{"id":245351,"date":"2026-06-08T20:16:18","date_gmt":"2026-06-08T14:46:18","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=245351"},"modified":"2026-06-08T20:22:29","modified_gmt":"2026-06-08T14:52:29","slug":"sebi-april-circulars","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/sebi-april-circulars\/","title":{"rendered":"Attempt SEBI Circulars April 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-april-circulars\/#Download_SEBI_Circulars_April_2026_Practice_Quiz_PDF\" >Download SEBI Circulars April 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-april-circulars\/#Attempt_the_SEBI_Circulars_April_2026_Quiz\" >Attempt the SEBI Circulars April 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-april-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-april-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-april-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-april-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-april-circulars\/#What_is_the_one-time_relaxation_given_by_SEBI_for_IPO_observation_letter_validity\" >What is the one-time relaxation given by SEBI for IPO observation letter validity?<\/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-april-circulars\/#What_changes_have_been_introduced_in_Minimum_Public_Shareholding_MPS_rules\" >What changes have been introduced in Minimum Public Shareholding (MPS) rules?<\/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-april-circulars\/#What_is_the_SEBI_rule_for_depository_marking_of_lock-in_securities\" >What is the SEBI rule for depository marking of lock-in securities?<\/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-april-circulars\/#What_are_the_new_SEBI_rules_for_Social_Stock_Exchange_and_Social_Impact_Assessors\" >What are the new SEBI rules for Social Stock Exchange and Social Impact Assessors?<\/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-april-circulars\/#What_is_SEBIs_new_FPI_net_settlement_mechanism\" >What is SEBI\u2019s new FPI net settlement mechanism?<\/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-april-circulars\/#What_changes_have_been_made_for_debenture_trustees_under_SEBI_rules\" >What changes have been made for debenture trustees under SEBI rules?<\/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-april-circulars\/#What_is_the_PARVA_framework_introduced_by_SEBI\" >What is the PARVA framework introduced by SEBI?<\/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-april-circulars\/#What_is_SEBIs_AIF_fast-track_mechanism_for_scheme_launch\" >What is SEBI\u2019s AIF fast-track mechanism for scheme launch?<\/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-april-circulars\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>The SEBI Circulars for April 2026 bring a highly exam-relevant set of regulatory updates impacting IPOs, capital markets, FPIs, AIFs, and investor protection frameworks. These updates are crucial for CAIIB, JAIIB, NISM, and SEBI Grade exams because they combine conceptual reforms with direct compliance-based questions. From IPO validity extensions to new PARVA verification systems and revised MPS rules, this set of circulars strengthens transparency and market stability. 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\"><span class=\"ez-toc-section\" id=\"Download_SEBI_Circulars_April_2026_Practice_Quiz_PDF\"><\/span>Download SEBI Circulars April 2026 Practice Quiz PDF<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The SEBI Circulars April 2026 Practice Quiz is a revision-based MCQ set prepared from the latest SEBI circulars, regulatory frameworks, and capital market guidelines issued in 2026.<\/p>\n\n\n\n<p>This quiz focuses on key topics like IPO observation letter validity extension, revised Minimum Public Shareholding (MPS) framework, FPI settlement rules, PARVA framework introduction, AIF fast-track mechanism, and updated Social Stock Exchange regulations.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><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-aprilcircpq\" 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-aprilcircpq\" 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_April_2026_Quiz\"><\/span>Attempt the SEBI Circulars April 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 exams as they reflect the latest policy updates issued by the Securities and Exchange Board of India (SEBI). This April 2026 quiz helps learners build strong conceptual clarity on key topics such as IPO observation letter extension, revised MPS structure based on market capitalization, FPI net settlement mechanism, PARVA verification framework, AIF fast-track rules, and Social Stock Exchange reforms including reduced minimum subscription norms.