## Policy Analysis Report: Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2021
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Regulatory Sandbox Amendment Regulations, 2021, as published in the Gazette of India on August 3, 2021. This amendment focuses on revising several existing SEBI regulations, primarily by removing the phrase "in technological aspects" from specific subregulations related to the Regulatory Sandbox framework. This change likely aims to broaden the scope of permissible innovations within the Regulatory Sandbox. The key finding is that this amendment streamlines the language across numerous regulations to potentially encourage broader participation and innovation within the SEBI's Regulatory Sandbox.
**2. Introduction:**
The purpose of this report is to provide an informative analysis of the Securities and Exchange Board of India (SEBI) Regulatory Sandbox Amendment Regulations, 2021, based solely on the text of the official notification. This analysis aims to offer clarity regarding the changes introduced and their potential implications for affected stakeholders within the securities market.
**3. Policy Overview:**
* **Original Policy Being Amended:** The amendment modifies multiple existing Securities and Exchange Board of India Regulations, including regulations concerning Stock Brokers, Merchant Bankers, Debenture Trustees, Registrars to an Issue and Share Transfer Agents, Bankers to an Issue, Mutual Funds, Custodians, Credit Rating Agencies, Collective Investment Schemes, Foreign Venture Capital Investors, Issue of Sweat Equity, Securitised Debt Instruments, Debt Securities, Intermediaries, Acquisition of Shares and Takeovers, KYC Registration Agency, Alternative Investment Funds, Non-Convertible Preference Shares, Investment Advisers, Employee Benefits, Research Analysts, Real Estate Investment Trusts, Infrastructure Investment Trusts, Municipal Debt Securities, Listing Obligations, Stock Exchanges, Capital and Disclosure Requirements, Depositories, Buyback of Securities, Foreign Portfolio Investors, Portfolio Managers and Delisting of Equity Shares.
* **Core Objective(s):** The core objective, inferred from the numerous references to these regulations, is to amend existing regulations to adjust the scope or criteria of the Securities and Exchange Board of India Regulatory Sandbox.
**4. Background and Rationale:**
The amendment appears to address the scope and criteria of the regulatory sandbox framework of SEBI regulated entities. By removing "in technological aspects," the amendment likely intends to address limitations and encourage greater participation by organizations that have other types of innovations other than purely technological.
**5. Key Provisions / Changes:**
This amendment introduces a single, consistent change across a wide range of SEBI regulations. Specifically:
* **Specific Part of Original Policy Being Changed:** Subregulation 1 of various regulations, primarily within sections related to the Regulatory Sandbox framework. The exact section names vary across the different regulations but are consistently identified by the subregulation number.
* **New Rule/Provision:** The phrase "in technological aspects" is omitted from the specific subregulations identified in the text. For example, within the Stock Brokers Regulations, 1992, subregulation 1 of regulation 28A is amended to remove this phrase.
* **Difference/Effect of This Change:** The removal of "in technological aspects" broadens the types of innovations that can be tested within the Regulatory Sandbox. This suggests a move towards allowing a wider range of business models, processes, or product innovations, not solely those related to technology, to be considered for the sandbox environment.
**6. Target Audience and Stakeholders:**
The target audience and stakeholders directly affected by this amendment include:
* Securities and Exchange Board of India (SEBI).
* Stock Brokers, Merchant Bankers, Debenture Trustees, Registrars to an Issue and Share Transfer Agents, Bankers to an Issue, Mutual Funds, Custodians, Credit Rating Agencies, Collective Investment Schemes, Foreign Venture Capital Investors, entities dealing with Sweat Equity, Securitised Debt Instruments, Debt Securities, Intermediaries, entities dealing with Acquisition of Shares and Takeovers, KYC Registration Agencies, Alternative Investment Funds, Non-Convertible Preference Shares, Investment Advisers, Employee Benefits, Research Analysts, Real Estate Investment Trusts, Infrastructure Investment Trusts, Municipal Debt Securities, Listing Obligations, Stock Exchanges, Capital and Disclosure Requirements, Depositories, Buyback of Securities, Foreign Portfolio Investors, Portfolio Managers and entities dealing with Delisting of Equity Shares.
* Any entities seeking to participate in the SEBI Regulatory Sandbox.
* Investors and the general public who may benefit from innovations fostered by the Regulatory Sandbox.
**7. Implementation Aspects (Inferred):**
* **Responsible Agency/Bodies:** The Securities and Exchange Board of India (SEBI) is the primary responsible agency for implementing and overseeing these amendments.
* **Timelines/Procedures:** The regulations come into force on the date of their publication in the Official Gazette, which is August 3, 2021. There are no specific procedures detailed in the text itself.
* **Amendment Specifics:** Implementation requires SEBI and regulated entities to interpret and apply the amended regulations, particularly concerning the broadened scope of the Regulatory Sandbox.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcome of these amendments is to:
* Increase participation in the SEBI Regulatory Sandbox by allowing a wider range of innovative ideas.
