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indiafinbench_TMP_071 | temporal_reasoning | medium | SEBI | Regulation 10(f) (as amended by SEBI (AIF) (Third Amendment) Regulations, 2025, w.e.f. 19-11-2025): no scheme of the Alternative Investment Fund shall have more than one thousand investors: Provided that accredited investors shall be excluded while computing the number of investors in a scheme of an Alternative Investm... | What change did the SEBI (AIF) (Third Amendment) Regulations, 2025 make to how the 1,000-investor cap is calculated for an AIF scheme? | The SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2025 (w.e.f. 19-11-2025) amended Regulation 10(f) to exclude accredited investors from the computation of the 1,000-investor cap. Prior to this amendment, all investors (including accredited investors) were counted toward the 1,000-investor limit. A... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_REG_192 | regulatory_interpretation | easy | SEBI | Regulation 7(1): The open offer for acquiring shares to be made by the acquirer and persons acting in concert under regulation 3 and regulation 4 shall be for at least twenty six per cent of total shares of the target company, as of tenth working day from the closure of the tendering period. | Under Regulation 7(1) of SEBI Takeovers Regulations 2011, what is the minimum open offer size for a mandatory open offer triggered under Regulations 3 or 4? | At least 26% of the total shares of the target company (as of the tenth working day from the closure of the tendering period). | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_NUM_136 | numerical_reasoning | medium | SEBI | Regulation 16(1) fee table: Up to ten crore rupees — Rs 5,00,000; More than ten crore rupees but not more than one thousand crore rupees — 0.5% of the offer size; More than one thousand crore rupees — Rs 5,00,00,000 plus 0.125% of the portion in excess of one thousand crore rupees. | An acquirer makes a mandatory open offer where the total consideration payable is Rs 400 crore. What is the non-refundable fee payable to SEBI under Regulation 16(1) at the time of filing the draft letter of offer? | Consideration is more than Rs 10 crore but less than or equal to Rs 1,000 crore: fee = 0.5% of offer size = 0.5% × Rs 400 crore = Rs 2 crore. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_NUM_087 | numerical_reasoning | easy | SEBI | Eligibility criteria. 7. Explanation: For the purposes of this clause 'sound track record' shall mean the sponsor should— (iv) have net profit after providing for depreciation, interest and tax in each of the immediately preceding five years; and (v) have average net annual profit after depreciation, interest and tax d... | What is the minimum average net annual profit (after depreciation, interest and tax) that a sponsor must demonstrate over the immediately preceding five years to satisfy the sound track record requirement under SEBI (Mutual Funds) Regulations, 1996? | At least rupees ten crore | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_REG_200 | regulatory_interpretation | medium | SEBI | Regulation 22(2): Notwithstanding anything contained in sub-regulation (1), subject to the acquirer depositing in the escrow account cash of an amount equal to the entire consideration payable under the open offer assuming full acceptance of the open offer, the parties to such agreement may after the expiry of twenty-o... | Under what condition and after what period may an acquirer complete the underlying acquisition before the expiry of the offer period under Regulation 22(2)? | The acquirer may complete the acquisition after expiry of 21 working days from the date of the detailed public statement, provided they have deposited in the escrow account, in cash, an amount equal to the entire consideration payable under the open offer assuming full acceptance. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_145 | regulatory_interpretation | easy | SEBI | Regulation 21(1): The Investment Adviser shall redress investor grievances promptly but not later than twenty-one calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board. | What is the maximum time limit within which an investment adviser must redress investor grievances under SEBI IA Regulations, 2013? | Under Regulation 21(1), an investment adviser must redress investor grievances promptly and not later than twenty-one calendar days from the date of receipt of the grievance. | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_REG_169 | regulatory_interpretation | easy | SEBI | Regulation 8(2): The certificate of registration granted under sub-regulation (1) shall be valid unless it is suspended or cancelled by the Board. | How long is a certificate of registration granted to a credit rating agency under SEBI (CRA) Regulations, 1999 valid? | Under Regulation 8(2), the certificate of registration is valid unless it is suspended or cancelled by the Board — it has no fixed expiry date. | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_TMP_066 | temporal_reasoning | medium | SEBI | Regulation 2(1)(pa) (inserted by SEBI (AIF) (Third Amendment) Regulations, 2021, w.e.f. 03-08-2021): 'large value fund for accredited investors' means an Alternative Investment Fund or scheme in which each investor is an accredited investor and invests not less than seventy crore rupees. [Renamed to 'Accredited Investo... | When was the concept of 'large value fund for accredited investors' first introduced under SEBI AIF Regulations, 2012, and what was the original minimum investment threshold? | The concept of 'large value fund for accredited investors' was first introduced by the Securities and Exchange Board of India (Alternative Investment Funds) (Third Amendment) Regulations, 2021, with effect from 3 August 2021. The original minimum investment per qualifying investor was not less than Rs seventy crore. Th... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_NUM_039 | numerical_reasoning | medium | SEBI | The Board shall dispose of the application for grant of approval as soon as possible but not later than thirty days after receipt of application by the Board or, after all the information called for under regulation 12 has been furnished, whichever is later. | Under SEBI (FPI) Regulations 2019, if a designated depository participant application is received by SEBI on 1 March, additional information is called for on 10 March, and the applicant furnishes the information on 25 March, by what date must SEBI dispose of the application? | By 24 April (thirty days from 25 March, the date all required information was furnished, being the later of the two trigger dates) | SEBI_2019_securities_and_exchange_board_of_india_foreign_portfoli_060.txt |
indiafinbench_CON_028 | contradiction_detection | easy | RBI | Passage A:
Press Release dated March 20, 2026: The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹55,688 Crore (Face Value).
Passage B:
Press Release dated March 21, 2026: The following State Governments have offered to sell stock by way of auction, for an aggrega... | Do the two press releases state the same aggregate amount for the State Government securities auction to be held on March 24, 2026? | No | RBI_Auction_of_auction_of_state_government_securities_072.txt |
indiafinbench_NUM_105 | numerical_reasoning | medium | SEBI | Seventh Schedule. 10. No mutual fund scheme shall invest more than 10 per cent of its NAV in the equity shares or equity related instruments of any entity: Provided that, the limit of 10 per cent shall not be applicable for investments in case of index fund or exchange traded fund or sector or industry specific scheme. | A mutual fund scheme (non-index, non-ETF) has NAV of Rs800 crore. What is the maximum investment it may make in equity shares of any single entity? | Rs80 crore (10% of Rs800 crore NAV) | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_NUM_003 | numerical_reasoning | medium | SEBI | The stock broker may act as an underwriter only out of its own net worth/funds and the underwriting obligation shall not exceed twenty times of the net worth. Trading Member minimum net worth: 1 crore; Self-Clearing Member: 5 crore; Clearing Member: 15 crore; Professional Clearing Member: 50 crore. | Under SEBI Stock Brokers Regulations 2026, what is the maximum underwriting obligation a Self-Clearing Member can undertake, given its minimum net worth requirement? | 100 crore rupees (5 crore net worth × 20 = 100 crore) | SEBI_2026_securities_and_exchange_board_of_india_stock_brokers_re_051.txt |
indiafinbench_CON_040 | contradiction_detection | hard | RBI | Passage A:
Entities without an LEI code shall not be eligible to undertake transactions in the financial markets regulated by the Reserve Bank.