<\/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 April 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<!-- Q1 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>1. SEBI issued a one-time relaxation extending the validity of IPO observation letters that were set to expire between 1 April 2026 and 3 September 2026. What is the new extended deadline for these observation letters?<\/p>\n  <button data-correct=\"false\">31 December 2026<\/button>\n  <button data-correct=\"false\">31 March 2027<\/button>\n  <button data-correct=\"true\">30 September 2026<\/button>\n  <button data-correct=\"false\">30 June 2026<\/button>\n<\/div>\n\n<!-- Q2 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>2. According to SEBI&#8217;s one-time relaxation on IPO observation letters, if a company chooses to use the extension, which of the following is a mandatory condition that must be fulfilled?<\/p>\n  <button data-correct=\"false\">The company must withdraw its existing DRHP and file a fresh one<\/button>\n  <button data-correct=\"true\">Lead Managers must confirm compliance with SEBI capital issue regulations and submit updated documents<\/button>\n  <button data-correct=\"false\">The company must obtain a fresh credit rating before re-filing<\/button>\n  <button data-correct=\"false\">A minimum of 50% subscription must be secured before availing the extension<\/button>\n<\/div>\n\n<!-- Q3 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>3. The primary reason cited by SEBI for granting a one-time relaxation on IPO observation letter validity was:<\/p>\n  <button data-correct=\"true\">Adverse economic conditions and weak market sentiment affecting IPO subscription<\/button>\n  <button data-correct=\"false\">Regulatory over-compliance by merchant bankers<\/button>\n  <button data-correct=\"false\">Delay in NCLT approvals for corporate restructuring<\/button>\n  <button data-correct=\"false\">Revision in SEBI&#8217;s fee structure for listed companies<\/button>\n<\/div>\n\n<!-- Q4 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>4. Under SEBI&#8217;s IPO observation letter relaxation framework, the concern about minimum subscription not being achieved directly leads to which scenario?<\/p>\n  <button data-correct=\"false\">Mandatory green shoe option exercise<\/button>\n  <button data-correct=\"false\">Compulsory QIB allocation increase<\/button>\n  <button data-correct=\"false\">Conversion of IPO into FPO<\/button>\n  <button data-correct=\"true\">Refund to investors<\/button>\n<\/div>\n\n<!-- Q5 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>5. Under SEBI&#8217;s revised Minimum Public Shareholding (MPS) framework, what is the minimum public shareholding that a listed company must maintain?<\/p>\n  <button data-correct=\"false\">10%<\/button>\n  <button data-correct=\"false\">15%<\/button>\n  <button data-correct=\"false\">20%<\/button>\n  <button data-correct=\"true\">25%<\/button>\n<\/div>\n\n<!-- Q6 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>6. Which entity raised concerns about sudden dilution affecting market price, prompting a revision to the Minimum Public Shareholding (MPS) framework?<\/p>\n  <button data-correct=\"false\">NSE<\/button>\n  <button data-correct=\"true\">LIC<\/button>\n  <button data-correct=\"false\">IRDAI<\/button>\n  <button data-correct=\"false\">RBI<\/button>\n<\/div>\n\n<!-- Q7 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>7. Under SEBI&#8217;s revised MPS framework, companies are classified into 6 categories based on:<\/p>\n  <button data-correct=\"false\">Annual turnover<\/button>\n  <button data-correct=\"false\">Number of shareholders<\/button>\n  <button data-correct=\"true\">Post-issue market capitalization<\/button>\n  <button data-correct=\"false\">Pre-IPO promoter holding percentage<\/button>\n<\/div>\n\n<!-- Q8 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>8. Under SEBI&#8217;s revised MPS framework, companies are given how many years to achieve compliance, depending on their market capitalization category?<\/p>\n  <button data-correct=\"true\">3 to 10 years<\/button>\n  <button data-correct=\"false\">1 to 5 years<\/button>\n  <button data-correct=\"false\">2 to 7 years<\/button>\n  <button data-correct=\"false\">5 to 15 years<\/button>\n<\/div>\n\n<!