SEBI 改革：公开市场回购回归，以及针对共同基金和另类投资基金的新规

印度证券交易委员会 (SEBI) 宣布了一系列广泛的监管改革，旨在提高市场效率、减少合规障碍并加强投资者保护。这些在最近的董事会议上敲定的决定，其影响范围涵盖了从企业回购策略到共同基金和另类投资基金运营灵活性的方方面面。

公开市场回购的回归

作为企业资金管理的一项重大举措，SEBI 已批准重新引入基于交易所的公开市场回购，该措施将于 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，SEBI 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% 的专项资金，且整个过程必须在 66 个工作日内完成。此外，发起人和其关联方被禁止参与，且其持股在整个回购期间将保持冻结状态。为了降低合规成本，在此过程中聘请投资银行家现已变为可选。

增强共同基金和 AIF 的流动性

监管机构还在解决投资生态系统中的流动性和速度问题。SEBI 已修订《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，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 (AIF)，GARUDA (Green-Channel: AIF Rollout Upon Document Acknowledgement) 机制的引入具有颠覆性意义。在该框架下，常规 AIF 计划可以在短短 10 个工作日内推出。针对认可投资者的仅限认可投资者 (AI) 计划和天使基金，现在可以在注册或提交配售备忘录后立即启动，无需经过投资银行家的审核。

深化市政债券市场并简化资产转移

To bolster India's municipal debt market, SEBI has eased several regulations. Municipalities can now raise funds to refinance existing project debt and utilize pooled financing frameworks. To attract retail participation, issuers are permitted to offer incentives like interest boosts or issue-price discounts to women, senior citizens, and retail investors. Additionally, the face value for privately placed municipal bonds can now be as low as ₹10,000 under certain conditions.

Finally, SEBI is addressing the procedural pain points for legal heirs. The mandatory requirement for probate of wills has been removed where succession laws permit. Documentation has been streamlined through a combined affidavit-cum-NOC, and the regulator will now accept death certificates with QR codes for faster verification.

Key Takeaways

  • Corporate Flexibility: Companies regain the option to conduct buybacks via stock exchanges starting August 2026, provided they meet strict utilization and timeline mandates.
  • Operational Efficiency: The GARUDA mechanism and new intraday borrowing rules for Mutual Funds aim to accelerate capital deployment and manage liquidity more effectively.
  • Retail Inclusion: Lower face values for municipal bonds and simplified processes for transmitting securities to legal heirs are set to increase ease of access for individual investors.