* Foster innovation within the securities market beyond purely technological solutions.
* Ultimately improve the efficiency, transparency, and accessibility of the securities market for investors and other stakeholders.
**9. Conclusion:**
The Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2021, represent a significant step towards broadening the scope of innovation within the Indian securities market. By removing the phrase "in technological aspects," SEBI aims to encourage a more diverse range of entities to participate in the Regulatory Sandbox, fostering innovation in business models, processes, and products. This is an acknowledgement that innovation can come in many forms and it is an aim to encourage a more holistic approach to regulatory development and technological advancement in the securities market.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body that issued the notification and is responsible for regulating the securities market in India.
Securities Contracts Regulation Act, 1956: Indian law that provides for regulation of transactions in securities.
Securities and Exchange Board of India Act, 1992: Indian law that established the Securities and Exchange Board of India.
Depositories Act, 1996: Indian law pertaining to the regulation of depositories in India.
Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2021: The main subject of the notification, amending existing regulations.
Securities and Exchange Board of India Stock Brokers Regulations, 1992: Regulations pertaining to stock brokers, being amended by the notification.
Securities and Exchange Board of India Merchant Bankers Regulations, 1992: Regulations pertaining to merchant bankers, being amended by the notification.
Securities and Exchange Board of India Debenture Trustees Regulations, 1993: Regulations pertaining to debenture trustees, being amended by the notification.
Securities and Exchange Board of India Registrars to an Issue and Share Transfer Agents Regulations, 1993: Regulations pertaining to registrars to an issue and share transfer agents, being amended by the notification.
Securities and Exchange Board of India Bankers to an Issue Regulations, 1994: Regulations pertaining to bankers to an issue, being amended by the notification.
Securities and Exchange Board of India Mutual Funds Regulations, 1996: Regulations pertaining to mutual funds, being amended by the notification.
Securities and Exchange Board of India Custodian Regulations, 1996: Regulations pertaining to custodians, being amended by the notification.
Securities and Exchange Board of India Credit Rating Agencies Regulations, 1999: Regulations pertaining to credit rating agencies, being amended by the notification.
Securities and Exchange Board of India Collective Investment Schemes Regulations, 1999: Regulations pertaining to collective investment schemes, being amended by the notification.
Securities and Exchange Board of India Foreign Venture Capital Investors Regulations, 2000: Regulations pertaining to foreign venture capital investors, being amended by the notification.
Securities and Exchange Board of India Issue of Sweat Equity Regulations, 2002: Regulations pertaining to the issue of sweat equity, being amended by the notification.
Securities and Exchange Board of India Issue and Listing of Securitised Debt Instruments and Security Receipts Regulations, 2008: Regulations pertaining to the issue and listing of securitised debt instruments, being amended by the notification.
Securities and Exchange Board of India Issue and Listing of Debt Securities Regulations, 2008: Regulations pertaining to the issue and listing of debt securities, being amended by the notification.
Securities and Exchange Board of India Intermediaries Regulations, 2008: Regulations pertaining to intermediaries, being amended by the notification.
Securities and Exchange Board of India Substantial Acquisition of Shares and Takeovers Regulations, 2011: Regulations pertaining to substantial acquisition of shares and takeovers, being amended by the notification.
Securities and Exchange Board of India KYC Know Your Client Registration Agency Regulations, 2011: Regulations pertaining to KYC registration agencies, being amended by the notification.
Securities and Exchange Board of India Alternative Investment Funds Regulations, 2012: Regulations pertaining to alternative investment funds, being amended by the notification.
Securities and Exchange Board of India Issue and Listing of NonConvertible Redeemable Preference Shares Regulations, 2013: Regulations pertaining to the issue and listing of non-convertible redeemable preference shares, being amended by the notification.
Securities and Exchange Board of India Investment Advisers Regulations, 2013: Regulations pertaining to investment advisers, being amended by the notification.
Securities and Exchange Board of India Share Based Employee Benefits Regulations, 2014: Regulations pertaining to share based employee benefits, being amended by the notification.
Securities and Exchange Board of India Research Analysts Regulations, 2014: Regulations pertaining to research analysts, being amended by the notification.
Securities and Exchange Board of India Real Estate Investment Trusts Regulations, 2014: Regulations pertaining to real estate investment trusts, being amended by the notification.
Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014: Regulations pertaining to infrastructure investment trusts, being amended by the notification.
Securities and Exchange Board of India Issue and Listing of Municipal Debt Securities Regulations, 2015: Regulations pertaining to the issue and listing of municipal debt securities, being amended by the notification.
Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015: Regulations pertaining to listing obligations and disclosure requirements, being amended by the notification.
Securities Contracts Regulation Stock Exchanges and Clearing Corporations Regulations, 2018: Regulations pertaining to stock exchanges and clearing corporations, being amended by the notification.
