{"id":245339,"date":"2026-06-08T20:16:24","date_gmt":"2026-06-08T14:46:24","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=245339"},"modified":"2026-06-08T20:22:51","modified_gmt":"2026-06-08T14:52:51","slug":"sebi-may-circulars","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/","title":{"rendered":"Attempt SEBI Circulars May 2026 Practice Quiz &amp; Download PDF"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#Download_SEBI_Circulars_May_2026_Practice_Quiz_PDF\" >Download SEBI Circulars May 2026 Practice Quiz PDF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#Attempt_the_SEBI_Circulars_May_2026_Quiz\" >Attempt the SEBI Circulars May 2026 Quiz<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#Sign_Up\" >Sign Up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#Login\" >Login<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#Forgot_Password\" >Forgot Password<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#i\" >&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#What_are_SEBI_Circulars_May_2026_and_why_are_they_important\" >What are SEBI Circulars May 2026 and why are they important?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#What_are_InvITs_and_how_does_SEBI_regulate_borrowing_limits\" >What are InvITs and how does SEBI regulate borrowing limits?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#What_are_the_conditions_for_excess_borrowing_in_InvITs\" >What are the conditions for excess borrowing in InvITs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#What_are_SEBI_refinancing_rules_for_InvITs\" >What are SEBI refinancing rules for InvITs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#What_are_SEBI_market_data_usage_rules_in_2026\" >What are SEBI market data usage rules in 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#What_is_IRRA_platform_and_why_was_it_discontinued\" >What is IRRA platform and why was it discontinued?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#What_are_SEBI_significant_index_regulations\" >What are SEBI significant index regulations?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#What_are_SEBI_cybersecurity_and_AI_concerns\" >What are SEBI cybersecurity and AI concerns?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#What_are_SEBI_demat_account_nomination_rules\" >What are SEBI demat account nomination rules?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>The SEBI Circulars for May 2026 bring some of the most important regulatory updates for banking, capital markets, and financial certification exams like CAIIB, JAIIB, and NISM-related modules. These updates focus on Infrastructure Investment Trusts, index regulation, cybersecurity reforms, IRRA discontinuation, and new investor protection rules. Understanding these circulars is essential because SEBI frequently asks direct conceptual questions based on recent regulatory changes. In this blog, we have provided a practice quiz and PDF to help you revise the details of the circulars in an easy quiz format.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-download-sebi-circulars-may-2026-practice-quiz-pdf\"><span class=\"ez-toc-section\" id=\"Download_SEBI_Circulars_May_2026_Practice_Quiz_PDF\"><\/span>Download SEBI Circulars May 2026 Practice Quiz PDF<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The SEBI Circulars May 2026 Practice Quiz is a revision-based MCQ set prepared from the latest SEBI circulars, regulatory frameworks, and market guidelines issued in 2026.<\/p>\n\n\n\n<p>This quiz focuses on key topics like InvIT borrowing norms, index provider regulations, market data usage rules, IRRA discontinuation, cybersecurity updates, and demat nomination reforms.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Particulars<\/strong><\/td><td><strong>Link<\/strong><\/td><\/tr><tr><td>SEBI Circular Quiz PDF<\/td><td><a href=\"https:\/\/www.oliveboard.in\/sebi-circulars-practice-quiz-pdf\/?ref=contac-sebi-maycircpq\" target=\"_blank\" rel=\"noreferrer noopener\">Download Free PDF<\/a><\/td><\/tr><tr><td>Check SEBI Updates 2026<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/?ref=contac-sebi-maycircpq\" target=\"_blank\" rel=\"noreferrer noopener\">View Details<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Attempt_the_SEBI_Circulars_May_2026_Quiz\"><\/span>Attempt the SEBI Circulars May 2026 Quiz<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI Circulars are highly important for banking, capital markets, and regulatory exam as they reflect the latest policy updates issued by the Securities and Exchange Board of India (SEBI). This May 2026 quiz helps learners build strong conceptual clarity on key topics such as Infrastructure Investment Trust (InvIT) borrowing norms, significant index regulations, market data usage rules, IRRA discontinuation, cybersecurity and ZTNA frameworks, and updated demat nomination guidelines.<\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n<meta charset=\"UTF-8\">\n<link rel=\"stylesheet\" href=\"https:\/\/courses.oliveboard.in\/edge\/css\/login-modal-for-blog.css\">\n\n<style>\n#quiz-1-sticky-header {\n  position: sticky;\n  top: 0;\n  z-index: 100;\n  background: #1565c0;\n  color: #fff;\n  padding: 12px 20px;\n  border-radius: 10px 10px 0 0;\n  display: flex;\n  justify-content: space-between;\n  align-items: center;\n  font-size: 16px;\n  font-weight: bold;\n  box-shadow: 0 2px 8px rgba(0,0,0,0.2);\n  margin: -20px -20px 20px -20px;\n}\n\n#quiz-1-score-badge {\n  background: rgba(255,255,255,0.2);\n  padding: 4px 12px;\n  border-radius: 20px;\n  font-size: 15px;\n  white-space: nowrap;\n}\n#quiz-1 * { box-sizing: border-box; }\n\n#quiz-1 .quiz-container {\n  max-width: 700px;\n  margin: auto;\n  padding: 20px;\n  background: #fff;\n  border-radius: 14px;\n  box-shadow: 0 6px 16px rgba(0,0,0,0.12);\n}\n\n#quiz-1 h2 {\n  text-align: center;\n}\n\n#quiz-1 .question {\n  margin-bottom: 22px;\n}\n\n#quiz-1 .question p {\n  font-weight: bold;\n}\n\n#quiz-1 button {\n  width: 100%;\n  padding: 12px;\n  margin: 6px 0;\n  border: none;\n  border-radius: 6px;\n  background: #e0e0e0;\n  color: #000;\n  