-- Q9 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>9. In SEBI&#8217;s revised MPS framework, which of the following is NOT counted as &#8216;public&#8217; shareholding?<\/p>\n  <button data-correct=\"false\">Retail investors<\/button>\n  <button data-correct=\"false\">Qualified Institutional Buyers (QIBs)<\/button>\n  <button data-correct=\"false\">Foreign Portfolio Investors (FPIs)<\/button>\n  <button data-correct=\"true\">Promoters of the company<\/button>\n<\/div>\n\n<!-- Q10 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>10. SEBI&#8217;s revised MPS framework granted a general relaxation extending the compliance window from 1 April 2026\u201330 September 2026 to which new date?<\/p>\n  <button data-correct=\"false\">31 December 2026<\/button>\n  <button data-correct=\"true\">30 September 2026<\/button>\n  <button data-correct=\"false\">31 March 2027<\/button>\n  <button data-correct=\"false\">30 June 2027<\/button>\n<\/div>\n\n<!-- Q11 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>11. Under SEBI&#8217;s revised MPS framework, what is the minimum post-issue market capitalization threshold in the lowest defined category?<\/p>\n  <button data-correct=\"true\">\u20b91600 crore<\/button>\n  <button data-correct=\"false\">\u20b9500 crore<\/button>\n  <button data-correct=\"false\">\u20b9800 crore<\/button>\n  <button data-correct=\"false\">\u20b91000 crore<\/button>\n<\/div>\n\n<!-- Q12 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>12. For the \u20b91600 crore market capitalization category under SEBI&#8217;s revised MPS framework, approximately how many years are companies given to achieve compliance?<\/p>\n  <button data-correct=\"false\">1 year<\/button>\n  <button data-correct=\"false\">7 years<\/button>\n  <button data-correct=\"true\">3 years<\/button>\n  <button data-correct=\"false\">10 years<\/button>\n<\/div>\n\n<!-- Q13 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>13. As per SEBI guidelines on depository operations, if a lock-in cannot be created on specified securities, what action must the depository take?<\/p>\n  <button data-correct=\"false\">Cancel the securities and issue fresh ones<\/button>\n  <button data-correct=\"true\">Mark the securities as &#8216;Non-transferable&#8217;<\/button>\n  <button data-correct=\"false\">Transfer the securities to the IEPF account<\/button>\n  <button data-correct=\"false\">Suspend trading in the security on all exchanges<\/button>\n<\/div>\n\n<!-- Q14 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>14. The purpose of SEBI&#8217;s guideline requiring depositories to mark certain securities as &#8216;Non-transferable&#8217; (when lock-in cannot be created) is to:<\/p>\n  <button data-correct=\"false\">Enable faster pledge creation for margin purposes<\/button>\n  <button data-correct=\"false\">Allow promoters to sell securities in the secondary market<\/button>\n  <button data-correct=\"false\">Facilitate overseas listing of dematerialized securities<\/button>\n  <button data-correct=\"true\">Ensure restriction compliance without using the lock-in mechanism<\/button>\n<\/div>\n\n<!-- Q15 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>15. Under SEBI&#8217;s depository update on lock-in securities marking, which of the following is specifically stated in the circular about the securities to which this applies?<\/p>\n  <button data-correct=\"false\">Only pre-IPO shares held by promoters for more than 1 year<\/button>\n  <button data-correct=\"false\">Only ESOP shares not yet vested<\/button>\n  <button data-correct=\"false\">Only shares held by anchor investors<\/button>\n  <button data-correct=\"true\">No specific securities are defined in the circular<\/button>\n<\/div>\n\n<!-- Q16 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>16. Which entity is primarily responsible for implementing the &#8216;Non-transferable&#8217; marking under SEBI&#8217;s updated depository framework?<\/p>\n  <button data-correct=\"false\">Listed company&#8217;s compliance officer<\/button>\n  <button data-correct=\"false\">Lead Manager of the IPO<\/button>\n  <button data-correct=\"true\">The Depository<\/button>\n  <button data-correct=\"false\">Stock exchange&#8217;s surveillance department<\/button>\n<\/div>\n\n<!-- Q17 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>17. Under SEBI&#8217;s Social Stock Exchange (SSE) framework, Social Impact Assessors are required to evaluate the social impact of which entities?