Securities and Exchange Board of India Issue of Capital and Disclosure Requirements Regulations, 2018: Regulations pertaining to the issue of capital and disclosure requirements, being amended by the notification.
Securities and Exchange Board of India Depositories and Participants Regulations, 2018: Regulations pertaining to depositories and participants, being amended by the notification.
Securities and Exchange Board of India Buyback of Securities Regulations, 2018: Regulations pertaining to buyback of securities, being amended by the notification.
Securities and Exchange Board of India Foreign Portfolio Investors Regulations, 2019: Regulations pertaining to foreign portfolio investors, being amended by the notification.
Securities and Exchange Board of India Portfolio Managers Regulations, 2020: Regulations pertaining to portfolio managers, being amended by the notification.
Securities and Exchange Board of India Delisting of Equity Shares Regulations, 2021: Regulations pertaining to delisting of equity shares, being amended by the notification.
Mumbai, Maharashtra: City in India where the Securities and Exchange Board of India is located.
AJAY TYAGI: Chairman of Securities and Exchange Board of India
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-03082021-228698
xxxGIDHxxx
CG-DL-E-03082021-228698
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 310] नई क्वदल्ली, मगं लिार, अगस्ट्त 3, 2021/श्रािण 12, 1943
No. 310] NEW DELHI, TUESDAY, AUGUST 3, 2021/SHRAVANA 12, 1943
भारतीय प्रजतभजू त और जिजनमय बोडड
अजधसचू ना
मुम्बई, 3 अगस्ट् त, 2021
भारतीय प्रजतभजू त और जिजनमय बोडड
(रेग्यलू टे री सडैं बॉक्स) (सिं ोधन) जिजनयम, 2021
स.ं सेबी/एलएडी-एनआरओ/िीएन/2021/30.—बोडड, प्रजतभूजत संजिदा (जिजनयमन) अजधजनयम, 1956 (1956
का 42) की धारा 31, भारतीय प्रजतभूजत और जिजनमय बोडड अजधजनयम, 1992 (1992 का 15) की धारा 30 तथा
जनक्षेपागार अजधजनयम, 1996 (1996 का 22) की धारा 25 द्वारा प्रदान की गई िजियों का प्रयोग करते हुए एतद्द्वारा
भारतीय प्रजतभूजत और जिजनमय बोड ड (स्ट्टॉक दलाल) जिजनयम, 1992, भारतीय प्रजतभजू त और जिजनमय बोड ड (मचेंट
बैंककार) जिजनयम, 1992, भारतीय प्रजतभूजत और जिजनमय बोडड (जडबेंचर न्यासी) जिजनयम, 1993, भारतीय प्रजतभूजत
और जिजनमय बोडड (जनगडम रजिस्ट्रार और िेयर अतं रण अजभकताड) जिजनयम, 1993, भारतीय प्रजतभूजत और जिजनमय बोड ड
(जनगडमन बैंककार) जिजनयम, 1994, भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) जिजनयम, 1996, भारतीय
प्रजतभूजत और जिजनमय बोड ड (अजभरक्षक) जिजनयम, 1996, भारतीय प्रजतभूजत और जिजनमय बोड ड (साख जनधाडरण
एिेंजसयााँ) जिजनयम, 1999, भारतीय प्रजतभूजत और जिजनमय बोडड (सामूजहक जिजनधान स्ट्कीम) जिजनयम, 1999, भारतीय
प्रजतभूजत और जिजनमय बोडड (जिदेिी िोजखम पूाँिी जिजनधानकताड) जिजनयम, 2000, भारतीय प्रजतभूजत और जिजनमय बोड ड
[श्रमिन्य (स्ट्िेट) इक्विटी का जनगडमन] जिजनयम, 2002, भारतीय प्रजतभूजत और जिजनमय बोडड [प्रजतभूत ऋण जलखतों
(जसक्योररटाइज्ड़ डैट इंन्सट्रूमेंट्स) और प्रजतभूजत रसीदों (जसक्यूररटी ररसीट्स) का जनगडमन और इनकी सूचीबद्धता]
जिजनयम, 2008, भारतीय प्रजतभूजत और जिजनमय बोडड (ऋण प्रजतभूजतयों का जनगडम और इनकी सूचीबद्धता) जिजनयम,
4273 GI/2021 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
2008, भारतीय प्रजतभूजत और जिजनमय बोडड (मध्यिती) जिजनयम, 2008, भारतीय प्रजतभूजत और जिजनमय बोड ड (िेयरों
का पयाडप्त अिडन और अजधग्रहण) जिजनयम, 2011, भारतीय प्रजतभूजत और जिजनमय बोडड [अपन े ग्राहक को िाजनय े
(केिाईसी) संबंधी रजिस्ट्रीकरण एिेंसी] जिजनयम, 2011, भारतीय प्रजतभूजत और जिजनमय बोडड [आनुकजल्पक जिजनधान
