SEBI Reforms: Open Market Buybacks Return and New Rules for Mutual Funds

The Securities and Exchange Board of India (SEBI) has unveiled a sweeping suite of regulatory reforms designed to enhance market liquidity, simplify compliance, and protect investor interests. These strategic decisions, finalized during the latest board meeting, impact everything from how corporations return capital to how mutual funds manage daily liquidity.

Reintroduction of Open Market Buybacks

In a major move for corporate treasury management, SEBI has approved the reintroduction of exchange-based buybacks, effective August 1, 2026. Previously discontinued due to shifts in the tax regime, companies will now have the flexibility to choose between the traditional tender offer route and open market purchases via stock exchanges.

To ensure market integrity, SEBI has implemented strict safeguards:

  • Mandatory Utilization: Companies must use at least 40% of earmarked funds during the first half of the buyback period.
  • Strict Timelines: The entire buyback process must be concluded within 66 working days.
  • Promoter Restrictions: Promoters and their associates are barred from participating, and their holdings will remain frozen throughout the duration of the buyback.
  • Reduced Costs: In a bid to ease the compliance burden, the appointment of a merchant banker has been made optional for these transactions.

Enhanced Liquidity for Mutual Funds and AIFs

The regulator is also focusing on operational efficiency for institutional players. SEBI has amended Mutual Fund Regulations to allow intraday borrowing. This facility is strictly intended to manage temporary liquidity mismatches, such as settlement timing differences, foreign exchange settlements, and mark-to-market obligations in derivatives. Crucially, this cannot be used for leverage, and all borrowings must be repaid by the end of the trading day.

For Alternative Investment Funds (AIFs), the new "GARUDA" (Green-Channel: AIF Rollout Upon Document Acknowledgement) mechanism will significantly accelerate scheme launches. Regular AIF schemes can now be launched within just 10 working days, while AI-only schemes and Angel Funds can launch immediately upon registration or filing, bypassing the need for merchant banker reviews.

Deepening Municipal Bonds and Simplifying Inheritance

インドのインフラファイナンスを強化するため、SEBIは地方債の枠組みを緩和しました。自治体は、既存のプロジェクト債務の借り換えや、プール型ファイナンスを行うための資金調達が可能になります。個人投資家を惹きつけるため、発行体は高齢者や女性に対して、金利の引き上げや価格割引などのインセンティブを提供できるようになります。さらに、特定の条件下において、私募形式の地方債の額面金額が10,000ルピーまで引き下げられました。

最後に、SEBIは家族にとって長年の課題であった、法定相続人への証券の承継問題に対処しました。（相続法が許容する場合に）遺言書の検認（probate）の義務を撤廃し、QRコード付きの死亡証明書を受け入れることで、規制当局は手続き上の困難を最小限に抑え、請求者の書類負担を軽減することを目指しています。

主なポイント

  • 企業の柔軟性: 企業は2026年8月から証券取引所を通じた自社株買いを行う能力を回復し、資本還元に向けたより戦略的な選択肢を得ることができます。
  • 迅速な資本投入: GARUDAメカニズムと日中借入規定により、AIFおよび投資信託の運用遅延が大幅に削減されます。
  • 個人投資家の参入促進: 地方債の参入障壁の低下と相続手続きの簡素化により、個人投資家にとってよりアクセスしやすい市場となります。