Passage B:
Non-residents that are not legal entities in their country of incorporation (e.g., funds operated by a non-resident parent / management company that are each regist... | Does Passage B create an exception to the general rule in Passage A that every entity must have its own LEI code to transact in RBI-regulated financial markets? | Yes | RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt |
indiafinbench_REG_121 | regulatory_interpretation | easy | SEBI | Seventh Schedule — Restrictions on Investments. 12. A fund of funds scheme shall be subject to the following investment restrictions: (a) A fund of funds scheme shall not invest in any other fund of funds scheme; (b) A fund of funds scheme shall not invest its assets other than in schemes of mutual funds, except to the... | May a fund of funds scheme invest in another fund of funds scheme under SEBI (Mutual Funds) Regulations? | No. A fund of funds scheme shall not invest in any other fund of funds scheme. | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_CON_003 | contradiction_detection | easy | SEBI | Passage A:
The Manager or Sponsor shall have a continuing interest in the Alternative Investment Fund of not less than two and half percent of the corpus or five crore rupees, whichever is lower, in the form of investment in the Alternative Investment Fund and such interest shall not be through the waiver of management... | Do the two passages prescribe different minimum continuing interest thresholds for Category I/II AIFs versus Category III AIFs under SEBI AIF Regulations 2012? | Yes | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_NUM_005 | numerical_reasoning | hard | SEBI | The asset management company shall repay the amount at the rate of fifteen per cent per annum for the period of delay to the unitholders, as the case may be. Any borrowing by a scheme shall not exceed twenty per cent of the net assets of the scheme and the duration of such borrowing shall not exceed six months. | If a mutual fund scheme with net assets of 500 crore rupees borrows the maximum permissible amount for the maximum permissible duration, what is the interest liability at the penalty rate of 15% per annum for the maximum 6-month borrowing period? | 7.5 crore rupees (20% of 500 = 100 crore borrowed; 15% per annum for 6 months = 7.5% of 100 = 7.5 crore) | SEBI_2026_securities_and_exchange_board_of_india_mutual_funds_reg_050.txt |
indiafinbench_REG_079 | regulatory_interpretation | medium | SEBI | No company shall directly or indirectly purchase its own shares or other specified securities: (a) through any subsidiary company including its own subsidiary companies; (b) through any investment company or group of investment companies; or (c) if a default is made by the company in the repayment of deposits...Provide... | A company defaulted on repayment of a term loan. The default was remedied. After how long can the company conduct a buy-back? | After three years have lapsed since the default ceased to subsist. | SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt |
indiafinbench_REG_184 | regulatory_interpretation | hard | SEBI | Regulation 28E(m)(iv): [Category I ESG rating provider] the applicant shall maintain a minimum liquid net worth of rupees five crores at all times: Provided that at the time of making the application, the applicant shall have a minimum liquid net worth of the higher of, A. rupees ten crores, or B. addition of rupees fi... | What are the ongoing and application-time liquid net worth requirements for a Category I ESG rating provider under SEBI (CRA) Regulations, 1999? | Under Regulation 28E(m)(iv), a Category I ESG rating provider must maintain a minimum liquid net worth of Rs 5 crore at all times on an ongoing basis. At the time of making the application for registration, the applicant must have a minimum liquid net worth equal to the higher of: (A) Rs 10 crore, or (B) Rs 5 crore plu... | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_CON_057 | contradiction_detection | hard | SEBI | Passage A:
Regulation 7(1)(a) (pre-2025): A professional qualification or graduate degree or post-graduate degree or post graduate diploma (minimum two years in duration) in finance, accountancy, business management, commerce, economics, capital market, banking, insurance or actuarial science or other financial service... | Do the pre-2025 and post-2025 versions of Regulation 7(1)(a) impose the same educational qualification requirement on individual investment advisers? | No | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_CON_002 | contradiction_detection | medium | SEBI | Passage A:
Promoters' holding in excess of minimum promoters' contribution shall be locked-in for a period of six months from the date of allotment in the initial public offer.
Passage B:
The entire pre-issue capital held by persons other than the promoters shall be locked-in for a period of six months from the date o... | Do the two passages prescribe different lock-in durations for excess promoters' shares versus non-promoter pre-issue shares in an IPO? | No | SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt |
indiafinbench_CON_062 | contradiction_detection | medium | SEBI | Passage A:
Regulation 2(1)(pa) (before November 2025 amendment): 'large value fund for accredited investors' means an Alternative Investment Fund or scheme of an Alternative Investment Fund in which each investor (other than the Manager, Sponsor, employees or directors of the Alternative Investment Fund or employees or... | Does the original definition of 'large value fund for accredited investors' and the November 2025-amended definition impose the same minimum investment threshold per investor? | No | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_NUM_113 | numerical_reasoning | medium | SEBI | Regulation 13(e): individuals registered as investment advisers whose number of clients exceed three hundred at any point of time or the fee collected during the financial year exceeds three crore rupees, whichever is earlier shall immediately initiate the process of transition from individual to non-individual investm... | An individual investment adviser collected fees of Rs 2.65 crore in the first eight months of the financial year. In the ninth month they collected Rs 0.22 crore and in the tenth month Rs 0.18 crore. At the end of which month is the fee-based transition threshold breached, and what is the total fee at that point? | Cumulative fees: After 8 months = Rs 2.65 crore. After month 9: 2.65 + 0.22 = Rs 2.87 crore (threshold of Rs 3 crore not yet breached). After month 10: 2.87 + 0.18 = Rs 3.05 crore (exceeds Rs 3 crore). The fee threshold is breached at the end of the 10th month, when total fees reach Rs 3.05 crore. Excess above threshol... | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_REG_180 | regulatory_interpretation | hard | SEBI | Regulation 24A(1): A credit rating agency shall not: (a) directly or indirectly, hold 10 per cent or more shareholding and/or voting rights in any other credit rating agency, or (b) have representation on the Board of any other credit rating agency. (2) A shareholder holding 10 per cent or more shares and/or voting rig... | What shareholding restrictions apply between credit rating agencies under SEBI (CRA) Regulations, 1999? Are there any exemptions? | Under Regulation 24A, a CRA may not directly or indirectly hold 10% or more shareholding or voting rights in any other CRA, and may not have board representation in any other CRA. Additionally, any shareholder holding 10% or more in one CRA may not hold 10% or more (directly or indirectly) in any other CRA. There is an... | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_REG_096 | regulatory_interpretation | easy | SEBI | Appointment of an asset management company. 20. (1) The sponsor or, if so authorised by the trust deed, the trustee, shall appoint an asset management company, which has been approved by the Board under sub-regulation (2) of regulation 21. (2) The appointment of an asset management company can be terminated by majority... | Under SEBI (Mutual Funds) Regulations, 1996, who has the authority to terminate the appointment of an asset management company? | Majority of the trustees or by seventy-five per cent of the unitholders of the scheme | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_NUM_098 | numerical_reasoning | medium | RBI | C. Quantum of dividend payable. 8. Table 1: Bucket B1 — Tier 1 Capital Ratio up to 7.5%: Dividend allowed as 0 per cent of adjusted PAT. Bucket B10 — Tier 1 Capital Ratio above 19.5%: Dividend allowed as 100 per cent of adjusted PAT for the period. | Under the RBI SFB Dividend Directions, 2026, what are the permitted dividend percentages of Adjusted PAT for an SFB in Bucket B1 (Tier 1 ratio ≤7.5%) versus Bucket B10 (Tier 1 ratio >19.5%)? | Bucket B1: 0 per cent of Adjusted PAT; Bucket B10: 100 per cent of Adjusted PAT | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_NUM_075 | numerical_reasoning | medium | RBI | Government of India (GoI) has announced the sale (re-issue) of two dated securities:
1. 6.68% GS 2040 — ₹17,000 crore, repayment Jul 07, 2040
2. 7.43% GS 2076 — ₹12,000 crore, repayment Jan 19, 2076
Settlement Date: April 06, 2026 | In the GoI dated securities auction announced on March 28, 2026, what is the total notified amount for the 7.43% GS 2076 security, and what fraction of the total auction amount does it represent? | ₹12,000 crore. It represents approximately 41.4% of the total notified amount (₹12,000 ÷ ₹29,000 × 100 ≈ 41.4%). | RBI_Auction_of_auction_of_government_of_india_dated_securities_028.txt |
indiafinbench_CON_010 | contradiction_detection | hard | SEBI | Passage A:
The issuer shall send notice to all the eligible holders of such non-convertible securities and the debenture trustee at least twenty-one days before the date from which such right is exercisable.