(जनिेि) जनजधयााँ] जिजनयम, 2012, भारतीय प्रजतभूजत और जिजनमय बोडड (असंपररितडनीय मोचनीय अजधमानी िेयरों का
जनगडम और इनकी सूचीबद्धता) जिजनयम, 2013, भारतीय प्रजतभूजत और जिजनमय बोडड [जिजनधान (जनिेि) सलाहकार]
जिजनयम, 2013, भारतीय प्रजतभूजत और जिजनमय बोड ड (िये र आधाररत कमडचारी फायद)े जिजनयम, 2014, भारतीय
प्रजतभूजत और जिजनमय बोडड (अनुसंधान जिश्लेषक) जिजनयम, 2014, भारतीय प्रजतभूजत और जिजनमय बोडड (ररयल इस्ट्टेट
जनिेि न्यास) जिजनयम, 2014, भारतीय प्रजतभूजत और जिजनमय बोड ड (अिसंरचना जनिेि न्यास) जिजनयम, 2014,
भारतीय प्रजतभूजत और जिजनमय बोडड [म्युजनजसपल ऋण प्रजतभूजतयों (म्युजनजसपल डैट जसक्यूररटीज़) का जनगडम (इश्यू) और
इनकी सूचीबद्धता] जिजनयम, 2015, भारतीय प्रजतभूजत और जिजनमय बोडड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताएाँ और
प्रकटीकरण अपेक्षाएाँ] जिजनयम, 2015, प्रजतभूजत संजिदा (जिजनयमन) (स्ट्टॉक एक्सचेंि और समािोधन जनगम) जिजनयम,
2018, भारतीय प्रजतभूजत और जिजनमय बोड ड [पूाँिी का जनगडमन (इश्यू) और प्रकटीकरण अपक्षे ाएाँ] जिजनयम, 2018,
भारतीय प्रजतभूजत और जिजनमय बोडड (जनक्षेपागार और सहभागी) जिजनयम, 2018, भारतीय प्रजतभूजत और जिजनमय बोडड
[प्रजतभूजतयों को क्रय द्वारा िापस लेना (बाय-बैक)] जिजनयम, 2018, भारतीय प्रजतभूजत और जिजनमय बोडड (जिदेिी
पोटडफोजलयो जनिेिक) जिजनयम, 2019, भारतीय प्रजतभूजत और जिजनमय बोड ड (पोटडफोजलयो प्रबंधक) जिजनयम, 2020
तथा भारतीय प्रजतभूजत और जिजनमय बोडड (इक्विटी िेयरों की असूचीबद्धता) जिजनयम, 2021 का और संिोधन करने के
जलए जनम्नजलजखत जिजनयम बनाता ह,ै अथाडत,् -
1. इन जिजनयमों को भारतीय प्रजतभूजत और जिजनमय बोडड (रेग्यूलेटरी सैंडबॉक्स) (संिोधन) जिजनयम, 2021 कहा
िा सकेगा।
2. ि े रािपत्र म ें उनके प्रकािन की तारीख को लाग ूहोंगे ।
भारतीय प्रजतभजू त और जिजनमय बोडड (स्ट्टॉक दलाल) जिजनयम, 1992 म ेंसिं ोधन
3. भारतीय प्रजतभूजत और जिजनमय बोडड (स्ट्टॉक दलाल) जिजनयम, 1992 म,ें जिजनयम 28क के उप-जिजनयम (1) म,ें
िब्दों "स ेसंबंजधत तकनीकी पहलुओं म"ें के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँगे ।
भारतीय प्रजतभजू त और जिजनमय बोडड (मचटें बकैं कार) जिजनयम, 1992 म ेंसिं ोधन
4. भारतीय प्रजतभूजत और जिजनमय बोड ड (मचेंट बैंककार) जिजनयम, 1992 म,ें जिजनयम 44 के उप-जिजनयम (1) म,ें
िब्दों "स ेसंबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (जडबचें र न्यासी) जिजनयम, 1993 म ेंसिं ोधन
5. भारतीय प्रजतभूजत और जिजनमय बोड ड (जडबेंचर न्यासी) जिजनयम, 1993 म,ें जिजनयम 33 के उप-जिजनयम (1) म,ें
िब्दों "स ेसंबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (जनगमड रजिस्ट्रार और िये र अतं रण अजभकता)ड जिजनयम, 1993 म ेंसिं ोधन
6. भारतीय प्रजतभूजत और जिजनमय बोडड (जनगडम रजिस्ट्रार और िेयर अंतरण अजभकताड) जिजनयम, 1993 म,ें
जिजनयम 30 के उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं म"ें के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो
िाएाँगे ।
भारतीय प्रजतभजू त और जिजनमय बोडड (जनगमड न बकैं कार) जिजनयम, 1994 म ेंसिं ोधन
7. भारतीय प्रजतभूजत और जिजनमय बोडड (जनगडमन बैंककार) जिजनयम, 1994 म,ें जिजनयम 32 के उप-जिजनयम (1)
म,ें िब्दों "स ेसंबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो िाएगाँ े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (पारस्ट्पररक जनजध) जिजनयम, 1996 म ेंसिं ोधन
8. भारतीय प्रजतभूजत और जिजनमय बोडड (पारस्ट्पररक जनजध) जिजनयम, 1996 म,ें जिजनयम 76क के उप-जिजनयम
(1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँगे ।
भारतीय प्रजतभजू त और जिजनमय बोडड (अजभरक्षक) जिजनयम, 1996 म ेंसिं ोधन
9. भारतीय प्रजतभूजत और जिजनमय बोडड (अजभरक्षक) जिजनयम, 1996 म,ें जिजनयम 33 के उप-जिजनयम (1) म,ें
िब्दों "स ेसंबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो िाएाँग े ।[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