font-size: 16px;\n  cursor: pointer;\n}\n\n#quiz-1 button:hover {\n  background: #d5d5d5;\n}\n\n#quiz-1 button.correct {\n  background: #4caf50;\n  color: #000;\n}\n\n#quiz-1 button.wrong {\n  background: #f44336;\n  color: #000;\n}\n\n#quiz-1 button.locked {\n  pointer-events: none;\n}\n\n\/* SUMMARY *\/\n#quiz-1 .final-summary {\n  margin-top: 40px;\n  padding: 20px;\n  border-radius: 14px;\n  background: #fafafa;\n  border: 2px solid #4caf50;\n}\n\n#quiz-1 .final-summary h3 {\n  text-align: center;\n  margin-bottom: 20px;\n}\n\n#quiz-1 .summary-row {\n  display: grid;\n  grid-template-columns: 120px 1fr 40px;\n  gap: 10px;\n  align-items: center;\n  margin-bottom: 12px;\n  font-weight: bold;\n}\n\n#quiz-1 .summary-bar {\n  height: 14px;\n  background: #ddd;\n  border-radius: 10px;\n  overflow: hidden;\n}\n\n#quiz-1 .bar-fill {\n  height: 100%;\n  width: 0%;\n}\n\n#quiz-1 .bar-attempted { background: #2196f3; }\n#quiz-1 .bar-correct { background: #4caf50; }\n#quiz-1 .bar-wrong { background: #f44336; }\n#quiz-1 .bar-unattempted { background: #9e9e9e; width: 100%; }\n\n#quiz-1 .final-score {\n  text-align: center;\n  font-size: 22px;\n  margin-top: 20px;\n}\n\n#quiz-1 .score-value {\n  font-size: 30px;\n  margin-left: 8px;\n}\n<\/style>\n<\/head>\n\n<body>\n<div id=\"quiz-1\">\n  <div class=\"quiz-container\">\n<div id=\"quiz-1-sticky-header\">\n  <span> SEBI Circulars May Practice Quiz<\/span>\n  <span id=\"quiz-1-score-badge\">Score: <strong id=\"quiz-1-score-value\">0.00<\/strong><\/span>\n<\/div>\n\n    <!-- QUESTIONS -->\n\n<div class=\"question\" data-answered=\"false\">\n  <p>1. Under SEBI regulations, InvITs are allowed to borrow beyond 49% of their net assets. What is the primary purpose for which SEBI permits such excess borrowing?<\/p>\n  <button data-correct=\"false\">To distribute higher dividends to unit holders<\/button>\n  <button data-correct=\"false\">To increase the management fees of fund managers<\/button>\n  <button data-correct=\"true\">For capital expenditure, major repairs, or refinancing of debt<\/button>\n  <button data-correct=\"false\">To purchase equity shares of listed companies<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>2. Which of the following best describes the normal borrowing limit for InvITs under SEBI regulations?<\/p>\n  <button data-correct=\"false\">25% of net assets<\/button>\n  <button data-correct=\"true\">49% of net assets<\/button>\n  <button data-correct=\"false\">35% of net assets<\/button>\n  <button data-correct=\"false\">74% of net assets<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>3. SEBI allows InvITs to refinance existing debt. However, which portion of the debt is strictly NOT permitted to be refinanced?<\/p>\n  <button data-correct=\"true\">Interest component only<\/button>\n  <button data-correct=\"false\">Principal component only<\/button>\n  <button data-correct=\"false\">Both principal and interest equally<\/button>\n  <button data-correct=\"false\">Penalty charges on the loan<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>4. An InvIT manager wishes to repair a significant stretch of a toll expressway it holds as an asset. Under SEBI&#8217;s excess borrowing provisions, this activity would be classified as:<\/p>\n  <button data-correct=\"false\">Working capital financing<\/button>\n  <button data-correct=\"false\">Speculative investment<\/button>\n  <button data-correct=\"true\">Major repair and maintenance<\/button>\n  <button data-correct=\"false\">Dividend distribution funding<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>5. Market data may be used for educational purposes under SEBI&#8217;s new rules effective July 1, 2026. Which of the following uses is explicitly PROHIBITED?<\/p>\n  <button data-correct=\"false\">Using data for classroom training modules<\/button>\n  <button data-correct=\"false\">Developing NISM training programs<\/button>\n  <button data-correct=\"true\">Making buy or sell recommendations on specific securities<\/button>\n  <button data-correct=\"false\">Explaining index composition to students<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>6. As per SEBI&#8217;s market data usage rules effective from July 2026, what is the minimum data lag applicable to general users accessing market data for educational content?<\/p>\n  <button data-correct=\"false\">7 days<\/button>\n  <button data-correct=\"true\">30 days<\/button>\n  <button data-correct=\"false\">15 days<\/button>\n  <button data-correct=\"false\">60 days<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>7. NISM is permitted to use market data that is only 1 day old, but strictly for which purpose?<\/p>\n  <button data-correct=\"false\">Issuing daily market newsletters<\/button>\n  <button data-correct=\"false\">Publishing research reports on equities<\/button>\n  <button data-correct=\"true\">Development of training programs<\/button>\n  <button data-correct=\"false\">Advising institutional clients<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>8. IRRA (Investor Risk Reduction Access Platform) was created to serve which primary function in the securities market?<\/p>\n  <button data-correct=\"true\">Provide backup trading access when a broker&#8217;s platform fails<\/button>\n  <button data-correct=\"false\">Facilitate IPO applications during peak demand<\/button>\n  <button data-correct=\"false\">Enable direct mutual fund purchases by retail investors<\/button>\n  <button data-correct=\"false\">Monitor insider trading activities in real-time<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>9. SEBI discontinued the IRRA platform primarily because:<\/p>\n  <button data-correct=\"false\">Robust cybersecurity frameworks and exchange redundancy systems now exist<\/button>\n  <button data-correct=\"false\">Investors complained about its user interface<\/button>\n  <button data-correct=\"false\">It was found to be technically incompatible with NSE systems<\/button>\n  <button data-correct=\"true\">IRRA was merged with the BSE trading platform<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>10. The Security Operations Center (SOC) for markets is jointly operated by which two entities?