Sebi Board Meeting: Key Regulatory Reforms to Boost Market Efficiency

The Securities and Exchange Board of India (SEBI) has announced a sweeping set of regulatory reforms designed to enhance market liquidity, ease compliance, and strengthen investor protection. These strategic decisions, approved during the latest board meeting, touch upon critical segments including share buybacks, mutual funds, and municipal debt.

Return of Open Market Buybacks via Stock Exchanges

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

To ensure market integrity, SEBI has introduced stringent safeguards. Companies must utilize at least 40% of earmarked buyback funds during the first half of the buyback period, and the entire process must be completed within 66 working days. Notably, promoters and their associates are prohibited from participating, and their holdings will be frozen during the duration of the buyback. Additionally, making the appointment of a merchant banker optional is expected to reduce compliance costs for issuers.

Liquidity Management for Mutual Funds and AIFs

To address operational hurdles, SEBI has amended Mutual Fund Regulations to allow intraday borrowing. This facility is specifically intended to manage temporary liquidity mismatches arising from settlement timing differences, foreign exchange settlements, and mark-to-market obligations in derivatives. Crucially, this borrowing cannot be used for leverage and must be repaid by the end of the trading day.

The regulator is also accelerating the Alternative Investment Fund (AIF) ecosystem through the new GARUDA (Green-Channel: AIF Rollout Upon Document Acknowledgement) mechanism. Under this framework:

  • Regular AIF schemes can be launched within 10 working days.
  • AI-only schemes and Angel Funds can launch immediately upon registration or filing of the placement memorandum, bypassing the need for merchant banker reviews.

Deepening the Municipal Bond Market

Untuk memperkukuh pembiayaan infrastruktur bandar India, SEBI telah memudahkan kerangka bon perbandaran. Pihak berkuasa perbandaran kini dibenarkan untuk mengumpul dana bagi membiayai semula hutang projek sedia ada dan boleh menggunakan model pembiayaan berkelompok.

Bagi menggalakkan penyertaan runcit, penerbit kini boleh menawarkan insentif seperti kadar faedah yang lebih tinggi atau diskaun harga terbitan kepada kumpulan khusus, termasuk wanita, warga emas, dan pelabur runcit. Selain itu, nilai muka bagi bon perbandaran penempatan persendirian telah diturunkan sehingga serendah ₹10,000 di bawah syarat-syarat tertentu, menjadikannya lebih mudah dicapai oleh pelabur kecil.

Memudahkan Pemindahan Sekuriti untuk Waris Sah

Dalam langkah penting ke arah mengurangkan kesukaran prosedur, SEBI telah memudahkan pemindahan sekuriti susulan kematian. Pengawal selia tersebut telah menghapuskan keperluan mandatori untuk probat wasiat sekiranya undang-undang pewarisan membenarkannya.

Peraturan baharu ini memperkenalkan afidavit-bersama-Sijil Tiada Bantahan (NOC) untuk mengurangkan dokumentasi dan akan menerima sijil kematian yang mempunyai kod QR untuk pengesahan yang lebih pantas. Langkah-langkah ini bertujuan untuk menjadikan proses pemindahan aset kepada waris sah lebih cepat dan lebih kos efektif.

Ringkasan Utama

  • Fleksibiliti Pembelian Semula: Syarikat mendapat pilihan pembelian semula pasaran terbuka bermula Ogos 2026, tertakluk kepada mandat penggunaan dan garis masa yang ketat.
  • Kepantasan Operasi: Mekanisme GARUDA dan pinjaman intraday untuk MF akan meningkatkan kepantasan penggunaan modal dan pengurusan kecairan secara signifikan.
  • Kebolehcapaian Runcit: Nilai muka yang lebih rendah untuk bon perbandaran dan proses pemindahan sekuriti yang dipermudahkan direka untuk menarik lebih ramai pelabur runcit.