Passage B:
Where the issuer is unable to obtain the assent of required number of shareholders, the issuer shall... | Do the two passages impose the same advance notice period for different types of securities actions under SEBI regulations? | No | SEBI_2021_securities_and_exchange_board_of_india_issue_and_listin_056.txt |
indiafinbench_NUM_097 | numerical_reasoning | hard | RBI | Annex I: Illustration 2: Computation of maximum permissible dividend for FY 20X1-X2. Net profit (PAT) for FY 20X1-X2 (A): Rs40,500 crore. Net NPAs as on March 31, 20X2 (B): Rs5,000 crore. Adjusted PAT, i.e., (C) = (A) - 50% of (B): Rs38,000 crore. Tier 1 Capital ratio as on March 31, 20X1 (D): 15% (falls in Bucket B5).... | In Illustration 2 of the RBI SFB Dividend Directions, 2026, a bank has PAT of Rs40,500 crore, Net NPA of Rs5,000 crore, and Tier 1 ratio of 15%. What is the maximum eligible dividend? | Rs19,000 crore (50% of Adjusted PAT of Rs38,000 crore, which is lower than 75% of PAT of Rs30,375 crore) | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_REG_008 | regulatory_interpretation | medium | SEBI | No acquirer, who together with persons acting in concert with him, has acquired and holds shares or voting rights entitling him to exercise twenty-five per cent or more but less than the maximum permissible non-public shareholding in the target company, shall acquire within any financial year additional shares or votin... | Under SEBI Takeover Regulations 2011, an acquirer holding 25% or more in a target company may acquire up to what percentage of additional voting rights in a financial year without triggering an open offer obligation? | More than five per cent of the voting rights | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_185 | regulatory_interpretation | easy | SEBI | Regulation 3(1): No acquirer shall acquire shares or voting rights in a target company which taken together with shares or voting rights held by him and by persons acting in concert entitle them to exercise twenty-five per cent or more of the voting rights in such target company unless the acquirer makes a public annou... | Under Regulation 3(1) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011, what voting rights threshold triggers the mandatory open offer obligation? | 25% or more of the voting rights in the target company (when combined with shares held by the acquirer and persons acting in concert). | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_TMP_008 | temporal_reasoning | medium | SEBI | Funds registered as venture capital funds under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 shall be governed by the said regulations for a period of five years from the commencement of the SEBI (AIF) Regulations, 2012, provided that the existing fund shall not increase the targ... | Under SEBI AIF Regulations 2012, how long could funds registered under the earlier SEBI Venture Capital Funds Regulations, 1996 continue to be governed by those older regulations before being required to migrate? | Five years from the commencement of the SEBI (AIF) Regulations, 2012 | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_REG_018 | regulatory_interpretation | easy | SEBI | Where the mutual fund fails to receive the minimum subscription amount referred to in the offer document, the asset management company shall refund the subscription amount to the applicants without any exit load. If seventy-five per cent of the unit holders of a scheme pass a resolution for its winding up, the trustees... | Under SEBI Mutual Funds Regulations, what percentage of unit holders must pass a resolution to trigger the winding up of a mutual fund scheme? | Seventy-five per cent of the unit holders | SEBI_2026_securities_and_exchange_board_of_india_mutual_funds_reg_050.txt |
indiafinbench_CON_043 | contradiction_detection | easy | SEBI | Passage A:
"independent research analyst" means a person whose only business activity is research analysis or preparation and/or publication of research report.
Passage B:
"part-time research analyst" means an individual or a partnership firm who for consideration, is engaged in the business of providing research serv... | Do the definitions of 'independent research analyst' and 'part-time research analyst' under SEBI (Research Analysts) Regulations 2014 describe the same type of professional? | No | SEBI_2014_securities_and_exchange_board_of_india_research_analyst_070.txt |
indiafinbench_TMP_035 | temporal_reasoning | medium | SEBI | Where a certificate has been granted to an intermediary on a permanent basis, the certificate may continue to be valid under these regulations subject to the condition that the intermediary shall, within two years of commencement of these regulations in relation to such intermediary, furnish the information in Form A t... | Under SEBI (Intermediaries) Regulations 2008, an intermediary holding a permanent certificate at the time of commencement of these regulations must furnish Form A information within two years. What is the maximum total time available if SEBI grants an extension? | Two years plus up to six months extension, for a maximum of two and a half years from the commencement of these regulations. | SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt |
indiafinbench_REG_148 | regulatory_interpretation | medium | SEBI | Regulation 24(1): Before ordering an inspection under regulation 23, the Board shall give not less than ten days notice to the investment adviser. (2) Notwithstanding anything contained in sub-regulation (1), where the Board is satisfied that in the interest of the investors no such notice should be given, it may by an... | How much advance notice must SEBI give to an investment adviser before ordering an inspection under SEBI IA Regulations, 2013? Under what circumstances can SEBI dispense with this notice? | Under Regulation 24(1), the Board must give not less than ten days notice to the investment adviser before ordering an inspection. However, under Regulation 24(2), if the Board is satisfied that in the interest of investors no such notice should be given, it may by an order in writing direct that the inspection be take... | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_REG_152 | regulatory_interpretation | medium | SEBI | Regulation 3(4): Alternative Investment Funds shall seek registration in one of the categories mentioned hereunder — (a) 'Category I AIF' which invests in start-up or early stage ventures or social ventures or SMEs or infrastructure or other sectors which the government or regulators consider as socially or economicall... | What are the three categories of Alternative Investment Funds under SEBI (AIF) Regulations, 2012, and what is the key distinguishing characteristic of each? | Under Regulation 3(4): Category I AIFs invest in start-ups, early stage ventures, social ventures, SMEs, infrastructure, or sectors considered socially/economically desirable — includes venture capital funds, SME funds, angel funds, social impact funds, and infrastructure funds. Category II AIFs are those that do not f... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_REG_006 | regulatory_interpretation | easy | SEBI | An anchor investor means a qualified institutional buyer who makes an application for a value of at least ten crore rupees in a public issue on the main board made through the book building process in accordance with these regulations or makes an application for a value of at least two crore rupees for an issue made in... | What is the minimum application value for an entity to qualify as an anchor investor in a public issue on the main board under SEBI ICDR Regulations, 2018? | At least ten crore rupees | SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt |
indiafinbench_REG_021 | regulatory_interpretation | easy | SEBI | A REIT shall have a minimum asset size of five hundred crore rupees or more for the purpose of issuing units to at least two hundred investors so as to be listed on a recognised stock exchange. The net asset value or NAV means the value of the REIT assets reduced by the external debt divided by the number of outstandin... | Under SEBI REIT Regulations 2014, what is the minimum asset size required for a REIT to issue units for listing on a recognised stock exchange? | Five hundred crore rupees or more | SEBI_2014_securities_and_exchange_board_of_india_real_estate_inve_069.txt |