<\/p>\n  <button data-correct=\"false\">SEBI and RBI<\/button>\n  <button data-correct=\"true\">NSE and BSE<\/button>\n  <button data-correct=\"false\">NISM and SEBI<\/button>\n  <button data-correct=\"false\">IRDAI and NSE<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>11. ZTNA, used in the context of SEBI&#8217;s cybersecurity framework, stands for:<\/p>\n  <button data-correct=\"true\">Zero Trust Network Access<\/button>\n  <button data-correct=\"false\">Zero Tolerance Network Authority<\/button>\n  <button data-correct=\"false\">Zone-Tracked Network Assessment<\/button>\n  <button data-correct=\"false\">Zonal Transfer of Network Administration<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>12. Under SEBI&#8217;s significant index framework, an index qualifies as &#8216;significant&#8217; when the AUM it tracks exceeds which threshold?<\/p>\n  <button data-correct=\"false\">\u20b95,000 crore<\/button>\n  <button data-correct=\"false\">\u20b910,000 crore<\/button>\n  <button data-correct=\"true\">\u20b920,000 crore<\/button>\n  <button data-correct=\"false\">\u20b915,000 crore<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>13. SEBI reviews the list of significant indices how many times per year, and on which dates?<\/p>\n  <button data-correct=\"false\">Once a year, on 31 March<\/button>\n  <button data-correct=\"true\">Twice a year, on 30 June and 31 December<\/button>\n  <button data-correct=\"false\">Quarterly, on March, June, September, December ends<\/button>\n  <button data-correct=\"false\">Monthly on the last working day<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>14. An index that was once classified as &#8216;significant&#8217; will be removed from that category if it fails to meet the AUM threshold for how long?<\/p>\n  <button data-correct=\"false\">One year across 2 half-yearly reviews<\/button>\n  <button data-correct=\"false\">2 years across 4 reviews<\/button>\n  <button data-correct=\"false\">18 months across 3 reviews<\/button>\n  <button data-correct=\"true\">Continuously for 3 years across 6 half-yearly reviews<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>15. Under SEBI&#8217;s index provider regulations, a significant index provider must register with SEBI within how many months?<\/p>\n  <button data-correct=\"false\">3 months<\/button>\n  <button data-correct=\"false\">12 months<\/button>\n  <button data-correct=\"false\">18 months<\/button>\n  <button data-correct=\"true\">6 months<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>16. After being classified as a significant index provider, a firm must set up a separate legal entity for its index operations within:<\/p>\n  <button data-correct=\"false\">6 months<\/button>\n  <button data-correct=\"false\">1 year<\/button>\n  <button data-correct=\"true\">2 years<\/button>\n  <button data-correct=\"false\">3 years<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>17. Which of the following practices has SEBI explicitly prohibited for index providers?<\/p>\n  <button data-correct=\"false\">Licensing their indices to mutual funds<\/button>\n  <button data-correct=\"true\">Creating indices within internal departments without a standalone legal entity<\/button>\n  <button data-correct=\"false\">Publishing index methodology documents<\/button>\n  <button data-correct=\"false\">Providing data to passive fund managers<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>18. In the context of InvIT borrowings, if an InvIT manager takes a fresh loan to repay an earlier loan, this transaction is termed:<\/p>\n  <button data-correct=\"true\">Refinancing<\/button>\n  <button data-correct=\"false\">Asset monetization<\/button>\n  <button data-correct=\"false\">Subordinated funding<\/button>\n  <button data-correct=\"false\">Debt restructuring<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>19. Under SEBI&#8217;s demat account nomination rules, in which scenario is nomination MANDATORY?\nSEBI May 2026 Circular Practice Quiz Free e-book<\/p>\n  <button data-correct=\"false\">Joint account with two holders<\/button>\n  <button data-correct=\"false\">Joint account with three holders<\/button>\n  <button data-correct=\"false\">Single-holder demat account<\/button>\n  <button data-correct=\"true\">Corporate demat account<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>20. What is the maximum number of nominees allowed in a demat account under SEBI&#8217;s updated nomination rules?<\/p>\n  <button data-correct=\"false\">1<\/button>\n  <button data-correct=\"false\">2<\/button>\n  <button data-correct=\"true\">3<\/button>\n  <button data-correct=\"false\">5<\/button>\n<\/div>\n\n    <!-- FINAL SUMMARY -->\n    <div class=\"final-summary\">\n      <h3>Quiz Summary <\/h3>\n\n      <div class=\"summary-row\">\n        <span>Attempted<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-attempted\" data-summary=\"attempted\"><\/div><\/div>\n        <span data-count=\"attempted\">0<\/span>\n      <\/div>\n\n      <div class=\"summary-row\">\n        <span>Correct<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-correct\" data-summary=\"correct\"><\/div><\/div>\n        <span data-count=\"correct\">0<\/span>\n      <\/div>\n\n      <div class=\"summary-row\">\n        <span>Wrong<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-wrong\" data-summary=\"wrong\"><\/div><\/div>\n        <span data-count=\"wrong\">0<\/span>\n      <\/div>\n\n      <div class=\"summary-row\">\n        <span>Unattempted<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-unattempted\" data-summary=\"unattempted\"><\/div><\/div>\n        <span data-count=\"unattempted\">0<\/span>\n      <\/div>\n\n      <div class=\"final-score\">\n        Final Score: <span class=\"score-value\" data-score>0.0<\/span>\n      <\/div>\n    <\/div>\n\n  <\/div>\n<\/div>\n<div class=\"modal modal-obls\" id=\"modal-signup\">\n        <div class=\"modal-background\"><\/div>\n        <div class=\"modal-content\">\n           <div class=\"obls-group\" id=\"obls-group1\">\n               <div