SEBI 董事会会议：公开市场回购回归及共同基金新改革

印度证券交易委员会 (SEBI) 宣布了一系列变革性的监管改革，旨在提高市场效率、简化合规流程并加强投资者保护。这些决策涵盖了从共同基金运营到证券转让便利化的各个方面，标志着印度资本市场格局的重大转变。

重新引入公开市场回购

在公司行为方面的一项重大举措中，SEBI 已批准重新引入基于交易所的公开市场回购，并将于 2026 年 8 月 1 日起生效。此前由于税制变化，该机制已被停止；现在，公司将拥有更大的灵活性，可以在要约收购途径与通过证券交易所进行的公开市场购买之间进行选择。

为确保市场诚信，SEBI 已实施了严格的保障措施。公司必须在回购期的一半时间内使用至少 40% 的专项回购资金，且整个过程必须在 66 个工作日内完成。此外，发起人及其关联方不得参与，且其持股在回购期间将被冻结。为了降低合规成本，在此过程中委任投资银行家已变为可选。

共同基金的流动性管理

为了解决暂时的流动性错配问题，SEBI 修订了《共同基金条例》，允许进行日内借款。该机制专门用于管理结算时间差异、外汇结算以及衍生品的逐日盯市 (mark-to-market) 义务。

至关重要的是，SEBI 已明确规定，此类借款不得用于杠杆交易。所有日内贷款必须在交易日结束前偿还；任何延至隔夜的借款将受现行监管限制。

通过 GARUDA 机制加速 AIF 的推出

为了提高营商便利度，SEBI 推出了 GARUDA (Green-Channel: AIF Rollout Upon Document Acknowledgement) 机制。该框架旨在显著加速另类投资基金 (AIF) 计划的推出。

Under this new system, regular AIF schemes can be launched within just 10 working days. For AI-only schemes and Angel Funds catering to accredited investors, the launch can occur immediately upon registration or filing the placement memorandum, bypassing the need for a merchant banker's review.

Deepening the Municipal Bond Market

SEBI is also pushing for a more robust municipal debt market. Municipalities are now permitted to raise funds to refinance existing project debt and can utilize a new framework for pooled financing involving multiple municipalities.

To encourage retail participation, issuers can now offer incentives like additional interest or issue-price discounts to women, senior citizens, and retail investors. Additionally, the face value for privately placed municipal bonds has been reduced to as low as ₹10,000 under specific conditions.

In a move to reduce procedural hardship, SEBI has simplified the transmission of securities following a holder's death. The regulator has removed the mandatory requirement for the probate of wills where succession laws permit. Documentation has been streamlined through a combined affidavit-cum-No Objection Certificate (NOC). Furthermore, death certificates with QR codes will now be accepted for easier verification, including those issued overseas.

Key Takeaways

  • Corporate Flexibility: Companies regain the option of conducting buybacks through stock exchanges starting August 2026.
  • Operational Efficiency: The GARUDA mechanism and new MF intraday borrowing rules aim to speed up capital deployment and manage liquidity.
  • Investor Accessibility: Lowered municipal bond face values and simplified security transmission make markets more accessible to retail investors and heirs.