indiafinbench_NUM_077 | numerical_reasoning | easy | RBI | Andhra Pradesh: 1500 (17 year), 1500 (20 year), 900 (25 year) — all yield-based auctions. Total amount to be raised by Andhra Pradesh: 3900 crore. | How much in total is Andhra Pradesh seeking to raise across all three of its securities in the revised State Government auction of March 21, 2026? | ₹3,900 crore. Calculation: ₹1,500 + ₹1,500 + ₹900 = ₹3,900 crore. | RBI_Auction_of_auction_of_state_government_securities_revised_071.txt |
indiafinbench_REG_101 | regulatory_interpretation | easy | SEBI | Disqualification from being appointed as trustees. 16. (3) No asset management company and no director (including independent director), officer or employee of an asset management company shall be eligible to be appointed as a trustee of any mutual fund. | Under SEBI (Mutual Funds) Regulations, 1996, are directors, officers or employees of an AMC eligible to be appointed as trustees of any mutual fund? | No. No asset management company and no director (including independent director), officer or employee of an asset management company shall be eligible to be appointed as a trustee of any mutual fund. | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_REG_087 | regulatory_interpretation | medium | RBI | The Board of Directors while considering the proposal for declaration of dividend of a bank shall consider the following: (1) The divergence in asset classification and provisioning for Non-Performing Assets (NPAs), including its trend, as observed under supervisory findings of the Reserve Bank; (2) Auditors' Report to... | What four factors must the Board of Directors of a Small Finance Bank consider when evaluating a dividend proposal under the RBI SFB Dividend Directions 2026? | 1. Divergence in NPA classification and provisioning as observed in RBI supervisory findings; 2. Auditors' Report including modified opinion or Emphasis of Matter; 3. Current and projected capital position versus regulatory capital requirement; 4. Long term growth plans. | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_REG_067 | regulatory_interpretation | easy | SEBI | The stock exchange, the clearing corporation, the depository or the specified self regulatory organization, as the case may be, shall examine the eligibility of the applicant in terms of these regulations, relevant regulations and the rules, regulations or bye-laws of the concerned stock exchange, clearing corporation,... | Within how many days must a stock exchange forward a completed registration application to SEBI after receiving it? | Thirty days | SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt |
indiafinbench_TMP_002 | temporal_reasoning | easy | SEBI | The minimum promoters' contribution lock-in was originally set at three years from the date of commencement of commercial production or allotment, whichever is later. This was subsequently substituted by the SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2021, w.e.f. 13.08.2021, repl... | Which lock-in regime for minimum promoters' contribution applied before 13 August 2021 — three years or eighteen months? | Three years from the date of commencement of commercial production or date of allotment, whichever is later | SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt |
indiafinbench_REG_001 | regulatory_interpretation | easy | SEBI | An issuer shall be eligible to make an initial public offer only if: (a) it has net tangible assets of at least three crore rupees, calculated on a restated and consolidated basis, in each of the preceding three full years (of twelve months each), of which not more than fifty per cent. are held in monetary assets; (b) ... | What is the minimum average operating profit an issuer must have over the preceding three years to be eligible to make an initial public offer under SEBI ICDR Regulations, 2018? | At least fifteen crore rupees | SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt |
indiafinbench_CON_072 | contradiction_detection | medium | SEBI | Passage A:
Regulation 3(1): No acquirer shall acquire shares or voting rights in a target company which taken together entitle them to exercise twenty-five per cent or more of the voting rights in such target company unless the acquirer makes a public announcement of an open offer.
Passage B:
Regulation 3(5): For the ... | Do Regulation 3(1) and Regulation 3(5) of SEBI Takeovers Regulations 2011 contradict each other about the shareholding threshold triggering a mandatory open offer? | No | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_NUM_037 | numerical_reasoning | easy | SEBI | Government and Government related investors such as central banks, sovereign wealth funds, international or multilateral organizations or agencies including entities controlled or at least 75% directly or indirectly owned by such Government and Government related investor(s). | Under SEBI (FPI) Regulations 2019, if a government-linked entity is 70% directly owned by a sovereign government, does it qualify as a Category I foreign portfolio investor on the basis of government ownership? | No. The minimum threshold for government ownership is at least seventy-five per cent; seventy per cent is below this threshold | SEBI_2019_securities_and_exchange_board_of_india_foreign_portfoli_060.txt |
indiafinbench_CON_061 | contradiction_detection | medium | SEBI | Passage A:
Regulation 16(1)(c) (pre-2024): Category I Alternative Investment Funds shall not borrow funds directly or indirectly or engage in any leverage except for meeting temporary funding requirements for not more than thirty days, on not more than four occasions in a year and not more than ten percent of the inves... | Do the pre-2024 and post-2024 versions of Regulation 16(1)(c) permit the same scope of borrowing by Category I AIFs? | No | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_CON_050 | contradiction_detection | hard | SEBI | Passage A:
No asset management company shall deal in securities through any broker associated with the sponsor or a firm which is an associate of a sponsor beyond 5% of the daily gross business of the mutual fund.
Passage B:
An asset management company shall not through any broker associated with the sponsor, purchase... | Do Passage A and Passage B impose the same percentage limit on transactions through sponsor-associated brokers, and is the limit measured over the same time period? | No | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_CON_073 | contradiction_detection | hard | SEBI | Passage A:
Regulation 3(2): No acquirer who together with persons acting in concert holds 25% or more but less than the maximum permissible non-public shareholding shall acquire within any financial year additional shares or voting rights entitling them to exercise more than five per cent of the voting rights, unless a... | Do the main provision and the 2020 proviso of Regulation 3(2) of SEBI Takeovers Regulations 2011 contradict each other about the annual creep acquisition limit? | No | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_TMP_030 | temporal_reasoning | medium | RBI | List of circulars superseded: (1) FMRD.FMID No.14/11.01.007/2016-17 dated June 01, 2017; (2) dated November 29, 2018; (3) dated April 26, 2019; (4) dated March 27, 2020; (5) dated February 18, 2026. The Master Direction was issued March 27, 2026. | How many years elapsed between the issuance of the first LEI circular (June 01, 2017) and its supersession by the Master Direction on Unique Identifiers (March 27, 2026)? | Approximately 8 years and 10 months elapsed between June 1, 2017 and March 27, 2026. | RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt |
indiafinbench_TMP_078 | temporal_reasoning | easy | SEBI | Regulation 5(l) (inserted by SEBI (CRA) (Amendment) Regulations, 2018, w.e.f. 30-05-2018): the promoter of the credit rating agency, in terms of regulation 4, has a minimum shareholding of 26% in the credit rating agency. | When was the 26% minimum promoter shareholding requirement for credit rating agencies introduced under SEBI (CRA) Regulations, 1999? | The requirement for a minimum promoter shareholding of 26% in a credit rating agency was introduced by the SEBI (Credit Rating Agencies) (Amendment) Regulations, 2018, with effect from 30 May 2018. Prior to this amendment, the SEBI (CRA) Regulations, 1999 did not prescribe any minimum shareholding requirement for promo... | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_REG_154 | regulatory_interpretation | medium | SEBI | Regulation 10(c): the Alternative Investment Fund shall not accept from an investor, an investment of value less than one crore rupees: Provided that in case of investors who are employees or directors of the Alternative Investment Fund or employees or directors of the Manager, the minimum value of investment shall be ... | What is the minimum investment that an investor must make in an Alternative Investment Fund scheme under SEBI AIF Regulations, 2012? Are there any exceptions to this minimum? | Under Regulation 10(c), the minimum investment by any investor in an AIF scheme is Rs one crore. Two exceptions apply: (1) employees or directors of the AIF, or employees or directors of the Manager, have a reduced minimum of Rs twenty-five lakh; (2) the minimum investment requirement does not apply at all to accredite... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_TMP_057 | temporal_reasoning | easy | SEBI | Regulation 10 (original, 2013): The certificate of registration granted under regulation 9 shall be valid for a period of five years from the date of its issue. [Amended by SEBI (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016, w.e.f. 08-12-2016]: The certificate of registr... | What was the validity period of an investment adviser's certificate of registration under the original SEBI (Investment Advisers) Regulations, 2013, and when was it changed to perpetual validity? | Under the original 2013 regulations, a certificate of registration was valid for a period of five years from the date of its issue and required renewal thereafter. This was changed to perpetual validity (valid till suspended or cancelled by the Board) by the Securities and Exchange Board of India (Change in Conditions ... | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_TMP_073 | temporal_reasoning | easy | SEBI | Regulation 5(c) (original): the applicant has a minimum net worth of rupees five crores. [Substituted by SEBI (CRA) (Amendment) Regulations, 2018, w.e.f. 30-05-2018]: the applicant has a minimum net worth of rupees twenty five crore. | When was the minimum net worth requirement for credit rating agency applicants under SEBI (CRA) Regulations, 1999 raised, and by how much was it increased? | The minimum net worth requirement was raised by the SEBI (Credit Rating Agencies) (Amendment) Regulations, 2018, with effect from 30 May 2018. The original 1999 regulations set a minimum of Rs five crore. The 2018 amendment increased this to Rs twenty-five crore — a five-fold increase of Rs twenty crore. | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_REG_155 | regulatory_interpretation | medium | SEBI | Regulation 10(d): the Manager or Sponsor shall have a continuing interest in the Alternative Investment Fund of not less than two and half percent of the corpus or five crore rupees, whichever is lower, in the form of investment in the Alternative Investment Fund and such interest shall not be through the waiver of man... | What continuing interest is the Manager or Sponsor of an Alternative Investment Fund required to maintain under SEBI AIF Regulations, 2012? Does the requirement differ between Category I/II and Category III funds? | Under Regulation 10(d), the Manager or Sponsor must maintain a continuing interest of not less than 2.5% of the corpus or Rs 5 crore, whichever is lower, in the form of investment in the AIF (not via waiver of management fees). For Category III AIFs, the threshold is higher: not less than 5% of the corpus or Rs 10 cror... | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_TMP_052 | temporal_reasoning | hard | SEBI | The original Seventh Schedule of SEBI (Mutual Funds) Regulations, 1996 included Clause 5: 'The initial issue expenses in respect of any scheme may not exceed six per cent of the funds raised under that scheme.' This clause was omitted by the SEBI (Mutual Funds) (Amendment) Regulations, 2008, w.e.f. 16-4-2008. | What was the original cap on initial issue expenses for a mutual fund scheme under the Seventh Schedule, and when was this provision omitted? | Six per cent of funds raised; omitted by the 2008 amendment w.e.f. 16-4-2008 | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_TMP_088 | temporal_reasoning | easy | SEBI | Regulation 31A (Regulatory Sandbox) was inserted by the SEBI (Regulatory Sandbox) (Amendment) Regulations, 2020, w.e.f. 17-04-2020. The regulation allows SEBI to exempt any person from the operation of all or any provisions of SEBI Takeovers Regulations for up to twelve months, for furthering innovation relating to tes... | When was the regulatory sandbox exemption introduced into SEBI Takeovers Regulations 2011, and what is the maximum duration for which SEBI can grant such an exemption? | The regulatory sandbox provision (Regulation 31A) was inserted by the SEBI (Regulatory Sandbox) (Amendment) Regulations, 2020, effective April 17, 2020. SEBI can grant exemptions from any provisions of the Takeovers Regulations for a period not exceeding 12 months, subject to such conditions as SEBI deems appropriate, ... | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_139 | regulatory_interpretation | easy | SEBI | Regulation 15(1): An investment adviser shall act in a fiduciary capacity towards its clients and shall disclose all conflicts of interests as and when they arise. | What is the general responsibility of an investment adviser towards its clients under SEBI IA Regulations, 2013? | Under Regulation 15(1), an investment adviser shall act in a fiduciary capacity towards its clients and shall disclose all conflicts of interests as and when they arise. | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_REG_150 | regulatory_interpretation | easy | SEBI | Regulation 3(7): Without prejudice to the powers of the Board to take any action under the Act or regulations made thereunder, the certificate of registration shall be valid till the Alternative Investment Fund is wound up. | For how long is a certificate of registration granted to an Alternative Investment Fund under SEBI (AIF) Regulations, 2012 valid? | Under Regulation 3(7), the certificate of registration is valid until the Alternative Investment Fund is wound up. The certificate does not have a fixed time-bound expiry — it remains in force for the entire operational life of the AIF. | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_TMP_081 | temporal_reasoning | medium | SEBI | Regulation 6A was inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2016, w.e.f. 25-05-2016. Regulation 6B was inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2018, w.e.f. 11-09-2018. | When did SEBI introduce separate prohibitions on wilful defaulters and fugitive economic offenders making open offers under the Takeovers Regulations, and what triggered these additions? | The prohibition on wilful defaulters (Regulation 6A) was inserted by the Second Amendment Regulations, 2016, effective May 25, 2016, following Reserve Bank of India guidelines on wilful defaulters. The prohibition on fugitive economic offenders (Regulation 6B) was inserted by the Second Amendment Regulations, 2018, eff... | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_054 | regulatory_interpretation | easy | SEBI | The trustee shall ensure that the investment manager convenes meetings of unit holders not less than once every year and the period between such meetings shall not exceed fifteen months. | Under SEBI (Infrastructure Investment Trusts) Regulations 2014, what is the maximum permissible interval between two consecutive unit holders meetings? | Fifteen months | SEBI_2014_securities_and_exchange_board_of_india_infrastructure_i_091.txt |
indiafinbench_CON_075 | contradiction_detection | medium | SEBI | Passage A:
Regulation 22(1): The acquirer shall not complete the acquisition of shares or voting rights in, or control over, the target company, whether by way of subscription to shares or a purchase of shares attracting the obligation to make an open offer, until the expiry of the offer period.