class=\"obls-blk\">\n                   <span class=\"img-box\"><img decoding=\"async\" src=\"\/img\/img-delivery.svg\" alt=\"\"><\/span>\n                   <h2 id=\"display-register-text\"><span class=\"ez-toc-section\" id=\"Sign_Up\"><\/span>Sign Up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                   <div class=\"loginas-group loginas-group1 loginas-group-single\">\n <div id=\"g_id_onload\" data-client_id=\"506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com\" ,=\"\" data-use_fedcm_for_prompt=\"true\" data-callback=\"handleOnetapResponse\">\n    <\/div>\n    <div class=\"g_id_signin\" data-type=\"standard\"><div class=\"S9gUrf-YoZ4jf\" style=\"position: relative;\"><div><\/div><iframe src=\"https:\/\/accounts.google.com\/gsi\/button?type=standard&amp;is_fedcm_supported=true&amp;client_id=506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com&amp;iframe_id=gsi_437394_8652&amp;cas=pwXumGxyCMNtIbjaV30qchi2A1vUar%2Faz%2FOE5HQ%2B0Zc\" class=\"L5Fo6c-PQbLGe\" allow=\"identity-credentials-get\" id=\"gsi_437394_8652\" title=\"Sign in with Google Button\" style=\"display: block; position: relative; top: 0px; left: 0px; height: 44px; width: 204px; border: 0px; margin: -2px -10px;\"><\/iframe><\/div><\/div>\n                   <\/div>\n                   <h6 class=\"signup-subheader\">Or, register with email<\/h6>\n                   <label class=\"errormsg txt-red courseUp\"><\/label>\n                   <div class=\"formcontrol-group\">\n                        <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-mail.svg\" alt=\"\"><\/span>\n                        <input type=\"email\" name=\"email\" class=\"formcontrol ob-inputfield\" id=\"course-uemail\" required=\"\">\n                        <span class=\"floating-label\" style=\"top: 19px; font-size: 12px;\">Email Id<\/span>\n                   <\/div>\n                   <div class=\"formcontrol-group\">\n                        <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-mobile-black.svg\" alt=\"\"><\/span>\n                        <input type=\"text\" maxlength=\"10\" name=\"monum\" class=\"formcontrol ob-inputfield\" id=\"course-uphone\" required=\"\">\n                        <span class=\"floating-label\">Mobile Number<\/span>\n                   <\/div>\n                   <div class=\"formcontrol-group\">\n                        <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-lock.svg\" alt=\"\"><\/span>\n                        <input type=\"password\" name=\"pwd\" class=\"formcontrol ob-inputfield\" id=\"course-upassword\" required=\"\">\n                        <span class=\"floating-label\">Password<\/span>\n                   <\/div>\n                   <button type=\"button\" class=\"btn btn-md btn-tblue btn-obls\" onclick=\"courseUpValidation('home','IBPS','https:\/\/u1.oliveboard.in\/exams\/?c=dashboard&amp;i=common');return false;\" id=\"courseup\">REGISTER<\/button>\n                    <p class=\"obls-footer\">Already a user?<button type=\"button\" class=\"btn btn-xs btn-switch-obls btn-show-modal-login\" id=\"btn-show-modal-login\">Login<\/button><\/p>\n               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src=\"\/img\/ic-mail.svg\" alt=\"\"><\/span>\n                            <input type=\"email\" name=\"email\" class=\"formcontrol ob-inputfield\" id=\"course-email\" required=\"\">\n                            <span class=\"floating-label\">Email Id<\/span>\n                       <\/div>\n                       <div class=\"loginnext-group\" id=\"loginnext-group\"><!-- pass and captcha -->\n                           <div class=\"formcontrol-group\">\n                                <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-lock.svg\" alt=\"\"><\/span>\n                                <input type=\"password\" name=\"pwd\" class=\"formcontrol ob-inputfield\" id=\"course-password\" required=\"\">\n                                <span class=\"floating-label\">Password<\/span>\n                           <\/div>\n                           <div style=\"display:none\" id=\"img-oblcaptcha\" class=\"captcha-img-blk\">\n                           <\/div>\n                           <div style=\"display:none\" class=\"formcontrol-group captcha-input-blk\">\n                                <input type=\"text\" name=\"pwd1\" value=\"1\" class=\"formcontrol ob-inputfield\" id=\"lcaptcha-code\" required=\"\">\n                                <span class=\"floating-label\">Enter text you see in the image<\/span>\n                           <\/div>\n                       <\/div><!-- pass and captcha -->\n                       \n                       <div class=\"btn-forgotpwd-group\"><button id=\"btn-forgotpwd\" class=\"btn btn-forgotpwd\">Forgot Password?<\/button><\/div>\n                       <button type=\"button\" id=\"coursein1\" class=\"btn btn-md btn-tblue btn-obls\" onclick=\"courseInValidation1()\">Next<\/button>\n                       <button type=\"button\" id=\"coursein\" class=\"btn btn-md btn-tblue btn-obls coursein\" onclick=\"courseInValidation('https:\/\/u1.oliveboard.in\/exams\/?c=dashboard&amp;i=common')\">Submit<\/button>\n                       <form method=\"post\" action=\"https:\/\/login.oliveboard.in\/login\/next.php\" id=\"snf1\">\n                        <input type=\"hidden\" name=\"email\" value=\"\" id=\"lemailnext\">\n                        <\/form>\n                   <\/div><!-- end login group -->\n                   <div id=\"forgotpwd-group-abc\" class=\"lfp-group-abc forgotpwd-group-abc\"><!-- start forgotpwd group -->\n                       <h2><span class=\"ez-toc-section\" id=\"Forgot_Password\"><\/span>Forgot Password<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                       <p class=\"secintro-txt\">Please enter the Email ID we will send you a Email with the link to reset the password.