<\/p>\n  <button data-correct=\"false\">Listed equity companies and mutual funds<\/button>\n  <button data-correct=\"true\">NGOs and not-for-profit organisations listed on the SSE<\/button>\n  <button data-correct=\"false\">Investment advisers and research analysts<\/button>\n  <button data-correct=\"false\">Commodity market participants and warehouse receipts holders<\/button>\n<\/div>\n\n<!-- Q18 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>18. Which of the following entities can act as a Social Impact Assessor under SEBI&#8217;s SSE framework?<\/p>\n  <button data-correct=\"true\">Individuals, partnership firms, or companies registered with a SEBI recognised SRO<\/button>\n  <button data-correct=\"false\">SEBI-registered brokers<\/button>\n  <button data-correct=\"false\">CFA qualification holders only<\/button>\n  <button data-correct=\"false\">Government-owned rating agencies<\/button>\n<\/div>\n\n<!-- Q19 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>19. A mandatory requirement for Social Impact Assessors under SEBI&#8217;s SSE framework is that they must hold:<\/p>\n  <button data-correct=\"false\">FRM (Financial Risk Manager) certification<\/button>\n  <button data-correct=\"false\">CFA Level III certification<\/button>\n  <button data-correct=\"true\">NISM certification<\/button>\n  <button data-correct=\"false\">ICAI membership<\/button>\n<\/div>\n\n<!-- Q20 -->\n<div class=\"question\" data-answered=\"false\">\n  <p>20. SEBI revised the minimum application size for instruments issued under the Social Stock Exchange. What is the current minimum application size after the latest revision?<\/p>\n  <button data-correct=\"false\">\u20b92 lakh<\/button>\n  <button data-correct=\"false\">\u20b910,000<\/button>\n  <button data-correct=\"true\">\u20b91000<\/button>\n  <button data-correct=\"false\">\u20b9500<\/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               <\/div> \n            <\/div> \n        <\/div>\n        <button class=\"modal-close is-large modal-obls-close\" aria-label=\"close\"><\/button>\n    <\/div>\n\n<div class=\"modal modal-obls\" id=\"modal-login\">\n        <div class=\"modal-background\"><\/div>\n        <div class=\"modal-content\">\n           <div class=\"obls-group\" id=\"obls-group2\">\n               <div class=\"obls-blk\">\n                   <span class=\"img-box\"><img decoding=\"async\" src=\"\/img\/img-run-health.svg\" alt=\"\"><\/span>\n                   <div id=\"login-group-abc\" class=\"lfp-group-abc\"><!-- start login group -->\n                       <h2><span class=\"ez-toc-section\" id=\"Login\"><\/span>Login<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                       <label class=\"errormsg txt-red courseIn\"><\/label>\n                       <div class=\"formcontrol-group disable-loginemail\">\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-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-aprilcircpq\" 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-is-the-one-time-relaxation-given-by-sebi-for-ipo-observation-letter-validity\"><span class=\"ez-toc-section\" id=\"What_is_the_one-time_relaxation_given_by_SEBI_for_IPO_observation_letter_validity\"><\/span>What is the one-time relaxation given by SEBI for IPO observation letter validity?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has introduced a one-time relaxation in the validity period of IPO observation letters due to challenging market conditions. Earlier, these observation letters were set to expire between 1 April 2026 and 3 September 2026. However, weak market sentiment and risk of IPO subscription failure prompted SEBI to extend the validity. This extension ensures smoother capital-raising processes for issuers. It also helps avoid unnecessary refund scenarios due to under-subscription.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Particular<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td>Issue<\/td><td>IPO observation letter expiry during weak market conditions<\/td><\/tr><tr><td>Earlier Validity<\/td><td>1 April 2026 to 3 September 2026<\/td><\/tr><tr><td>Reason for Extension<\/td><td>Low IPO subscription, adverse economic conditions<\/td><\/tr><tr><td>New Validity<\/td><td>Extended up to 30 September 2026<\/td><\/tr><tr><td>Condition<\/td><td>Lead managers must ensure compliance + updated filings with SEBI<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-changes-have-been-introduced-in-minimum-public-shareholding-mps-rules\"><span class=\"ez-toc-section\" id=\"What_changes_have_been_introduced_in_Minimum_Public_Shareholding_MPS_rules\"><\/span>What changes have been introduced in Minimum Public Shareholding (MPS) rules?