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

为了加强印度的城市基础设施融资，SEBI 放宽了市政债券框架。市政当局现在获准筹集资金为现有项目债务进行再融资，并可以使用集合融资模式。

为了鼓励散户参与，发行人现在可以向特定群体（包括女性、老年人和散户投资者）提供诸如更高利率或发行价折扣等激励措施。此外，在某些条件下，私募市政债券的面值已降至低至 ₹10,000，降低了小型投资者的准入门槛。

简化法定继承人的证券过户流程

为了显著减轻程序上的困难，SEBI 简化了人员去世后的证券过户流程。在继承法允许的情况下，监管机构已取消了遗嘱认证的强制要求。

新规则引入了宣誓书兼无异议证明 (NOC) 以减少文书工作，并将接受带有二维码的死亡证明以实现更快速的验证。这些措施旨在使向法定继承人转移资产的过程更加快捷且更具成本效益。

核心要点

  • 回购灵活性： 从 2026 年 8 月开始，公司将获得公开市场回购的选择权，但须遵守严格的使用和时间表规定。
  • 运营速度： GARUDA 机制和共同基金 (MFs) 的日内借款将显著提高资金部署速度和流动性管理能力。
  • 散户参与度： 降低市政债券的面值并简化证券过户流程，旨在吸引更多散户投资者参与。