SEBI 改革：公开市场回购回归及投资者重大更新

印度证券交易委员会 (SEBI) 宣布了一系列全面的监管改革，旨在提高市场效率、减轻机构的合规负担并加强投资者保护。这些在最近一次董事会议上批准的战略决策涉及印度金融生态系统的关键支柱，从共同基金到市政债券。

公开市场回购的回归

对于上市公司而言，这是一项重大举措。SEBI 已批准通过证券交易所重新引入公开市场回购，该规定将于 2026 年 8 月 1 日起生效。此前由于税制变化，此类回购已被中止，而现在公司将拥有在要约收购途径和公开市场购买之间进行选择的灵活性。

为确保市场诚信，SEBI 引入了严格的保障措施。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，为了降低成本，委任投资银行家已变为可选。

共同基金的新流动性规定

为了应对运营障碍，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中的逐日盯市 (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。所有日内借款必须在交易日结束前偿还；任何跨越隔夜的借款仍将受现行监管限制。

通过 GARUDA 加速 AIF 的启动

To improve the ease of doing business, SEBI introduced the GARUDA (Green-Channel: AIF Rollout Upon Document Acknowledgement) mechanism. This framework aims to speed up the launch of Alternative Investment Fund (AIF) schemes. Under these new rules, regular AIF schemes can be launched within just 10 working days. For AI-only schemes and Angel Funds catering to accredited investors, launches can occur immediately after registration or filing, removing the need for a merchant banker's review.

Deepening the Municipal Bond Market

SEBI is also looking to bolster India's municipal debt landscape. 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 senior citizens, women, and retail investors. Furthermore, the face value for privately placed municipal bonds has been reduced to as low as ₹10,000 under specific conditions.

Simplified Transmission of Securities

In a major relief for legal heirs, SEBI has streamlined the process of transmitting securities after a holder's death. The regulator has removed the mandatory requirement for probate of wills where succession laws permit. The process is further simplified through the use of a combined affidavit-cum-NOC and the acceptance of QR-coded death certificates for quicker verification.

Key Takeaways

  • Corporate Flexibility: Companies regain the option for open market buybacks starting August 2026, providing more strategic routes for capital allocation.
  • Operational Efficiency: The GARUDA mechanism and intraday borrowing for MFs aim to reduce delays and manage liquidity more effectively.
  • Retail Accessibility: Lower face values for municipal bonds and simplified security transmission processes make the market more inclusive for individual investors.