SEBI (Intermediaries) Regulations 2008 come into force on the same date as all other chapters of the Regulations? | No | SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt |
indiafinbench_TMP_015 | temporal_reasoning | easy | SEBI | The SEBI (ICDR) Regulations 2018 superseded the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. The 2018 regulations were notified on the 60th day from publication. The definition of 'financial year' was inserted by the SEBI (ICDR) (Amendment) Regulations, 2025 w.e.f. 08.03.2025. Prior to this am... | Which was enacted earlier — the SEBI (ICDR) Regulations 2009 or the SEBI (ICDR) Regulations 2018? | The SEBI (ICDR) Regulations, 2009 was enacted earlier | SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt |
indiafinbench_REG_159 | regulatory_interpretation | medium | SEBI | Regulation 13(1): Category I Alternative Investment Fund and Category II Alternative Investment Fund shall be close ended and the tenure of fund or scheme shall be determined at the time of application subject to sub-regulation (2) of this regulation. (2) Category I and II Alternative Investment Fund or schemes launche... | What are the structural and tenure requirements applicable to Category I and II Alternative Investment Funds, and how do they differ from Category III AIFs? | Under Regulations 13(1) and (2), Category I and II AIFs must be close-ended and the tenure of the fund or scheme must be determined at the time of application; such funds or their schemes must have a minimum tenure of three years. Under Regulation 13(3), schemes of Category III AIFs have no such restriction — they may ... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_REG_158 | regulatory_interpretation | medium | SEBI | Regulation 12(2): Such placement memorandum shall be filed with the Board through a merchant banker atleast thirty days prior to launch of scheme along with the fees as specified in the Second Schedule: Provided that payment of scheme fees shall not apply in case of launch of first scheme by the Alternative Investment ... | What are the requirements for filing a placement memorandum before launching a new scheme under SEBI AIF Regulations, 2012? Is there any fee exemption? | Under Regulation 12(2), a placement memorandum must be filed with the Board through a merchant banker at least thirty days prior to the launch of the scheme, along with the fees as specified in the Second Schedule. There is one fee exemption: the payment of scheme fees does not apply in case of the launch of the first ... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_REG_093 | regulatory_interpretation | medium | RBI | For users / clients undertaking non-derivative foreign exchange transactions, the LEI code shall be applicable only for transactions involving an amount equivalent to or exceeding USD one million or equivalent thereof in other currencies. | For non-derivative foreign exchange transactions, at what minimum transaction amount does the LEI requirement become applicable to users and clients under the RBI Master Direction on Unique Identifiers 2026? | USD one million or equivalent thereof in other currencies. | RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt |
indiafinbench_CON_070 | contradiction_detection | medium | SEBI | Passage A:
Regulation 16(3) (pre-2018): A credit rating agency shall not withdraw a rating so long as the obligations under the security rated by it are outstanding, except where the company whose security is rated is wound up or merged or amalgamated with another company.
Passage B:
Regulation 16(3) (as substituted w... | Do the original and 2018-amended versions of Regulation 16(3) provide the same grounds for a credit rating agency to withdraw a rating of an outstanding security? | No | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_TMP_065 | temporal_reasoning | easy | SEBI | Regulation 16(2)(a) (original): at least two-thirds of the investable funds shall be invested in unlisted equity shares or equity linked instruments of a venture capital undertaking or in companies listed or proposed to be listed on a SME exchange. [Substituted w.e.f. 13-08-2021 by SEBI (AIF) (Fourth Amendment) Regulat... | When was the minimum investment threshold for venture capital funds (in qualifying venture capital/SME instruments) raised from two-thirds to seventy-five percent of investable funds under SEBI AIF Regulations, 2012? | The minimum investment threshold for venture capital funds was raised from two-thirds (approximately 66.67%) to seventy-five percent of investable funds by the SEBI (Alternative Investment Funds) (Fourth Amendment) Regulations, 2018, which came into effect on 13 August 2021. Prior to this amendment, the threshold was a... