SEBI 董事会改革：公开市场回购与共同基金新规

印度证券交易委员会 (SEBI) 宣布了一系列广泛的监管改革，旨在增强市场流动性、简化合规流程并保护投资者利益。这些源于最近一次董事会会议的决定，标志着公司进行回购的方式、共同基金管理流动性的方式以及投资者进入资本市场的方式都将发生重大转变。

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 已批准恢复基于交易所的回购，该规定将于 2026 年 8 月 1 日起生效。此前由于税制变化，此类回购已被停止；现在，公司将拥有灵活性，可以在要约收购途径与通过证券交易所进行公开市场购买之间进行选择。

为确保市场诚信，监管机构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。值得注意的是，发起人和其关联方被禁止参与，且其持股在回购期间将被冻结。此外，现在可以自主选择是否委任投资银行家，此举旨在降低发行方的合规成本。

增强共同基金与另类投资基金 (AIFs) 的流动性

SEBI 还在解决基金管理领域的运营效率问题。共同基金条例的修正案现在将允许基金进行日内借款。该机制严格用于管理临时的流动性错配，例如结算时间差异、外汇结算以及衍生品的逐日盯市义务。至关重要的是，此类借款不得用于杠杆交易，且必须在交易日结束前偿还。

对于另类投资基金 (AIFs)，监管机构引入了 GARUDA (Green-Channel: AIF Rollout Upon Document Acknowledgement) 机制。该举措旨在加速基金计划的推出；常规 AIF 计划现在可以在 10 个工作日内推出。AI 专属方案和天使基金可以在注册或备案后立即推出，无需经过投资银行家的审核，从而加快资金配置速度。

深化市政债券市场

To bolster India's municipal debt infrastructure, SEBI has eased several regulations. Municipalities are now permitted to raise funds specifically to refinance existing project debt and can engage in pooled financing models.

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

Streamlining Security Transmission for Heirs

Recognizing the procedural hurdles faced by families, SEBI has simplified the transmission of securities to legal heirs. The regulator has removed the mandatory requirement for the probate of wills where succession laws permit and has introduced a combined affidavit-cum-No Objection Certificate (NOC) to reduce paperwork. The acceptance of QR-coded death certificates and improved verification methods for overseas certificates will further expedite the process and minimize costs for claimants.

Key Takeaways

  • Corporate Flexibility: Companies gain the choice between tender offers and open market buybacks starting August 2026, with reduced compliance costs.
  • Operational Speed: The GARUDA mechanism and intraday borrowing for MFs will improve liquidity management and speed up capital deployment.
  • Retail Accessibility: Lower face values in municipal bonds and simplified security transmission processes make the market more inclusive for individual investors.