<\/p>\n                       <label class=\"errormsg txt-red rePassMsg\"><\/label>\n                       <div class=\"formcontrol-group formcontrol-group-fp\">\n                            <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-mail.svg\" alt=\"\"><\/span>\n                            <input type=\"email\" name=\"email\" class=\"formcontrol ob-inputfield\" id=\"remail\" required=\"\">\n                            <span class=\"floating-label\">Email Id<\/span>\n                       <\/div>\n                       <div class=\"loginas-group loginas-group1\">\n                            <button type=\"button\" id=\"btn-fpwd-cancel\" class=\"btn btn-md btn-white btn-cancel btn-fpwd-cancel\">Cancel<\/button>\n                            <button type=\"button\" id=\"lreset\" class=\"btn btn-md btn-tblue btn-fpwd-submit\" onclick=\"resetPassword()\">Submit<\/button>\n                       <\/div>\n                    <\/div><!-- end forgotpwd group --> \n                   <h6 class=\"login-subheader\">Or, login with<\/h6>\n                   <div class=\"loginas-group loginas-group2 loginas-group-single\">\n\n <div id=\"g_id_onload\" data-client_id=\"506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com\" ,=\"\" data-use_fedcm_for_prompt=\"true\" data-callback=\"handleOnetapResponse\">\n    <\/div>\n    <div class=\"g_id_signin\" data-type=\"standard\"><div class=\"S9gUrf-YoZ4jf\" style=\"position: relative;\"><div><div tabindex=\"0\" role=\"button\" aria-labelledby=\"button-label\" class=\"nsm7Bb-HzV7m-LgbsSe  hJDwNd-SxQuSe i5vt6e-Ia7Qfc uaxL4e-RbRzK\"><div class=\"nsm7Bb-HzV7m-LgbsSe-MJoBVe\"><\/div><div class=\"nsm7Bb-HzV7m-LgbsSe-bN97Pc-sM5MNb \"><div class=\"nsm7Bb-HzV7m-LgbsSe-Bz112c\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 48 48\" class=\"LgbsSe-Bz112c\"><g><path fill=\"#EA4335\" d=\"M24 9.5c3.54 0 6.71 1.22 9.21 3.6l6.85-6.85C35.9 2.38 30.47 0 24 0 14.62 0 6.51 5.38 2.56 13.22l7.98 6.19C12.43 13.72 17.74 9.5 24 9.5z\"><\/path><path fill=\"#4285F4\" d=\"M46.98 24.55c0-1.57-.15-3.09-.38-4.55H24v9.02h12.94c-.58 2.96-2.26 5.48-4.78 7.18l7.73 6c4.51-4.18 7.09-10.36 7.09-17.65z\"><\/path><path fill=\"#FBBC05\" d=\"M10.53 28.59c-.48-1.45-.76-2.99-.76-4.59s.27-3.14.76-4.59l-7.98-6.19C.92 16.46 0 20.12 0 24c0 3.88.92 7.54 2.56 10.78l7.97-6.19z\"><\/path><path fill=\"#34A853\" d=\"M24 48c6.48 0 11.93-2.13 15.89-5.81l-7.73-6c-2.15 1.45-4.92 2.3-8.16 2.3-6.26 0-11.57-4.22-13.47-9.91l-7.98 6.19C6.51 42.62 14.62 48 24 48z\"><\/path><path fill=\"none\" d=\"M0 0h48v48H0z\"><\/path><\/g><\/svg><\/div><span class=\"nsm7Bb-HzV7m-LgbsSe-BPrWId\">Sign in with Google<\/span><span class=\"L6cTce\" id=\"button-label\">Sign in with Google. Opens in new tab<\/span><\/div><\/div><\/div><iframe src=\"https:\/\/accounts.google.com\/gsi\/button?type=standard&amp;is_fedcm_supported=true&amp;client_id=506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com&amp;iframe_id=gsi_437400_306436&amp;cas=pwXumGxyCMNtIbjaV30qchi2A1vUar%2Faz%2FOE5HQ%2B0Zc\" class=\"L5Fo6c-PQbLGe\" allow=\"identity-credentials-get\" id=\"gsi_437400_306436\" title=\"Sign in with Google Button\" style=\"display: block; position: relative; top: 0px; left: 0px; height: 0px; width: 0px; border: 0px;\"><\/iframe><\/div><\/div>\n\n\n                   <\/div>\n                    <p class=\"obls-footer\">New to Oliveboard?<button class=\"btn btn-xs btn-switch-obls\" id=\"btn-show-modal-signup\">Register<\/button><\/p>\n               <\/div> \n            <\/div> \n            <div class=\"success-msg-group\" id=\"success-msg-group\"><!-- success msg -->\n                <div class=\"success-msg-blk\" id=\"success-msg-blk\">\n                    <span class=\"img-box\"><img decoding=\"async\" src=\"\/img\/success-ellipse.svg\" alt=\"\"><\/span>\n                    <h2 id=\"fpwd-success-msg-title\"><span class=\"ez-toc-section\" id=\"i\"><\/span>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                    <p id=\"fpwd-success-msg-text\">&nbsp;<\/p>\n                    <div class=\"login-btn\">\n                        <button type=\"button\" class=\"btn btn-md btn-tblue modal-obls-close\">Ok<\/button>\n                    <\/div>\n\n                <\/div>\n            <\/div><!-- success msg -->\n\n        <\/div>\n        <button class=\"modal-close is-large modal-obls-close\" aria-label=\"close\"><\/button>\n    <\/div>\n\n<script src=\"https:\/\/s3-ap-southeast-1.amazonaws.com\/sg2.oliveboard.in\/static\/js\/jquery.js\"><\/script>\n\n<script>\nvar boxurl = window.location.href + '?log=1';\n\nfunction getUrlParam(name, defaultValue) {\n    const params = new URLSearchParams(window.location.search);\n    return params.has(name) ? params.get(name) : defaultValue;\n}\n\nvar l_log = getUrlParam('log', 0);\n<\/script>\n<script src=\"https:\/\/www.oliveboard.in\/js\/coursecommon.js?v=12\"><\/script>\n\n\n<script>\n(() => {\n  const quizContainer = document.getElementById('quiz-1');\n  const STORAGE_KEY = 'quiz_1_state';\n  let score = 0;\n  let attempted = 0;\n  let correct = 0;\n  let wrong = 0;\n\n  const questions = quizContainer.querySelectorAll(\".question\");\n  const total = questions.length;\n\n  function loadState() {\n    try { return JSON.parse(sessionStorage.getItem(STORAGE_KEY) || '{}'); }\n    catch { return {}; }\n  }\n\n  function saveState(data) {\n    sessionStorage.setItem(STORAGE_KEY, JSON.stringify(data));\n  }\n\n  function updateUI() {\n    const unattempted = total - attempted;\n    quizContainer.querySelector('[data-count=\"attempted\"]').textContent = attempted;\n    quizContainer.querySelector('[data-count=\"correct\"]').textContent = correct;\n    quizContainer.querySelector('[data-count=\"wrong\"]').textContent = wrong;\n    quizContainer.querySelector('[data-count=\"unattempted\"]').textContent = unattempted;\n    quizContainer.querySelector('[data-summary=\"attempted\"]').style.width = (attempted \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-summary=\"correct\"]').style.width = (correct \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-summary=\"wrong\"]').style.width = (wrong \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-summary=\"unattempted\"]').style.width = (unattempted \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-score]').textContent = score.toFixed(2);\n\n    \/\/ Live score update in sticky header\n    document.getElementById('quiz-1-score-value').textContent = score.toFixed(2);\n  }\n\n  function restoreQuestion(q, chosenIndex, wasCorrect) {\n    q.dataset.answered = \"true\";\n    const buttons = q.querySelectorAll(\"button\");\n    buttons.forEach(b => b.classList.add(\"locked\"));\n    if (wasCorrect) {\n      buttons[chosenIndex].classList.add(\"correct\");\n    } else {\n      buttons[chosenIndex].classList.add(\"wrong\");\n      q.querySelector(\"[data-correct='true']\").classList.add(\"correct\");\n    }\n  }\n\n  \/\/ Restore saved answers on page load\n  const savedAnswers = loadState();\nquestions.forEach((q, qIndex) => {\n    const saved = savedAnswers[qIndex];\n    if (saved !