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_TMP_046 | temporal_reasoning | easy | SEBI | The original SEBI (Mutual Funds) Regulations, 1996 provided that 'At least 50% of the trustees shall be independent persons and no such trustee shall be an associate or a subsidiary or associated in any manner with the sponsor.' This provision was substituted by the SEBI (Mutual Funds) (Amendment) Regulations, 1998 (w.... | What minimum proportion of independent trustees did SEBI (Mutual Funds) Regulations require before the 1998 amendment? | At least 50 per cent | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_NUM_091 | numerical_reasoning | hard | SEBI | Eligibility criteria. 7. Provided that if the requirements specified under Explanation to clause (a) are not fulfilled, the sponsor shall,— (i) adequately capitalize the asset management company such that the net worth of the asset management company is not less than rupees one hundred fifty crore; and (ii) ensure that... | Under the 2023 amendment to Regulation 7, if a sponsor fails all eligibility requirements, what are the three key obligations: the AMC capitalization threshold, the lock-in period, and the minimum combined experience of the five senior officers? | AMC net worth not less than rupees one hundred fifty crore; locked-in for five years; total combined experience of CEO, COO, CRO, CCO and CIO of at least thirty years | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_TMP_013 | temporal_reasoning | easy | SEBI | The SEBI (Mutual Funds) Regulations were originally notified in 1996. The definition of 'NAV' or 'Net Asset Value' was introduced as a defined term as part of later amendments. The definition of 'exit load' was inserted to mean the charge or fee levied by the mutual fund at the time of redemption or switch. The definit... | Which set of SEBI regulations originally established the regulatory framework for mutual funds in India that continues to govern mutual funds today, as reflected in the 2026 consolidated version? | The SEBI (Mutual Funds) Regulations, 1996 | SEBI_2026_securities_and_exchange_board_of_india_mutual_funds_reg_050.txt |
indiafinbench_NUM_067 | numerical_reasoning | easy | RBI | 'Adjusted Profit After Tax (PAT)' means PAT of the financial year for which the dividend is proposed to be paid minus 50 per cent of Net NPA as on March 31 of the financial year for which the dividend is to be paid.
Illustration 1: Net profit (PAT) for FY 20X1-X2 (A): ₹17,000 crore. Net NPAs as on March 31, 20X2 (B): ... | Using the formula for Adjusted PAT, calculate the Adjusted PAT for a Small Finance Bank with PAT of ₹17,000 crore and Net NPA of ₹6,500 crore. | ₹13,750 crore. Calculation: ₹17,000 - (50% × ₹6,500) = ₹17,000 - ₹3,250 = ₹13,750 crore. | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_REG_127 | regulatory_interpretation | easy | SEBI | Asset management company and its obligations. 25. (12) The asset management company shall file with the trustees and the Board— (a) detailed bio-data of all its directors along with their interest in other companies within fifteen days of their appointment; (b) any change in the interests of directors every six months. | Within what period must an AMC file detailed bio-data of a newly appointed director with the trustees and the Board? | Within fifteen days of their appointment | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_CON_004 | contradiction_detection | easy | SEBI | Passage A:
The maximum time gap of one hundred and twenty days between any two consecutive board meetings shall elapse.
Passage B:
The audit committee shall meet at least four times in a financial year and not more than one hundred and twenty days shall elapse between two consecutive meetings. | Do the two passages prescribe different maximum permissible gaps between consecutive meetings for the board and the audit committee respectively? | No | SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt |
indiafinbench_CON_074 | contradiction_detection | medium | SEBI | Passage A:
Regulation 7(1): The open offer for acquiring shares to be made by the acquirer and persons acting in concert under regulation 3 and regulation 4 shall be for at least twenty six per cent of total shares of the target company.