भारतीय प्रजतभजू त और जिजनमय बोडड (साख जनधारड ण एिजें सया)ाँ जिजनयम, 1999 म ेंसिं ोधन
10. भारतीय प्रजतभूजत और जिजनमय बोडड (साख जनधाडरण एिेंजसयााँ) जिजनयम, 1999 म,ें जिजनयम 43 के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (सामूजहक जिजनधान स्ट्कीम) जिजनयम, 1999 म ेंसंिोधन
11. भारतीय प्रजतभूजत और जिजनमय बोडड (सामूजहक जिजनधान स्ट्कीम) जिजनयम, 1999 म,ें जिजनयम 74ख के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (जिदेिी िोजखम पिूाँ ी जिजनधानकता)ड जिजनयम, 2000 म ेंसिं ोधन
12. भारतीय प्रजतभूजत और जिजनमय बोडड (जिदेिी िोजखम पूाँिी जिजनधानकताड) जिजनयम, 2000 म,ें जिजनयम 30 के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड [श्रमिन्य (स्ट्िटे ) इक्विटी का जनगमड न] जिजनयम, 2002 म ेंसिं ोधन
13. भारतीय प्रजतभूजत और जिजनमय बोड ड [श्रमिन्य (स्ट्िेट) इक्विटी का जनगडमन] जिजनयम, 2002 म,ें जिजनयम 21 के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड [प्रजतभतू ऋण जलखतों (जसक्योररटाइज्ड़ डैट इंन्सट्रूमट्ें स) और प्रजतभजू त रसीदों
(जसक्यूररटी ररसीट्स) का जनगमड न और इनकी सचू ीबद्धता] जिजनयम, 2008 म ेंसिं ोधन
14. भारतीय प्रजतभूजत और जिजनमय बोडड [प्रजतभूत ऋण जलखतों (जसक्योररटाइज्ड़ डैट इंन्सट्रूमेंट्स) और प्रजतभूजत
रसीदों (जसक्यूररटी ररसीट्स) का जनगडमन और इनकी सूचीबद्धता] जिजनयम, 2008 म,ें जिजनयम 47क के उप-जिजनयम (1)
म,ें िब्दों "स ेसंबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो िाएगाँ े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (ऋण प्रजतभजू तयों का जनगमड और इनकी सचू ीबद्धता) जिजनयम, 2008 म ेंसिं ोधन
15. भारतीय प्रजतभूजत और जिजनमय बोडड (ऋण प्रजतभूजतयों का जनगडम और इनकी सूचीबद्धता) जिजनयम, 2008 म,ें
जिजनयम 29क के उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो
िाएाँगे ।
भारतीय प्रजतभजू त और जिजनमय बोडड (मध्यिती) जिजनयम, 2008 म ेंसिं ोधन
16. भारतीय प्रजतभूजत और जिजनमय बोडड (मध्यिती) जिजनयम, 2008 म,ें जिजनयम 33घ के उप-जिजनयम (1) म,ें
िब्दों "स ेसंबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (िये रों का पयाप्तड अिनड और अजधग्रहण) जिजनयम, 2011 म ेंसिं ोधन
17. भारतीय प्रजतभूजत और जिजनमय बोडड (िेयरों का पयाडप्त अिनड और अजधग्रहण) जिजनयम, 2011 म,ें जिजनयम
31क के उप-जिजनयम (1) म,ें िब्दों "स ेसंबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड [अपन ेग्राहक को िाजनय े(केिाईसी) सबं ंधी रजिस्ट्रीकरण एिसें ी] जिजनयम, 2011 म ें
सिं ोधन
18. भारतीय प्रजतभूजत और जिजनमय बोडड [अपने ग्राहक को िाजनये (केिाईसी) संबंधी रजिस्ट्रीकरण एिेंसी] जिजनयम,
2011 म,ें जिजनयम 26 के उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलओंु म"ें के जलए, िब्द "के संबंध म"ें
प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड [आनकु जल्पक जिजनधान (जनििे ) जनजधया]ाँ जिजनयम, 2012 म ेंसिं ोधन
19. भारतीय प्रजतभूजत और जिजनमय बोड ड [आनुकजल्पक जिजनधान (जनिेि) जनजधयााँ] जिजनयम, 2012 म,ें जिजनयम
35क के उप-जिजनयम (1) म,ें िब्दों "स ेसंबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (असपं ररितनड ीय मोचनीय अजधमानी िये रों का जनगमड और इनकी सचू ीबद्धता)
जिजनयम, 2013 म ेंसिं ोधन
20. भारतीय प्रजतभूजत और जिजनमय बोडड (असंपररितनड ीय मोचनीय अजधमानी िेयरों का जनगडम और इनकी
सूचीबद्धता) जिजनयम, 2013 में, जिजनयम 23क के उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलओंु म"ें के जलए,
िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
भारतीय और जिजनमय बोडड [जिजनधान (जनििे ) सलाहकार] जिजनयम, 2013 म ेंसिं ोधन
21. भारतीय और जिजनमय बोडड [जिजनधान (जनिेि) सलाहकार] जिजनयम, 2013 म,ें जिजनयम 28क के उप-जिजनयम
(1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँगे ।