== undefined) {\n      attempted++;\n      if (saved.correct) { correct++; }\n      else { wrong++; }\n      restoreQuestion(q, saved.chosenIndex, saved.correct);\n    }\n  });\n  score = parseFloat((correct * 1 - wrong * 0.25).toFixed(2));\n  updateUI();\n\n  \/\/ Attach click handlers\n  questions.forEach((q, qIndex) => {\n    q.querySelectorAll(\"button\").forEach((btn, btnIndex) => {\n      btn.addEventListener(\"click\", () => {\n        if (q.dataset.answered === \"true\") return;\n        q.dataset.answered = \"true\";\n        attempted++;\n\n        if (attempted > 9 && l_log == 0) {\n          $('#modal-signup').addClass('is-active');\n        }\n\n        q.querySelectorAll(\"button\").forEach(b => b.classList.add(\"locked\"));\n        const isCorrect = btn.dataset.correct === \"true\";\n\n if (isCorrect) {\n          btn.classList.add(\"correct\");\n          correct++;\n        } else {\n          btn.classList.add(\"wrong\");\n          wrong++;\n          q.querySelector(\"[data-correct='true']\").classList.add(\"correct\");\n        }\n        score = parseFloat((correct * 1 - wrong * 0.25).toFixed(2));\n\n        savedAnswers[qIndex] = { chosenIndex: btnIndex, correct: isCorrect };\n        saveState(savedAnswers);\n        updateUI();\n      });\n    });\n  });\n\n  updateUI();\n})();\n<\/script>\n\n<\/body>\n<\/html>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/sebi-grade-a-mock-test\/?ref=contac-sebi-maycircpq\" target=\"_blank\" rel=\"noreferrer noopener\">Attempt a Free SEBI Grade A Mock Test<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-sebi-circulars-may-2026-and-why-are-they-important\"><span class=\"ez-toc-section\" id=\"What_are_SEBI_Circulars_May_2026_and_why_are_they_important\"><\/span>What are SEBI Circulars May 2026 and why are they important?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI Circulars May 2026 include important regulatory changes issued by the Securities and Exchange Board of India for capital markets and investor protection. These circulars directly impact mutual funds, InvITs, index providers, brokers, and demat account holders. For exam aspirants, they are highly important because questions are often framed from recent SEBI reforms and compliance rules. These updates also improve transparency, cybersecurity, and investor safety in Indian financial markets.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Infrastructure Investment Trusts (InvITs)<\/li>\n\n\n\n<li>Index provider regulation framework<\/li>\n\n\n\n<li>Market data usage restrictions<\/li>\n\n\n\n<li>IRRA system updates<\/li>\n\n\n\n<li>Cybersecurity &amp; AI risk control<\/li>\n\n\n\n<li>Demat nomination rules<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-invits-and-how-does-sebi-regulate-borrowing-limits\"><span class=\"ez-toc-section\" id=\"What_are_InvITs_and_how_does_SEBI_regulate_borrowing_limits\"><\/span>What are InvITs and how does SEBI regulate borrowing limits?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>InvITs (Infrastructure Investment Trusts) are investment vehicles similar to mutual funds that pool money from investors and invest it in infrastructure projects like roads, power plants, and expressways. SEBI allows InvITs to borrow funds up to a certain limit to manage large infrastructure development efficiently. However, strict rules are applied when borrowing exceeds the permitted threshold.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Section<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td><strong>Borrowing Structure<\/strong><\/td><td>&#8211; Normal borrowing limit: up to 49% of net assets<br>&#8211; Beyond 49% allowed only under SEBI-prescribed conditions<br>&#8211; Extra borrowing permitted only for infrastructure development purposes<\/td><\/tr><tr><td><strong>Key Infrastructure Assets<\/strong><\/td><td>&#8211; Roads and expressways<br>&#8211; Irrigation canals<br>&#8211; Power generation projects<br>&#8211; Urban infrastructure development<\/td><\/tr><tr><td><strong>Importance<\/strong><\/td><td>&#8211; Supports national development<br>&#8211; Improves transport and connectivity<br>&#8211; Enables large-scale infrastructure expansion<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/sebi\/?ref=contac-sebi-maycircpq\" target=\"_blank\" rel=\"noreferrer noopener\">Explore SEBI Grade A Online Courses<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-conditions-for-excess-borrowing-in-invits\"><span class=\"ez-toc-section\" id=\"What_are_the_conditions_for_excess_borrowing_in_InvITs\"><\/span>What are the conditions for excess borrowing in InvITs?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI allows InvITs to borrow beyond 49% of net assets only for specific development-related purposes. These conditions ensure that borrowed funds are used only for productive infrastructure growth and not for speculative purposes.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Permitted usage of excess borrowing:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Capital expenditure for new projects<\/li>\n\n\n\n<li>Creation of new infrastructure assets<\/li>\n\n\n\n<li>Major repair and maintenance work<\/li>\n\n\n\n<li>Debt refinancing under strict rules<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Example:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Repairing expressways like Delhi\u2013Mumbai Expressway<\/li>\n\n\n\n<li>Building new highways or power infrastructure<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-sebi-refinancing-rules-for-invits\"><span class=\"ez-toc-section\" id=\"What_are_SEBI_refinancing_rules_for_InvITs\"><\/span>What are SEBI refinancing rules for InvITs?