Passage B:
Regulation 7(2): The open offer made under regulation 6 (voluntary off... | Is there a contradiction between Regulation 7(1) and Regulation 7(2) about the minimum open offer size under SEBI Takeovers Regulations 2011? | No | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_163 | regulatory_interpretation | medium | SEBI | Regulation 15(1)(d): Category III Alternative Investment Funds shall invest not more than ten per cent of the investable funds in an Investee Company, directly or through investment in units of other Alternative Investment Funds and the large value funds for accredited investors of Category III Alternative Investment F... | What is the single-investee concentration limit for Category III Alternative Investment Funds under SEBI AIF Regulations, 2012? | Under Regulation 15(1)(d), Category III AIFs may invest not more than 10% of their investable funds in any single investee company (directly or through other AIF units). Large value funds for accredited investors in Category III may invest up to 20% of investable funds in a single investee company. | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_REG_078 | regulatory_interpretation | medium | SEBI | A company may undertake a buy-back of its own shares or other specified securities out of (a) its free reserves; (b) the securities premium account; or (c) the proceeds of the issue of any shares or other specified securities: Provided that no such buy-back shall be made out of the proceeds of an earlier issue of the s... | From which three sources may a company fund a buy-back of its shares under SEBI (Buy-Back of Securities) Regulations 2018? Is there any restriction on using proceeds of an earlier issue? | Free reserves, securities premium account, or proceeds of issue of shares or specified securities. A company cannot use proceeds of an earlier issue of the same kind of shares or specified securities. | SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt |
indiafinbench_TMP_070 | temporal_reasoning | medium | SEBI | Regulation 3(4)(a) previously included 'social venture funds' as a sub-category of Category I AIF. [The term 'social venture funds' was substituted by 'social impact funds' by the SEBI (AIF) (Third Amendment) Regulations, 2022, w.e.f. 25-07-2022.] The Explanation to Regulation 16(4) was simultaneously updated from 'soc... | What was the name of the social-purpose AIF sub-category under Category I before it was renamed in 2022, and what was the new name? | Before 25 July 2022, the sub-category was called 'social venture funds' — a term under Regulation 3(4)(a) for Category I AIFs investing primarily in securities or units of social ventures. The SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2022 (w.e.f. 25-07-2022) renamed this sub-category to 'socia... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_CON_063 | contradiction_detection | hard | SEBI | Passage A:
Regulation 15(1)(e) (pre-2021): Alternative Investment Fund shall not invest in associates except with the approval of seventy five percent of investors by value of their investment in the Alternative Investment Fund.
Passage B:
Regulation 15(1)(e) (as substituted w.e.f. 05-05-2021): Alternative Investment ... | Do the original and 2021-amended versions of Regulation 15(1)(e) cover the same categories of investments requiring 75% investor approval? | No | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_NUM_118 | numerical_reasoning | hard | SEBI | Regulation 10(c): the Alternative Investment Fund shall not accept from an investor, an investment of value less than one crore rupees: Provided that in case of investors who are employees or directors of the Alternative Investment Fund or employees or directors of the Manager, the minimum value of investment shall be ... | A Category II AIF has 4 investors: an external institutional investor, a director of the Manager, an employee of the AIF, and an accredited investor. Their proposed investments are Rs 75 lakh, Rs 20 lakh, Rs 30 lakh, and Rs 50 lakh respectively. Which investments, if any, fail to meet the minimum investment requirement... | External institutional investor (Rs 75 lakh): fails the minimum of Rs 1 crore. Director of the Manager (Rs 20 lakh): fails the reduced minimum of Rs 25 lakh applicable to manager's directors. Employee of AIF (Rs 30 lakh): meets the Rs 25 lakh minimum for AIF employees. Accredited investor (Rs 50 lakh): no minimum appli... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_REG_128 | regulatory_interpretation | medium | SEBI | Asset management company and its obligations. 25. (26) The asset management company shall ensure that no change in the fundamental attributes of any scheme or the trust, fees and expenses payable or any other change which would modify the scheme and affect the interest of unit holders, shall be carried out unless,— (i)... | What two conditions must an AMC satisfy before making any change to the fundamental attributes of a mutual fund scheme? | Send written communication to each unit holder and issue an advertisement in a nationwide English daily and a regional language newspaper; and provide unit holders an option to exit at the prevailing NAV without any exit load | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_CON_012 | contradiction_detection | medium | SEBI | Passage A:
No acquirer shall acquire shares or voting rights in a target company which taken together with shares held by him and persons acting in concert entitle them to exercise twenty-five per cent or more of the voting rights in such target company unless the acquirer makes a public announcement of an open offer.