भारतीय प्रजतभजू त और जिजनमय बोडड (िये र आधाररत कमचड ारी फायदे) जिजनयम, 2014 म ेंसिं ोधन
22. भारतीय प्रजतभूजत और जिजनमय बोडड (िेयर आधाररत कमडचारी फायदे) जिजनयम, 2014 म,ें जिजनयम 27क के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (अनसु धं ान जिश्लषे क) जिजनयम, 2014 म ेंसिं ोधन
23. भारतीय प्रजतभूजत और जिजनमय बोडड (अनुसंधान जिश्लषे क) जिजनयम, 2014 म,ें जिजनयम 32क के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (ररयल इस्ट्टेट जनििे न्यास) जिजनयम, 2014 म ेंसिं ोधन
24. भारतीय प्रजतभूजत और जिजनमय बोड ड (ररयल इस्ट्टेट जनििे न्यास) जिजनयम, 2014 म,ें जिजनयम 32क के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (अिसरं चना जनििे न्यास) जिजनयम, 2014 म ेंसिं ोधन
25. भारतीय प्रजतभूजत और जिजनमय बोड ड (अिसंरचना जनिेि न्यास) जिजनयम, 2014 म,ें जिजनयम 32क के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड [म्यजु नजसपल ऋण प्रजतभूजतयों (म्यजु नजसपल डैट जसक्यरू रटीज़) का जनगमड (इश्य)ू और
इनकी सचू ीबद्धता] जिजनयम, 2015 म ेंसिं ोधन
26. भारतीय प्रजतभूजत और जिजनमय बोडड [म्युजनजसपल ऋण प्रजतभूजतयों (म्युजनजसपल डैट जसक्यूररटीज़) का जनगडम
(इश्यू) और इनकी सूचीबद्धता] जिजनयम, 2015 म,ें जिजनयम 27ख के उप-जिजनयम (1) में, िब्दों "से संबंजधत तकनीकी
पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो िाएगाँ े ।
भारतीय प्रजतभजू त और जिजनमय बोडड [सचू ीबद्धता (जलस्स्ट्टग) बाध्यताएाँ और प्रकटीकरण अपक्षे ाएाँ] जिजनयम, 2015 म ें
सिं ोधन
27. भारतीय प्रजतभूजत और जिजनमय बोड ड [सूचीबद्धता (जलस्स्ट्टग) बाध्यताए ाँ और प्रकटीकरण अपक्षे ाएाँ] जिजनयम,
2015 म,ें जिजनयम 99क के उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें
प्रजतस्ट्थाजपत हो िाएाँग े ।
प्रजतभजू त सजं िदा (जिजनयमन) (स्ट्टॉक एक्सचिें और समािोधन जनगम) जिजनयम, 2018 म ेंसिं ोधन
28. प्रजतभूजत संजिदा (जिजनयमन) (स्ट्टॉक एक्सचेंि और समािोधन जनगम) जिजनयम, 2018 म,ें जिजनयम 49क के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड [पिूाँ ी का जनगमड न (इश्य)ू और प्रकटीकरण अपक्षे ाएाँ] जिजनयम, 2018 म ेंसिं ोधन
29. भारतीय प्रजतभूजत और जिजनमय बोड ड [पूाँिी का जनगडमन (इश्यू) और प्रकटीकरण अपेक्षाए]ाँ जिजनयम, 2018 म,ें
जिजनयम 295क के उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत
हो िाएाँगे ।
भारतीय प्रजतभजू त और जिजनमय बोडड (जनक्षपे ागार और सहभागी) जिजनयम, 2018 म ेंसिं ोधन
30. भारतीय प्रजतभूजत और जिजनमय बोडड (जनक्षेपागार और सहभागी) जिजनयम, 2018 म,ें जिजनयम 93क के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड [प्रजतभजू तयों को क्रय द्वारा िापस लने ा (बाय-बैक)] जिजनयम, 2018 म ेंसिं ोधन[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
31. भारतीय प्रजतभूजत और जिजनमय बोड ड [प्रजतभूजतयों को क्रय द्वारा िापस लेना (बाय-बैक)] जिजनयम, 2018 म,ें
जिजनयम 25क के उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध में" प्रजतस्ट्थाजपत हो
िाएाँगे ।
भारतीय प्रजतभजू त और जिजनमय बोडड (जिदेिी पोटडफोजलयो जनििे क) जिजनयम, 2019 म ेंसिं ोधन
32. भारतीय प्रजतभूजत और जिजनमय बोड ड (जिदेिी पोटडफोजलयो जनिेिक) जिजनयम, 2019 म,ें जिजनयम 43क के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (पोटडफोजलयो प्रबधं क) जिजनयम, 2020 म ेंसिं ोधन
33. भारतीय प्रजतभूजत और जिजनमय बोड ड (पोटडफोजलयो प्रबंधक) जिजनयम, 2020 म,ें जिजनयम 42क के
उप-जिजनयम (1) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं में" के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
भारतीय प्रजतभजू त और जिजनमय बोडड (इक्विटी िये रों की असचू ीबद्धता) जिजनयम, 2021 म ेंसिं ोधन
34. भारतीय प्रजतभूजत और जिजनमय बोडड (इक्विटी िेयरों की असचू ीबद्धता) जिजनयम, 2021 म,ें 2021, जिजनयम 42