Passage B:
Regulation ... | Do Regulation 22(1) and Regulation 22(2) contradict each other about when an acquirer can complete the underlying acquisition transaction? | No | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_190 | regulatory_interpretation | easy | SEBI | Regulation 6(2): An acquirer and persons acting in concert who have made a public announcement under this regulation to acquire shares of a target company shall not be entitled to acquire any shares of the target company for a period of six months after completion of the open offer except pursuant to another voluntary ... | Under Regulation 6(2), after completing a voluntary open offer, for how long is the acquirer prohibited from acquiring further shares of the target company (other than through another voluntary open offer)? | Six months after completion of the open offer. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_CON_005 | contradiction_detection | hard | SEBI | Passage A:
A recognised stock exchange shall not be eligible for recognition if any person, individually or together with persons acting in concert with such person, acquires or holds or controls more than five per cent of the paid-up equity share capital of the recognised stock exchange without prior written approval ... | Do the two passages impose different shareholding thresholds triggering mandatory Board approval for acquisitions in recognised stock exchanges versus depositories? | No | SEBI_2018_securities_contracts_regulation_stock_exchanges_and_cle_065.txt |
indiafinbench_REG_195 | regulatory_interpretation | hard | SEBI | Regulation 9(2): For purposes of payment by way of listed shares, the shares sought to be issued or exchanged shall conform to the following: (a) listed and frequently traded; (b) listed for at least two years preceding the date of public announcement; (c) issuer has redressed at least 95% of complaints received from i... | What conditions must listed shares offered as non-cash consideration in an open offer satisfy under Regulation 9(2) of SEBI Takeovers Regulations 2011? | The shares must: (a) be listed and frequently traded; (b) have been listed for at least 2 years before the date of public announcement; (c) the issuer must have redressed at least 95% of investor complaints in the preceding calendar quarter; (d) the issuer must have materially complied with listing regulations for at l... | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_129 | regulatory_interpretation | easy | SEBI | Seventh Schedule — Restrictions on Investments. 8. Pending deployment of funds of a scheme in terms of investment objectives of the scheme, a mutual fund may invest them in short term deposits of schedule commercial banks, subject to such Guidelines as may be specified by the Board. | Where may a mutual fund temporarily invest the funds of a scheme pending their deployment in accordance with the scheme's investment objectives? | In short term deposits of scheduled commercial banks | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_NUM_071 | numerical_reasoning | medium | RBI | Illustration 3: Net profit (PAT) for FY 20X1-X2 (A): 1500. Net NPAs as on March 31, 20X2 (B): 300. Adjusted PAT, i.e., (C) = (A) - 50% of (B): 1,350. Tier 1 capital ratio as on March 31, 20X1 (D): 24.36%. The CET1 ratio falls in bucket B10. 75% of PAT (E): 1,125. Maximum payable as per Table (100% of 1,350) (F): 1,350.... | In Illustration 3, a Small Finance Bank has Maximum Eligible Dividend of ₹1,125 crore and has already paid an interim dividend of ₹500 crore. What is the maximum permissible final dividend? | ₹625 crore. Calculation: Maximum Eligible Dividend (₹1,125 crore) minus interim dividend already paid (₹500 crore) = ₹625 crore. | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_CON_071 | contradiction_detection | medium | SEBI | Passage A:
Regulation 2(h) (pre-2021): 'credit rating agency' means a body corporate which is engaged in, or proposes to be engaged in, the business of rating of securities offered by way of public or rights issue.
Passage B:
Regulation 2(h) (as amended w.e.f. 03-08-2021): 'credit rating agency' means a body corporate... | Do the original and 2021-amended definitions of 'credit rating agency' under Regulation 2(h) cover the same scope of rating activity? | No | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_REG_182 | regulatory_interpretation | hard | SEBI | Regulation 27(1): No credit rating agency shall rate a security issued by an entity which is — (a) a borrower of its promoter; or (b) a subsidiary of its promoter; or (c) an associate of its promoter, if there are common Chairman, Directors between credit rating agency and these entities, or common employees, or common... | What conflict-of-interest restrictions apply to the rating of securities of promoter-connected entities under SEBI (CRA) Regulations, 1999? | Under Regulation 27(1), a CRA shall not rate securities of: (a) a borrower of its promoter; (b) a subsidiary of its promoter; or (c) an associate of its promoter — if there are common Chairmen, directors, or employees between the CRA and such entities, or common persons on the rating committee. Under Regulation 27(2), ... | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_REG_081 | regulatory_interpretation | easy | SEBI | "bidding period" means the period within which shareholders may tender their shares in acceptance of the offer for delisting of equity shares of the company made under these regulations. | What is the 'bidding period' as defined in SEBI (Delisting of Equity Shares) Regulations, 2021? | The period within which shareholders may tender their shares in acceptance of the offer for delisting of equity shares of the company. | SEBI_2021_securities_and_exchange_board_of_india_delisting_of_equ_055.txt |
indiafinbench_REG_094 | regulatory_interpretation | easy | RBI | The Stocks will be issued for a minimum amount of Rs. 10,000/- (nominal) and in multiples of Rs. 10,000/- thereafter. | What is the minimum nominal amount for which Government of India dated securities are issued in the auction, and in what multiples are they issued thereafter? | Minimum ₹10,000 (nominal), in multiples of ₹10,000 thereafter. | RBI_Auction_of_auction_of_government_of_india_dated_securities_028.txt |
indiafinbench_NUM_088 | numerical_reasoning | easy | SEBI | Eligibility criteria for appointment of asset management company. 21. (1)(f) the asset management company has a networth of not less than rupees fifty crore deployed in assets as may be specified by the Board: Provided that where the sponsor does not fulfil the requirements provided in part (i) to (v) of the Explanatio... | What is the standard minimum networth requirement for an AMC under SEBI (Mutual Funds) Regulations, 1996? | Not less than rupees fifty crore | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_TMP_028 | temporal_reasoning | easy | RBI | Section A of the Directions on implementation of Legal Entity Identifier (LEI) shall come into force with immediate effect. Section B of the Directions on implementation of Unique Transaction Identifier (UTI) shall come into effect from January 01, 2027. The Master Direction was issued on March 27, 2026. | Which was implemented first under the RBI Master Direction on Unique Identifiers in Financial Markets 2026 — the LEI framework or the UTI framework? | The LEI framework (Section A) was implemented first, coming into force with immediate effect from March 27, 2026. The UTI framework (Section B) comes into effect later, on January 01, 2027. | RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt |
indiafinbench_TMP_016 | temporal_reasoning | medium | SEBI | The SEBI LODR Regulations, 2015 were published on 2 September 2015. The provision regarding 'fugitive economic offender' was inserted by the SEBI (LODR) (Sixth Amendment) Regulations, 2018, w.e.f. 16.11.2018, following the enactment of the Fugitive Economic Offenders Act, 2018. Prior to November 2018, the LODR Regulati... | In which year was the concept of 'fugitive economic offender' first incorporated into the SEBI LODR Regulations 2015? | 2018, effective from 16 November 2018 | SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt |
indiafinbench_REG_016 | regulatory_interpretation | medium | SEBI | An applicant who withdraws an application under sub-regulation (1) shall not be permitted to make another application in respect of the same default: Provided that in a case where an application was earlier rejected by the Board on the ground that the applicant did not remit the settlement amount within the period spec... | Under SEBI Settlement Proceedings Regulations 2018, by what minimum percentage must the settlement amount be increased if an applicant re-applies after rejection due to non-payment of the earlier determined settlement amount? | At least fifty percent | SEBI_2018_securities_and_exchange_board_of_india_settlement_proce_064.txt |