... | Do the two passages indicate that the same open offer trigger threshold applies to all listed companies regardless of the platform on which they are listed? | No | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_075 | regulatory_interpretation | easy | SEBI | The maximum limit of any buy-back shall be twenty-five per cent or less of the aggregate of paid-up capital and free reserves of the company, based on the standalone or consolidated financial statements of the company, whichever sets out a lower amount. | What is the maximum permissible limit for any buy-back as a percentage of the aggregate of paid-up capital and free reserves, and on which financial statements is it based? | Twenty-five per cent, based on standalone or consolidated financial statements, whichever sets out a lower amount. | SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt |
indiafinbench_REG_089 | regulatory_interpretation | easy | RBI | A bank shall meet the following prudential requirements, to be eligible to declare dividends: (4) The bank shall not be under any explicit restrictions for declaration of dividends from the Reserve Bank or any other authority. | Under the RBI SFB Dividend Directions 2026, is a bank eligible to declare dividends if the Reserve Bank has placed an explicit restriction on it? | No. A bank that is under any explicit restrictions for declaration of dividends from the Reserve Bank or any other authority is not eligible to declare dividends. | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_TMP_064 | temporal_reasoning | medium | SEBI | Regulation 15(14) (inserted by SEBI (Investment Advisers) (Second Amendment) Regulations, 2024, w.e.f. 16-12-2024): An investment adviser who uses Artificial Intelligence tools, irrespective of the scale and scenario of adoption of such tools, for servicing its clients shall be solely responsible for the security, conf... | When was the regulatory obligation regarding the use of Artificial Intelligence tools by investment advisers first introduced under SEBI IA Regulations, 2013, and what does it require? | The obligation regarding the use of Artificial Intelligence tools was first introduced by the Securities and Exchange Board of India (Investment Advisers) (Second Amendment) Regulations, 2024, with effect from 16 December 2024 (Regulation 15(14)). It requires that any investment adviser using AI tools for servicing cli... | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_CON_060 | contradiction_detection | medium | SEBI | Passage A:
Regulation 16(2)(a) (pre-2021): at least two-thirds of the investable funds shall be invested in unlisted equity shares or equity linked instruments of a venture capital undertaking or in companies listed or proposed to be listed on a SME exchange or SME segment of an exchange.
Passage B:
Regulation 16(2)(a... | Do the original and the 2021-amended versions of Regulation 16(2)(a) impose the same minimum investment requirement on venture capital funds in qualifying instruments? | No | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_NUM_135 | numerical_reasoning | medium | SEBI | Regulation 17(4): In the event of the escrow account being created by way of a bank guarantee or by deposit of securities, the acquirer shall also ensure that at least one per cent of the total consideration payable is deposited in cash with a scheduled commercial bank as a part of the escrow account. | An acquirer's total consideration payable under an open offer is Rs 600 crore. Under Regulation 17(1), the required escrow is Rs 235 crore. The acquirer intends to fund the entire escrow via bank guarantee. What minimum cash amount must they additionally deposit with a scheduled commercial bank? | At least 1% of total consideration payable = 1% of Rs 600 crore = Rs 6 crore must be deposited in cash. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_113 | regulatory_interpretation | medium | SEBI | Seventh Schedule — Restrictions on Investments. 1. A mutual fund scheme shall not invest more than 10% of its NAV in debt instruments comprising money market instruments and non-money market instruments issued by a single issuer which are rated not below investment grade by a credit rating agency authorised to carry ou... | Under the Seventh Schedule of SEBI (Mutual Funds) Regulations, what is the standard investment limit for debt instruments issued by a single issuer, and under what approval can it be extended to 12% of NAV? | 10% of NAV; may be extended to 12% with prior approval of both the Board of Trustees and the Board of Directors of the AMC | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_TMP_011 | temporal_reasoning | hard | SEBI | The SEBI Takeover Regulations 2011 came into force on the thirtieth day from the date of their publication on 23 September 2011. The phrase 'is required to be made under these regulations' in the definition of 'frequently traded shares' was substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Seco... | Before September 2018, what phrase was used in the SEBI Takeover Regulations 2011 in the definition of 'frequently traded shares' in place of 'is required to be made under these regulations'? | Is made | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_017 | regulatory_interpretation | easy | SEBI | The Board may issue observations, if any, within 21 working days from the date of filing of the scheme information document. The exit load of an open-ended mutual fund scheme shall not exceed three per cent of the applicable net asset value. Any exit load charged to the investors shall be credited to the respective sch... | Under SEBI Mutual Funds Regulations, what is the maximum exit load that an open-ended mutual fund scheme can charge investors? | Three per cent of the applicable net asset value | SEBI_2026_securities_and_exchange_board_of_india_mutual_funds_reg_050.txt |
indiafinbench_REG_198 | regulatory_interpretation | easy | SEBI | Regulation 16(4): The Board shall give its comments on the draft letter of offer as expeditiously as possible but not later than fifteen working days of the receipt of the draft letter of offer and in the event of no comments being issued by the Board within such period, it shall be deemed that the Board does not have ... | Under Regulation 16(4) of SEBI Takeovers Regulations 2011, within how many working days must SEBI give its comments on the draft letter of offer, and what is the consequence if no comments are given within that period? | SEBI must give its comments within 15 working days of receipt of the draft letter of offer. If no comments are issued within this period, it is deemed that SEBI does not have comments to offer. If SEBI seeks clarifications, the deadline extends to the fifth working day from receipt of a satisfactory reply. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_007 | regulatory_interpretation | easy | SEBI | No acquirer shall acquire shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, entitle them to exercise twenty-five per cent or more of the voting rights in such target company unless the acqu... | Under SEBI Takeover Regulations 2011, at what threshold of voting rights does an acquirer become obligated to make a public announcement of an open offer? | Twenty-five per cent or more of the voting rights | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_CON_007 | contradiction_detection | hard | SEBI | Passage A:
An application may be withdrawn at any time prior to the communication of the decision of the Board. An applicant who withdraws an application shall not be permitted to make another application in respect of the same default.