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Refinancing rules are designed to ensure financial discipline in infrastructure investment trusts. SEBI allows refinancing only for principal repayment while keeping interest payments outside the refinancing structure.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Key refinancing rules:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Only principal amount can be refinanced<\/li>\n\n\n\n<li>Interest must be paid separately by the borrower<\/li>\n\n\n\n<li>Prevents misuse of debt restructuring<\/li>\n\n\n\n<li>Ensures transparent repayment structure<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Simple example:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Loan of \u20b9100 taken from Lender A<\/li>\n\n\n\n<li>New loan from Lender B used to repay \u20b9100 principal<\/li>\n\n\n\n<li>Interest cannot be transferred and must be paid separately<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-sebi-market-data-usage-rules-in-2026\"><span class=\"ez-toc-section\" id=\"What_are_SEBI_market_data_usage_rules_in_2026\"><\/span>What are SEBI market data usage rules in 2026?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has introduced strict guidelines on how market data can be used, especially for educational and training purposes. These rules aim to prevent misuse of financial data for unauthorized recommendations or trading advice.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Key rules:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Market data allowed only for educational use<\/li>\n\n\n\n<li>No buy\/sell recommendations permitted<\/li>\n\n\n\n<li>No naming of securities in suggestive form<\/li>\n\n\n\n<li>No stock tips or trading calls allowed<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Data usage limits:<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>User Type<\/strong><\/td><td><strong>Allowed Data Age<\/strong><\/td><td><strong>Purpose<\/strong><\/td><\/tr><tr><td>General Users<\/td><td>30-day old data<\/td><td>Education only<\/td><\/tr><tr><td>NISM Institutions<\/td><td>1-day old data<\/td><td>Training programs only<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Restrictions:<\/strong>\n<ul class=\"wp-block-list\">\n<li>No investment advice<\/li>\n\n\n\n<li>No security-specific recommendations<\/li>\n\n\n\n<li>No sharing sensitive market insights for trading<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Effective date:<\/strong>\n<ul class=\"wp-block-list\">\n<li>1 July 2026<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-grade-b-fm-practice-quiz\/?ref=contac-sebi-maycircpq\" target=\"_blank\" rel=\"noreferrer noopener\">Take A Free RBI Grade B FM Practice Quiz<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-irra-platform-and-why-was-it-discontinued\"><span class=\"ez-toc-section\" id=\"What_is_IRRA_platform_and_why_was_it_discontinued\"><\/span>What is IRRA platform and why was it discontinued?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The IRRA (Investor Risk Reduction Access) platform was earlier introduced to provide backup trading access when broker systems failed. It allowed investors to continue trading during emergencies like cyberattacks or system crashes. However, SEBI has now discontinued IRRA due to improved market infrastructure and cybersecurity systems.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td><strong>Earlier Purpose of IRRA<\/strong><\/td><td>&#8211; Backup trading access during broker failure<br>&#8211; Protection against system crashes<br>&#8211; Continuity during cyber incidents<\/td><\/tr><tr><td><strong>Reason for Discontinuation<\/strong><\/td><td>&#8211; Strong cybersecurity frameworks now exist<br>&#8211; NSE &amp; BSE systems are highly stable<br>&#8211; Continuous audit and monitoring in place<br>&#8211; Multiple redundancy systems available<\/td><\/tr><tr><td><strong>Current Safeguards<\/strong><\/td><td>&#8211; SOC (Security Operations Center) for exchanges<br>&#8211; Zero Trust security model<br>&#8211; Continuous system monitoring<br>&#8211; Advanced cybersecurity resilience framework<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-sebi-significant-index-regulations\"><span class=\"ez-toc-section\" id=\"What_are_SEBI_significant_index_regulations\"><\/span>What are SEBI significant index regulations?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has introduced rules to regulate index providers because passive investment funds depend heavily on indices like Nifty and Sensex. This ensures transparency, accountability, and proper governance of index methodologies.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td><strong>Definition of Significant Index<\/strong><\/td><td>&#8211; AUM above \u20b920,000 crore<br>&#8211; Evaluated over the last 6 months<\/td><\/tr><tr><td><strong>Review Cycle<\/strong><\/td><td>&#8211; Twice a year<br>&#8211; 30 June and 31 December<\/td><\/tr><tr><td><strong>Removal Condition<\/strong><\/td><td>&#8211; AUM remains below threshold for 3 continuous years<br>&#8211; Across 6 half-yearly reviews<\/td><\/tr><tr><td><strong>Regulatory Requirements<\/strong><\/td><td>&#8211; Mandatory SEBI registration within 6 months<br>&#8211; Separate legal entity required within 2 years<br>&#8211; Internal departmental index creation not allowed<\/td><\/tr><tr><td><strong>Purpose of Regulation<\/strong><\/td><td>&#8211; Protect large investor funds<br>&#8211; Ensure transparency in index calculation<br>&#8211; Improve governance of passive funds<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/blog\/free-quizzes-for-regulatory-exams\/?ref=contac-sebi-maycircpq\" target=\"_blank\" rel=\"noreferrer noopener\">Attempt Free Quiz for Regulatory Exams<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-sebi-cybersecurity-and-ai-concerns\"><span class=\"ez-toc-section\" id=\"What_are_SEBI_cybersecurity_and_AI_concerns\"><\/span>What are SEBI cybersecurity and AI concerns?