indiafinbench_REG_187 | regulatory_interpretation | easy | SEBI | Regulation 4: Irrespective of acquisition or holding of shares or voting rights in a target company, no acquirer shall acquire, directly or indirectly, control over such target company unless the acquirer makes a public announcement of an open offer for acquiring shares of such target company in accordance with these r... | Can an acquirer acquire control over a target company without making a public announcement of an open offer, even if they do not acquire any new shares? | No. Regulation 4 states that irrespective of acquisition or holding of shares or voting rights, no acquirer shall acquire control over a target company without making a public announcement of an open offer. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_NUM_123 | numerical_reasoning | easy | SEBI | Regulation 9(d): the credit rating agency shall at all times maintain a minimum net worth of rupees twenty five crore. Provided that a credit rating agency already registered with the Board having a net worth less than rupees twenty five crores, shall increase its net worth to the specified amount within a period of th... | A credit rating agency registered with SEBI had a net worth of Rs 18 crore at the time the 2018 Amendment Regulations were notified. By how much must it increase its net worth to comply with the requirement, and by when? | The minimum required net worth is Rs 25 crore. The CRA's current net worth is Rs 18 crore. Required increase = Rs 25 crore − Rs 18 crore = Rs 7 crore. The CRA must increase its net worth by Rs 7 crore within three years from the date of notification of the SEBI (CRA) (Amendment) Regulations, 2018. | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_TMP_085 | temporal_reasoning | hard | SEBI | Regulation 10(1)(b)(viii): Invocation of pledge by Scheduled Commercial Banks or Public Financial Institutions as a pledgee was listed as an acquisition in the ordinary course of business exempt from open offer obligations. Regulation 29(4) proviso: the disclosure requirement on encumbrance does not apply to a schedule... | When were housing finance companies and systemically important NBFCs added to the list of pledgees exempt from disclosure obligations under the encumbrance provisions of SEBI Takeovers Regulations, and what was the scope of the original exemption? | The original exemption in Regulation 29(4) covered only scheduled commercial banks and public financial institutions acting as pledgees in ordinary business. The Third Amendment Regulations, 2018, effective December 31, 2018, expanded this to also include housing finance companies (registered with NHB, deposit-taking o... | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_REG_137 | regulatory_interpretation | medium | SEBI | Regulation 13(e): individuals registered as investment advisers whose number of clients exceed three hundred at any point of time or the fee collected during the financial year exceeds three crore rupees, whichever is earlier shall — (i) immediately intimate the Administration and Supervisory Body and initiate the proc... | Under SEBI IA Regulations, 2013, what dual threshold triggers the mandatory transition of an individual investment adviser to non-individual status, and what must the IA do upon breaching the threshold? | An individual investment adviser must transition to non-individual status when either: (i) the number of clients exceeds 300 at any point of time, OR (ii) the fee collected during the financial year exceeds Rs 3 crore — whichever occurs earlier. Upon breaching the threshold, the IA must immediately intimate the Adminis... | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_NUM_085 | numerical_reasoning | medium | RBI | Foreign Exchange Reserves: Gold — As on Mar. 13, 2026: ₹12,08,169 crore / US$ 130,681 million. Variation over Year: ₹5,60,895 crore / US$ 56,289 million. | What was the value of India's gold reserves as on March 13, 2026 in US dollar terms, and what was the increase over the year? | Gold reserves as on March 13, 2026: US$ 130,681 million. Increase over the year: US$ 56,289 million. | RBI_Reserve_Ba_reserve_bank_of_india_bulletin_weekly_statistical_suppl_078.txt |
indiafinbench_REG_181 | regulatory_interpretation | medium | SEBI | Regulation 26(1): No credit rating agency shall rate a security issued by its promoter. (2) In case promoter is a lending institution, its Chairman, director or employee shall not be a Chairman, director or employee of credit rating agency or its rating committee. | Under SEBI (CRA) Regulations, 1999, can a credit rating agency rate the securities of its own promoter? What additional restriction applies when the promoter is a lending institution? | No. Under Regulation 26(1), a CRA is prohibited from rating any security issued by its promoter. Under Regulation 26(2), if the promoter is a lending institution, there is an additional structural restriction — no Chairman, director, or employee of the lending institution-promoter may simultaneously be a Chairman, dire... | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_TMP_049 | temporal_reasoning | medium | RBI | Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026 (RBI/2025-26/391, dated March 10, 2026) shall come into effect from Financial Year (FY) 2026-27. Annex III lists the circular repealed: DO R.ACC.REC.118/21-02-067/2025-26 dated November 28, 2025 — Reserve Bank of ... | From which financial year do the RBI (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026 take effect, and which earlier circular do they repeal? | From Financial Year (FY) 2026-27; they repeal the circular dated November 28, 2025 (DO R.ACC.REC.118/21-02-067/2025-26) | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_NUM_112 | numerical_reasoning | easy | SEBI | Regulation 28A(1): The Board may, exempt any person or class of persons from the operation of all or any of the provisions of these regulations for a period as may be specified but not exceeding twelve months, for furthering innovation relating to testing new products, processes, services, business models, etc. in live... | A fintech company seeks a regulatory sandbox exemption from SEBI under the SEBI (Investment Advisers) Regulations, 2013. SEBI grants an initial exemption of 8 months. If SEBI grants an extension, what is the maximum total duration of the regulatory sandbox exemption permissible under these regulations? | Under Regulation 28A(1), a regulatory sandbox exemption may be granted for a period not exceeding twelve months. Regardless of extensions, the total exemption duration cannot exceed 12 months. Even though an initial 8-month exemption was granted, the maximum total duration permissible is 12 months. Any extension beyond... | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_REG_176 | regulatory_interpretation | easy | SEBI | Regulation 18: (1) Every credit rating agency — (a) shall make public the definitions of the concerned rating, along with the symbol and, (b) shall also state that the ratings do not constitute recommendations to buy, hold or sell any securities. (2) Every credit rating agency shall make available to the general public... | What disclosure obligations about rating definitions and rationale must a credit rating agency comply with under SEBI (CRA) Regulations, 1999? | Under Regulation 18, a CRA must: (1) make public the definitions of the concerned rating with the symbol, and must state that ratings do not constitute recommendations to buy, hold, or sell any securities; and (2) make available to the general public information on the rationale of its ratings, which must cover both fa... | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_REG_164 | regulatory_interpretation | medium | SEBI | Regulation 15(1)(e): Alternative Investment Fund shall not invest except with the approval of seventy five percent of investors by value of their investment in the Alternative Investment Fund in — (a) associates; or (b) units of Alternative Investment Funds managed or sponsored by its Manager, Sponsor or associates of ... | Under SEBI AIF Regulations, 2012, what investor approval is required before an AIF can invest in its associate companies or in units of other AIFs managed by the same manager or sponsor? | Under Regulation 15(1)(e), an AIF requires the approval of 75% of investors by value of their investment before investing in: (a) its associates, or (b) units of AIFs managed or sponsored by its Manager, Sponsor, or their associates. | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_TMP_061 | temporal_reasoning | easy | SEBI | Regulation 21(1) (original, pre-2023): An investment adviser shall redress client grievances promptly. [As amended by SEBI (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023, w.e.f. 18-08-2023]: The Investment Adviser shall redress investor grievances promptly but not later than twenty-one ca... | When was the specific 21-calendar-day deadline for redressing investor grievances introduced for investment advisers, and what did the regulation previously require? | The 21-calendar-day deadline for redressing investor grievances was introduced by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023, with effect from 18 August 2023. Prior to this amendment, Regulation 21(1) of the SEBI (Investment Advisers) Regulat... | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_REG_186 | regulatory_interpretation | easy | SEBI | Regulation 3(2): No acquirer who together with persons acting in concert has acquired and holds in accordance with these regulations shares or voting rights entitling them to exercise twenty-five per cent or more but less than the maximum permissible non-public shareholding, shall acquire within any financial year addi... | An acquirer holds 30% voting rights in a target company. What is the maximum additional percentage of voting rights they can acquire in a single financial year under Regulation 3(2) without triggering an open offer? | 5% of voting rights per financial year. | SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt |
indiafinbench_NUM_104 | numerical_reasoning | medium | SEBI | Seventh Schedule. 4. A scheme may invest in another scheme under the same asset management company or any other mutual fund without charging any fees, provided that aggregate inter-scheme investment made by all schemes under the same management or in schemes under the management of any other asset management company sh... | The total NAV of all schemes managed by an AMC is Rs2,000 crore. What is the maximum aggregate investment these schemes may collectively make in other mutual fund schemes? | Rs100 crore (5% of Rs2,000 crore) | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_CON_055 | contradiction_detection | medium | SEBI | Passage A:
Regulation 8 (pre-2024): (1) Investment advisers who are non-individuals shall have a net worth of not less than fifty lakh rupees. (2) Investment advisers who are individuals shall have net tangible assets of value not less than five lakh rupees.