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has revised the Minimum Public Shareholding framework to address concerns raised by LIC regarding large-cap companies. The standard rule requires listed companies to maintain at least 25% public shareholding. However, SEBI now uses a post-issue market capitalization-based classification to allow staggered compliance. This prevents sudden dilution pressure on large companies. The framework ensures smoother market adjustment over time.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Market Capitalization Slab<\/strong><\/td><td><strong>Compliance Timeline<\/strong><\/td><\/tr><tr><td>1<\/td><td>\u2265 \u20b91600 crore<\/td><td>~3 years<\/td><\/tr><tr><td>2<\/td><td>\u20b91600 \u2013 \u20b94000 crore<\/td><td>3\u20135 years<\/td><\/tr><tr><td>3<\/td><td>\u20b94000 \u2013 \u20b950000 crore<\/td><td>5\u20137 years<\/td><\/tr><tr><td>4<\/td><td>\u20b950000 crore \u2013 \u20b91 lakh crore<\/td><td>7\u20138 years<\/td><\/tr><tr><td>5<\/td><td>\u20b91 lakh \u2013 \u20b95 lakh crore<\/td><td>8\u20139 years<\/td><\/tr><tr><td>6<\/td><td>&gt; \u20b95 lakh crore<\/td><td>up to 10 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Note:\n<ul class=\"wp-block-list\">\n<li>Minimum public shareholding requirement: 25%<\/li>\n\n\n\n<li>Public includes: Retail investors, QIBs, non-promoters<\/li>\n\n\n\n<li>LIC concern led to revised staggered framework<\/li>\n\n\n\n<li>Compliance extension window also aligned up to 30 September 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\/sebi\/?ref=contac-sebi-aprilcircpq\" 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-is-the-sebi-rule-for-depository-marking-of-lock-in-securities\"><span class=\"ez-toc-section\" id=\"What_is_the_SEBI_rule_for_depository_marking_of_lock-in_securities\"><\/span>What is the SEBI rule for depository marking of lock-in securities?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has issued a clarification for cases where lock-in marking of securities cannot be technically implemented. In such cases, depositories are required to mark these securities as \u201cNon-transferable\u201d instead of applying a traditional lock-in. This ensures regulatory compliance even when system limitations exist. The rule strengthens investor protection and prevents unauthorized transfers. No specific securities have been identified under this circular.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Condition: If lock-in cannot be created on securities<\/li>\n\n\n\n<li>Action Required: Mark securities as \u201cNon-transferable\u201d<\/li>\n\n\n\n<li>Objective: Ensure restriction compliance without system dependency<\/li>\n\n\n\n<li>Applicability: All relevant depositories<\/li>\n\n\n\n<li>Note: No specific securities listed in circular<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-new-sebi-rules-for-social-stock-exchange-and-social-impact-assessors\"><span class=\"ez-toc-section\" id=\"What_are_the_new_SEBI_rules_for_Social_Stock_Exchange_and_Social_Impact_Assessors\"><\/span>What are the new SEBI rules for Social Stock Exchange and Social Impact Assessors?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has strengthened the Social Stock Exchange (SSE) framework to improve transparency and accountability in social fundraising. Social Impact Assessors are now required to evaluate the effectiveness of NGO projects listed on SSE. These assessors must be NISM-certified and registered with SEBI-recognized SROs. SEBI has also reduced minimum investment thresholds and relaxed subscription norms. These changes encourage greater participation in social financing.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Component<\/strong><\/td><td><strong>Update<\/strong><\/td><\/tr><tr><td>Social Impact Assessors<\/td><td>Must evaluate NGO\/project social impact<\/td><\/tr><tr><td>Eligibility<\/td><td>Individual, firm, or company<\/td><\/tr><tr><td>Mandatory Requirement<\/td><td>NISM certification + SRO registration<\/td><\/tr><tr><td>Application Size<\/td><td>Reduced from \u20b92 lakh to \u20b91000<\/td><\/tr><tr><td>Minimum Subscription<\/td><td>Reduced from 75% to 50%<\/td><\/tr><tr><td>Zero Coupon Instruments<\/td><td>No interest, no principal repayment<\/td><\/tr><tr><td>Listing Extension<\/td><td>NPOs can remain listed up to 3 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-sebi-s-new-fpi-net-settlement-mechanism\"><span class=\"ez-toc-section\" id=\"What_is_SEBIs_new_FPI_net_settlement_mechanism\"><\/span>What is SEBI\u2019s new FPI net settlement mechanism?