के उप-जिजनयम (4) म,ें िब्दों "से संबंजधत तकनीकी पहलुओं म"ें के जलए, िब्द "के संबंध म"ें प्रजतस्ट्थाजपत हो िाएाँग े ।
अिय त्यागी, अध्यक्ष
[जिज्ञापन III/4/असा./175/2021-22]
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 3rd August, 2021
SECURITIES AND EXCHANGE BOARD OF INDIA (REGULATORY SANDBOX)
(AMENDMENT) REGULATIONS, 2021
No. SEBI/LAD-NRO/GN/2021/30.—In exercise of the powers conferred by section 31 of the
Securities Contracts (Regulation) Act, 1956 (42 of 1956), section 30 of the Securities and Exchange
Board of India Act, 1992 (15 of 1992) and section 25 of the Depositories Act, 1996 (22 of 1996), the Board
hereby makes the following Regulations to further amend the Securities and Exchange Board of India
(Stock Brokers) Regulations, 1992, Securities and Exchange Board of India (Merchant Bankers)
Regulations, 1992, Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993,
Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,
1993, Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, Securities and
Exchange Board of India (Mutual Funds) Regulations, 1996, Securities and Exchange Board of India
(Custodian) Regulations, 1996, Securities and Exchange Board of India (Credit Rating Agencies)
Regulations, 1999, Securities and Exchange Board of India (Collective Investment Schemes) Regulations,
1999, Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000,
Securities and Exchange Board of India (Issue of Sweat Equity) Regulations, 2002, Securities and
Exchange Board of India (Issue and Listing of Securitised Debt Instruments and Security Receipts)
Regulations, 2008, Securities and Exchange Board of India (Issue and Listing of Debt Securities)
Regulations, 2008, Securities and Exchange Board of India (Intermediaries) Regulations, 2008, Securities
and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011,
Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations,
2011, Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012,
Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable Preference
Shares) Regulations, 2013, Securities and Exchange Board of India (Investment Advisers) Regulations,
2013, Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014,
Securities and Exchange Board of India (Research Analysts) Regulations, 2014, Securities and Exchange
Board of India (Real Estate Investment Trusts) Regulations, 2014, Securities and Exchange Board of India
(Infrastructure Investment Trusts) Regulations, 2014, Securities and Exchange Board of India (Issue and6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
Listing of Municipal Debt Securities) Regulations, 2015, Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, Securities Contracts (Regulation) (Stock
Exchanges and Clearing Corporations) Regulations, 2018, Securities and Exchange Board of India (Issue of
Capital and Disclosure Requirements) Regulations, 2018, Securities and Exchange Board of India
(Depositories and Participants) Regulations, 2018, Securities and Exchange Board of India (Buy-back of
Securities) Regulations, 2018, Securities and Exchange Board of India (Foreign Portfolio Investors)
Regulations, 2019, Securities and Exchange Board of India Portfolio Managers) Regulations, 2020 and
Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 namely, -
1. These regulations may be called the Securities and Exchange Board of India (Regulatory Sandbox)
(Amendment) Regulations, 2021.