Passage B:
Regulation 8 (as substituted by SEBI (Investment ... | Do the original Regulation 8 and the 2024-amended Regulation 8 impose the same financial requirement on non-individual investment advisers? | No | SEBI_2013_securities_and_exchange_board_of_india_investment_advis_071.txt |
indiafinbench_NUM_078 | numerical_reasoning | easy | RBI | Karnataka: 2000 (05 year), 2000 (08 year), 2000 (10 year and 06 months), 2000 (11 year and 06 months), 2000 (15 year) — all yield-based. | What is the total amount Karnataka is raising across all its five securities in the revised State Government auction of March 24, 2026? | ₹10,000 crore. Calculation: ₹2,000 × 5 securities = ₹10,000 crore. | RBI_Auction_of_auction_of_state_government_securities_revised_071.txt |
indiafinbench_REG_058 | regulatory_interpretation | easy | SEBI | "SPV" or "special purpose vehicle" means any company or LLP — a. in which either the InvIT or the holdco holds or proposes to hold controlling interest and not less than fifty one per cent of the equity share capital or interest... b. which holds not less than ninety per cent of its assets directly in infrastructure ... | Under SEBI (InvIT) Regulations 2014, what minimum percentage of its assets must a Special Purpose Vehicle (SPV) hold directly in infrastructure projects? | Not less than ninety per cent | SEBI_2014_securities_and_exchange_board_of_india_infrastructure_i_091.txt |
indiafinbench_NUM_033 | numerical_reasoning | medium | SEBI | the aggregate of which in relation to points (A) to (D) shall not exceed two percent of its gross turnover or total income or fifty lakh rupees or such higher amount as may be specified from time to time, whichever is lower. | Under SEBI (InvIT) Regulations 2014, if an entity associated with the InvIT has a gross turnover of ten crore rupees, what is the maximum permissible pecuniary relationship an independent director candidate may have with it — applying the two per cent cap or the fifty lakh rupee cap? | Twenty lakh rupees (two per cent of ten crore rupees, being lower than fifty lakh rupees — the rule applies whichever is lower) | SEBI_2014_securities_and_exchange_board_of_india_infrastructure_i_091.txt |
indiafinbench_TMP_044 | temporal_reasoning | medium | SEBI | A company shall not make any offer of buy-back within a period of one year reckoned from the date of expiry of buyback period of the preceding offer of buy-back, if any. The buy-back period means the period between the date of board of directors resolution or date of declaration of results of the postal ballot for spec... | A company completed its buy-back (i.e., made the final payment to shareholders) on June 15, 2025. What is the earliest date on which it can launch its next buy-back offer? | June 15, 2026 — one year from the expiry date (June 15, 2025) of the buyback period of the preceding offer. | SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt |
indiafinbench_REG_153 | regulatory_interpretation | easy | SEBI | Regulation 10(b): each scheme of the Alternative Investment Fund shall have corpus of at least twenty crore rupees: Provided that each scheme of the social impact fund shall have a corpus of at least five crore rupees. | What is the minimum corpus requirement for each scheme of an Alternative Investment Fund under SEBI AIF Regulations, 2012? Does this requirement differ for social impact funds? | Under Regulation 10(b), each scheme of an AIF must have a corpus of at least Rs twenty crore. However, for social impact funds, each scheme must have a corpus of at least Rs five crore — a reduced threshold recognizing the social purpose of such funds. | SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt |
indiafinbench_CON_066 | contradiction_detection | easy | SEBI | Passage A:
Regulation 8(2) (pre-2016, as inserted by 2011 Amendment): The certificate of initial registration granted under sub-regulation (1) shall be valid for a period of five years from the date of its issue to the applicant.
Passage B:
Regulation 8(2) (as substituted w.e.f. 08-12-2016): The certificate of registr... | Do these two versions of Regulation 8(2) impose the same validity period for a credit rating agency's certificate of registration? | No | SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt |
indiafinbench_NUM_069 | numerical_reasoning | medium | RBI | A bank which satisfies the eligibility criteria may declare and pay dividend up to the limits prescribed under Table 1 below, but in aggregate not exceeding 75% of the PAT for the period for which the dividend is being proposed.
Illustration 1: Net profit (PAT) for FY 20X1-X2 (A): ₹17,000 crore. 75% of PAT (E): ₹12,75... | Under RBI SFB Dividend Directions 2026, the Maximum Eligible Dividend is the lower of 75% of PAT or the Table 1 limit. For a bank with PAT of ₹17,000 crore and a Table 1 limit of ₹5,500 crore, what is the Maximum Eligible Dividend? | ₹5,500 crore. This is the lower of 75% of PAT (₹12,750 crore) and the Table 1 limit (₹5,500 crore). | RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt |
indiafinbench_TMP_053 | temporal_reasoning | medium | SEBI | Clause 11 of the Seventh Schedule previously read: 'A mutual fund scheme shall not invest more than 5% of its NAV in the unlisted equity shares or equity related instruments in case of open ended scheme and 10% of its NAV in case of close ended scheme.' This was substituted by the SEBI (Mutual Funds) (Second Amendment)... | What fundamental change did the SEBI (Mutual Funds) Second Amendment Regulations, 2019 make to the treatment of unlisted equity instruments under the Seventh Schedule? | Replaced the limited allowance for unlisted equity (5% for open-ended, 10% for close-ended) with a complete requirement that all equity investments be in listed or to-be-listed securities | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
indiafinbench_REG_064 | regulatory_interpretation | easy | SEBI | Provided that where an issuer has filed a shelf offer document, not more than four public issuances shall be made through a single shelf offer document. | Under SEBI (Issue and Listing of Municipal Debt Securities) Regulations 2015, what is the maximum number of public issuances permitted under a single shelf offer document? | Not more than four | SEBI_2015_securities_and_exchange_board_of_india_issue_and_listin_066.txt |
indiafinbench_REG_061 | regulatory_interpretation | medium | SEBI | The trustee shall review the transactions carried out between the investment manager and its associates and where the investment manager has advised that there may be a conflict of interest, shall obtain confirmation from a practising chartered accountant or valuer, as applicable, that such transaction is on arm's leng... | Under SEBI (InvIT) Regulations 2014, when a conflict of interest is flagged in a transaction between the investment manager and its associates, from whom must the trustee obtain confirmation that the transaction is at arm's length? | A practising chartered accountant or valuer, as applicable | SEBI_2014_securities_and_exchange_board_of_india_infrastructure_i_091.txt |
indiafinbench_TMP_051 | temporal_reasoning | medium | SEBI | The SEBI (Mutual Funds) (Third Amendment) Regulations, 2021 (w.e.f. 08-12-2021) expanded the definition of 'mutual fund'. Before this amendment, the definition covered investment in securities, money market instruments, gold or gold related instruments, and real estate assets. The Third Amendment added 'silver or silve... | What new asset class was added to the permissible investment universe in the 'mutual fund' definition by the SEBI (Mutual Funds) Third Amendment Regulations of December 2021? | Silver or silver related instruments | SEBI_1996_securities_and_exchange_board_of_india_mutual_funds_reg_087.txt |
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