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has introduced a revised settlement mechanism for Foreign Portfolio Investors (FPIs) to simplify cash market transactions. Earlier, multiple foreign exchange conversions created inefficiencies and risk. Now, SEBI allows net settlement for outright transactions, while non-outright trades must be settled individually. This ensures operational efficiency while maintaining transparency. Gross settlement continues for mixed buy-sell trades.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Outright Transactions: Net settlement allowed (single-side buy\/sell)<\/li>\n\n\n\n<li>Non-Outright Transactions: Mandatory gross settlement<\/li>\n\n\n\n<li>No cross-netting permitted across securities<\/li>\n\n\n\n<li>Each trade settled individually by clearing corporation<\/li>\n\n\n\n<li>STT applied on gross transaction value<\/li>\n\n\n\n<li>Objective: Reduce FX conversion risk and settlement complexity<\/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-aprilcircpq\" 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-changes-have-been-made-for-debenture-trustees-under-sebi-rules\"><span class=\"ez-toc-section\" id=\"What_changes_have_been_made_for_debenture_trustees_under_SEBI_rules\"><\/span>What changes have been made for debenture trustees under SEBI rules?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has mandated structural reforms for debenture trustees performing non-regulated activities. Such trustees are required to form a separate legal entity to ensure regulatory clarity and avoid conflict of interest. This ensures proper supervision of debt market intermediaries. The deadline for compliance has also been extended. The reform strengthens corporate bond market governance.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Requirement: Separate entity for non-SEBI regulated activities<\/li>\n\n\n\n<li>Objective: Avoid conflict of interest and improve transparency<\/li>\n\n\n\n<li>Applicability: Debenture trustees engaging in additional services<\/li>\n\n\n\n<li>Extended Deadline: Up to 27 October 2026<\/li>\n\n\n\n<li>Impact: Strengthens corporate debt market structure<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-parva-framework-introduced-by-sebi\"><span class=\"ez-toc-section\" id=\"What_is_the_PARVA_framework_introduced_by_SEBI\"><\/span>What is the PARVA framework introduced by SEBI?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has introduced the PARVA framework (Past Risk and Return Verification Agency) to verify performance claims of investment advisers and research analysts. This framework prevents misleading return representations and ensures data authenticity. CARE Ratings has been appointed as the interim agency, while NSE acts as the data center. It introduces strict governance and verification timelines. Only verified performance data will be allowed after the transition period.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Aspect<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td>Purpose<\/td><td>Verification of past performance claims<\/td><\/tr><tr><td>Covered Entities<\/td><td>Investment Advisers, Research Analysts<\/td><\/tr><tr><td>Interim Agency<\/td><td>CARE Ratings<\/td><\/tr><tr><td>Data Center<\/td><td>NSE<\/td><\/tr><tr><td>Registration Deadline<\/td><td>Within 3 months (approx. by 3 August 2026)<\/td><\/tr><tr><td>Data Usage Limit<\/td><td>Until May 2028<\/td><\/tr><tr><td>Governance Committee<\/td><td>Min 5 members, majority independent<\/td><\/tr><tr><td>Key Objective<\/td><td>Prevent misleading marketing claims<\/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-aprilcircpq\" 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-is-sebi-s-aif-fast-track-mechanism-for-scheme-launch\"><span class=\"ez-toc-section\" id=\"What_is_SEBIs_AIF_fast-track_mechanism_for_scheme_launch\"><\/span>What is SEBI\u2019s AIF fast-track mechanism for scheme launch?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has simplified the launch process for Alternative Investment Funds (AIFs) through a fast-track mechanism. AIFs can now submit a Private Placement Memorandum (PPM) and launch schemes after 30 days. However, first schemes must comply with additional conditions. The first close of fundraising must happen within 12 months. This ensures timely fund mobilization and prevents inactive schemes.