2. They shall come into force on the date of their publication in the Official Gazette.
Amendment to the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992.
3. In the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992, in sub-regulation
(1) of regulation 28A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992.
4. In the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, in
sub-regulation (1) of regulation 44, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993.
5. In the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, in
sub-regulation (1) of regulation 33, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Registrars to an Issue and Share
Transfer Agents) Regulations, 1993.
6. In the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993, in sub-regulation (1) of regulation 30, the words “in technological aspects” shall be
omitted.
Amendment to the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994.
7. In the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, in
sub-regulation (1) of regulation 32, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
8. In the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, in sub-regulation
(1) of regulation 76A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Custodian) Regulations, 1996.
9. In the Securities and Exchange Board of India (Custodian) Regulations, 1996, in sub-regulation (1)
of regulation 33, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Credit Rating Agencies) Regulations,
1999.
10. In the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, in
sub-regulation (1) of regulation 43, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Collective Investment Schemes)
Regulations, 1999.
11. In the Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999,
in sub-regulation (1) of regulation 74B, the words “in technological aspects” shall be omitted.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 7
Amendment to the Securities and Exchange Board of India (Foreign Venture Capital Investors)
Regulations, 2000.
12. In the Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations,
2000, in sub-regulation (1) of regulation 30, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Issue of Sweat Equity) Regulations,
2002.
13. In the Securities and Exchange Board of India (Issue of Sweat Equity) Regulations, 2002, in
sub-regulation (1) of regulation 21, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Issue and Listing of Securitised Debt
Instruments and Security Receipts) Regulations, 2008.
14. In the Securities and Exchange Board of India (Issue and Listing of Securitised Debt Instruments
and Security Receipts) Regulations, 2008, in sub-regulation (1) of regulation 47A, the words “in
technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Issue and Listing of Debt Securities)
Regulations, 2008.
15. In the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations,
2008, in sub-regulation (1) of regulation 29A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Intermediaries) Regulations, 2008.
16. In the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, in
sub-regulation (1) of regulation 33D, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011.
17. In the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011, in sub-regulation (1) of regulation 31A, the words “in technological aspects” shall be
omitted.
Amendment to the Securities and Exchange Board of India {KYC (Know Your Client) Registration
Agency} Regulations, 2011.
18. In the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency}
Regulations, 2011, in sub-regulation (1) of regulation 26, the words “in technological aspects” shall be
omitted.
Amendment to the Securities and Exchange Board of India (Alternative Investment Funds)
Regulations, 2012.
19. In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012,
in sub-regulation (1) of regulation 35A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Issue and Listing of Non-Convertible
Redeemable Preference Shares) Regulations, 2013.
20. In the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Redeemable
Preference Shares) Regulations, 2013, in sub-regulation (1) of regulation 23A, the words “in technological
aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013.
21. In the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, in
sub-regulation (1) of regulation 28A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014.
22. In the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations,
2014, in sub-regulation (1) of regulation 27A, the words “in technological aspects” shall be omitted.8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
Amendment to the Securities and Exchange Board of India (Research Analysts) Regulations, 2014.
23. In the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, in
sub-regulation (1) of regulation 32A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Real Estate Investment Trusts)
Regulations, 2014.
24. In the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014,
in sub-regulation (1) of regulation 32A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Infrastructure Investment Trusts)
Regulations, 2014.
25. In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations,
2014, in sub-regulation (1) of regulation 32A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Issue and Listing of Municipal Debt
Securities) Regulations, 2015.
26. In the Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities)
Regulations, 2015, in sub-regulation (1) of regulation 27B, the words “in technological aspects” shall be
omitted.
Amendment to the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
27. In the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, in sub-regulation (1) of regulation 99A, the words “in technological aspects” shall be
omitted.
Amendment to the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
Regulations, 2018.
28. In the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations,
2018, in sub-regulation (1) of regulation 49A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018.
29. In the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, in sub-regulation (1) of regulation 295A, the words “in technological aspects” shall be
omitted.
Amendment to the Securities and Exchange Board of India (Depositories and Participants)
Regulations, 2018.
30. In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, in
sub-regulation (1) of regulation 93A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Buy-back of Securities) Regulations,
2018.
31. In the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018, in
sub-regulation (1) of regulation 25A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations,
2019.
32. In the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, in
sub-regulation (1) of regulation 43A, the words “in technological aspects” shall be omitted.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 9
Amendment to the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020.
33. In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, in
sub-regulation (1) of regulation 42A, the words “in technological aspects” shall be omitted.
Amendment to the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations,
2021.
34. In the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021, in
sub-regulation (4) of regulation 42, the words “in technological aspects” shall be omitted.
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./175/2021-22]
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.