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has raised concerns about increasing cyber risks due to AI tools that can quickly scan systems and detect vulnerabilities. These technologies can be misused for cyberattacks, making cybersecurity stronger and more adaptive.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td><strong>Key SEBI Measures<\/strong><\/td><td>&#8211; Continuous cybersecurity audits<br>&#8211; Daily system monitoring<br>&#8211; Strengthening SOC (Security Operations Center) infrastructure<br>&#8211; Use of ZTNA (Zero Trust Network Access)<\/td><\/tr><tr><td><strong>Core Principle<\/strong><\/td><td>\u201cNever trust, always verify\u201d<\/td><\/tr><tr><td><strong>Meaning of Principle<\/strong><\/td><td>&#8211; Every system access must be verified<br>&#8211; No automatic trust for users or devices<br>&#8211; Strict authentication required for all actions<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-sebi-demat-account-nomination-rules\"><span class=\"ez-toc-section\" id=\"What_are_SEBI_demat_account_nomination_rules\"><\/span>What are SEBI demat account nomination rules?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has updated rules for nomination in demat accounts to improve investor protection and reduce legal disputes in case of account holder\u2019s death.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td><strong>Key Rules<\/strong><\/td><td>&#8211; Joint accounts: nomination optional<br>&#8211; Single accounts: nomination mandatory<br>&#8211; Maximum 3 nominees allowed<\/td><\/tr><tr><td><strong>Nominee Distribution<\/strong><\/td><td>&#8211; Equal share if percentage not specified<br>&#8211; All joint holders must approve changes<\/td><\/tr><tr><td><strong>Effective Date<\/strong><\/td><td>1 September 2026<\/td><\/tr><tr><td><strong>Importance<\/strong><\/td><td>&#8211; Ensures smooth transfer of securities<br>&#8211; Reduces inheritance disputes<br>&#8211; Strengthens investor protection framework<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1780919887448\"><strong class=\"schema-faq-question\">1. What is the borrowing limit for InvITs?<\/strong> <p class=\"schema-faq-answer\">InvITs can borrow up to 49% of net assets under normal conditions.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780919888538\"><strong class=\"schema-faq-question\">2. When is excess borrowing allowed in InvITs?<\/strong> <p class=\"schema-faq-answer\">It is allowed only for infrastructure-related purposes with SEBI conditions.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780919889664\"><strong class=\"schema-faq-question\">3. What is allowed under InvIT refinancing rules?<\/strong> <p class=\"schema-faq-answer\">Only the principal amount can be refinanced, not interest.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780919890132\"><strong class=\"schema-faq-question\">4. What is the AUM threshold for a significant index?<\/strong> <p class=\"schema-faq-answer\">An index becomes significant if AUM exceeds \u20b920,000 crore.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780919890642\"><strong class=\"schema-faq-question\">5. Why was IRRA discontinued?<\/strong> <p class=\"schema-faq-answer\">Because NSE &amp; BSE systems and cybersecurity frameworks have become strong.<\/p> <\/div> <\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/\">SEBI Circulars 2026, Attempt Quiz and Download SEBI Circulars PDFs<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/\">Attempt SEBI Circulars May 2026 Practice Quiz &amp; Download PDF<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-april-circulars\/\">Attempt SEBI Circulars April 2026 Practice Quiz &amp; Download PDF<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/pib-may-current-affairs-quiz\/\">Attempt PIB May Current Affairs 2026 Quiz &amp; Download PDF<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/computer-awareness-quiz\/\">Computer Awareness Questions for Bank, SSC, and Railways, 500 MCQs<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/rbi-bulletin\/\">RBI Bulletin 2026, Attempt Quiz and Download RBI Bulletin PDFs<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>The SEBI Circulars for May 2026 bring some of the most important regulatory updates for banking, capital markets, and financial<\/p>\n","protected":false},"author":58,"featured_media":245343,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2151,10237,8661],"tags":[],"class_list":["post-245339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quiz_test","category-preparation-resources","category-sebi-prep","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Attempt SEBI Circulars May 2026 Practice Quiz &amp; Download PDF<\/title>\n<meta name=\"description\" content=\"Check out the details of the SEBI May 2026 circulars, attempt questions based on them, and download the free PDF.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Attempt SEBI Circulars May 2026 Practice Quiz &amp; Download PDF\" \/>\n<meta property=\"og:description\" content=\"The SEBI Circulars for May 2026 bring some of the most important regulatory updates for banking, capital markets, and financial certification exams like\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/\" \/>\n<meta property=\"og:site_name\" content=\"Oliveboard\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Oliveboard\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-08T14:46:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-08T14:52:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/06\/SEBI-Circular-1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"AditiOB\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:site\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"AditiOB\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/\"},\"author\":{\"name\":\"AditiOB\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/0cbc4ac8555ced346681804861de062c\"},\"headline\":\"Attempt SEBI Circulars May 2026 Practice Quiz &amp; 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