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Filing Requirement: Submission of Private Placement Memorandum (PPM)<\/li>\n\n\n\n<li>Launch Timeline: 30 days after filing<\/li>\n\n\n\n<li>First Scheme Rule: Must wait for SEBI registration or 30 days<\/li>\n\n\n\n<li>First Close Deadline: Within 12 months<\/li>\n\n\n\n<li>Objective: Faster fund launch + disciplined capital raising<\/li>\n\n\n\n<li>Example: Target corpus must be achieved within 1 year window<\/li>\n<\/ul>\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-1780926579616\"><strong class=\"schema-faq-question\">1. What is the key IPO-related update in April 2026 SEBI circulars?<\/strong> <p class=\"schema-faq-answer\">SEBI extended IPO observation letter validity up to 30 September 2026.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780926580688\"><strong class=\"schema-faq-question\">2. Why did SEBI extend IPO observation letter validity?<\/strong> <p class=\"schema-faq-answer\">Due to weak market conditions and risk of IPO subscription failure.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780926582362\"><strong class=\"schema-faq-question\">3. What is the standard Minimum Public Shareholding (MPS) requirement?<\/strong> <p class=\"schema-faq-answer\">Listed companies must maintain at least 25% public shareholding.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780926582895\"><strong class=\"schema-faq-question\">4. On what basis has MPS compliance been revised?<\/strong> <p class=\"schema-faq-answer\">It is now based on post-issue market capitalization categories.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780926583469\"><strong class=\"schema-faq-question\">5. How many market cap categories are defined under revised MPS rules?<\/strong> <p class=\"schema-faq-answer\">SEBI has defined <strong>six categories<\/strong> for phased compliance.<\/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 April 2026 bring a highly exam-relevant set of regulatory updates impacting IPOs, capital markets, FPIs, AIFs,<\/p>\n","protected":false},"author":58,"featured_media":245362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2151,10237,8661],"tags":[],"class_list":["post-245351","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 April 2026 Practice Quiz &amp; Download PDF<\/title>\n<meta name=\"description\" content=\"Check out the details of the SEBI April 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-april-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 April 2026 Practice Quiz &amp; Download PDF\" \/>\n<meta property=\"og:description\" content=\"The SEBI Circulars for April 2026 bring a highly exam-relevant set of regulatory updates impacting IPOs, capital markets, FPIs, AIFs, and investor\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.oliveboard.in\/blog\/sebi-april-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=\"2026-06-08T14:46:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-08T14:52:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2026\/06\/SEBI-Circular-1-1.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-april-circulars\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/sebi-april-circulars\/\"},\"author\":{\"name\":\"AditiOB\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/0cbc4ac8555ced346681804861de062c\"},\"headline\":\"Attempt SEBI Circulars April 2026 Practice Quiz &amp; 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I work as a Content Writer at Oliveboard, where I have been simplifying exam-related content for the past 4 years. I create clear and easy-to-understand guides for JAIIB, CAIIB, and UGC exams. My work includes breaking down notifications, admit cards, and exam updates, as well as preparing study plans and subject-wise strategies. My goal is to support working professionals in managing their exam preparation alongside a full-time job and to help them achieve career growth.\",\"sameAs\":[\"www.linkedin.com\/in\/aditi-chakraborty-131b3b379\"]},{\"@type\":\"Question\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/sebi-april-circulars\/#faq-question-1780926579616\",\"position\":1,\"url\":\"https:\/\/www.oliveboard.in\/blog\/sebi-april-circulars\/#faq-question-1780926579616\",\"name\":\"1. What is the key IPO-related update in April 2026 SEBI circulars?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"SEBI extended IPO observation letter validity up to 30 September 2026.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/sebi-april-circulars\/#faq-question-1780926580688\",\"position\":2,\"url\":\"https:\/\/www.oliveboard.in\/blog\/sebi-april-circulars\/#faq-question-1780926580688\",\"name\":\"2. 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