Passage B:
In a case where an application was earlier rejected by the Board on the... | Do the two passages contradict each other regarding whether a second settlement application can ever be made for the same default? | No | SEBI_2018_securities_and_exchange_board_of_india_settlement_proce_064.txt |
indiafinbench_REG_084 | regulatory_interpretation | easy | RBI | These Directions shall be called the Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026. These Directions shall come into effect from Financial Year (FY) 2026-27. | From which financial year do the Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026 come into effect? | Financial Year 2026-27 | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_TMP_067 | temporal_reasoning | medium | SEBI | Regulation 15(1)(e) (pre-2021): AIF shall not invest in associates except with approval of 75% of investors. [Substituted w.e.f. 05-05-2021 by SEBI (AIF) (Second Amendment) Regulations, 2021]: AIF shall not invest except with approval of 75% of investors in — (a) associates; or (b) units of AIFs managed or sponsored by... | What change did the SEBI (AIF) (Second Amendment) Regulations, 2021 make to the scope of related-party investment restrictions under Regulation 15(1)(e)? | The SEBI (Alternative Investment Funds) (Second Amendment) Regulations, 2021 (w.e.f. 05-05-2021) expanded the scope of Regulation 15(1)(e). Before the amendment, the 75% investor approval requirement applied only to investments in associates. The 2021 amendment added a second category: the approval requirement was exte... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_REG_134 | regulatory_interpretation | medium | SEBI | Regulation 4(i): Any person who provides investment advice exclusively to clients based out of India: Provided that persons providing investment advice to Non-Resident Indian or Person of Indian Origin shall fall within the purview of these regulations. | A person based in India provides investment advice exclusively to foreign clients. Does this person need to register as an investment adviser under SEBI IA Regulations, 2013? Would the answer differ if some of those foreign clients are Non-Resident Indians? | A person providing investment advice exclusively to clients based outside India is exempt from registration under Regulation 4(i). However, if any of the overseas clients are Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs), the exemption does not apply to advice given to those persons — they fall within ... | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_NUM_102 | numerical_reasoning | easy | SEBI | Seventh Schedule. 9. No mutual fund [scheme] shall make any investment in...the listed securities of group companies of the sponsor which is in excess of 25 per cent of the net assets, except for investments by equity oriented exchange traded funds and index funds. | What maximum percentage of a mutual fund scheme's net assets may be invested in listed securities of group companies of the sponsor (for non-ETF/index-fund schemes)? | 25 per cent of the net assets | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_NUM_083 | numerical_reasoning | easy | RBI | Scheduled Commercial Banks — Aggregate Deposits as on Feb. 28, 2026: Outstanding: ₹25,190,181 crore. Year-on-Year growth: 2026 — 11.9%. | What was the year-on-year growth rate of aggregate deposits of Scheduled Commercial Banks in India as of February 28, 2026? | 11.9% | RBI_Reserve_Ba_reserve_bank_of_india_bulletin_weekly_statistical_suppl_078.txt |
indiafinbench_TMP_084 | temporal_reasoning | hard | SEBI | Regulation 5A was substituted by the SEBI (SAST) (Third Amendment) Regulations, 2021, w.e.f. 6-12-2021. The original Regulation 5A (inserted by the SEBI (Listing of Specified Securities on Institutional Trading Platform) Regulations, 2013) read: 'The acquirer may delist the company in accordance with the Securities and... | How did the SEBI Takeovers Regulations provisions on combined open offer and delisting evolve from 2013 to 2021? | In 2013, a basic Regulation 5A was inserted allowing an acquirer making an open offer to also delist under the Delisting Regulations, 2009, with specific disclosure conditions. In December 2021, the Third Amendment Regulations substituted the old Regulation 5A with a comprehensive new framework referencing the updated ... | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
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