{"id":245366,"date":"2026-06-08T20:21:46","date_gmt":"2026-06-08T14:51:46","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=245366"},"modified":"2026-06-08T20:31:49","modified_gmt":"2026-06-08T15:01:49","slug":"sebi-circulars","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/","title":{"rendered":"SEBI Circulars 2026, Attempt Quiz and Download SEBI Circulars PDFs"},"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-circulars\/#What_are_SEBI_Circulars_2026_and_why_are_they_important\" >What are SEBI Circulars 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-2\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/#Download_SEBI_Circulars_Practice_Quiz\" >Download SEBI Circulars Practice 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-circulars\/#Attempt_SEBI_Circulars_Practice_Quiz\" >Attempt SEBI Circulars Practice Quiz<\/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-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-5\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/#Login\" >Login<\/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-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-7\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/#i\" >&nbsp;<\/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-circulars\/#Sign_Up-2\" >Sign Up<\/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-circulars\/#Login-2\" >Login<\/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-circulars\/#Forgot_Password-2\" >Forgot Password<\/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-circulars\/#i-2\" >&nbsp;<\/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-circulars\/#SEBI_Latest_Circulars\" >SEBI Latest Circulars<\/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-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-14\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-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-15\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-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-16\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-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-17\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-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-18\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-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-19\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-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-20\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-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-21\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/#What_is_the_one-time_relaxation_in_IPO_observation_letter_validity\" >What is the one-time relaxation in 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-22\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-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-23\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/#What_are_SEBI_rules_for_depository_marking_of_lock-in_securities\" >What are SEBI rules 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-24\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/#What_are_the_new_rules_for_Social_Stock_Exchange_SSE_and_Impact_Assessors\" >What are the new rules for Social Stock Exchange (SSE) and Impact Assessors?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-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-26\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/#What_are_changes_for_debenture_trustees_under_SEBI_rules\" >What are changes 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-27\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/#What_is_PARVA_framework_introduced_by_SEBI\" >What is 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-28\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/#What_is_SEBI_AIF_fast-track_mechanism\" >What is SEBI AIF fast-track mechanism?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-circulars\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Major regulatory changes from SEBI (Securities and Exchange Board of India) in 2026 have significantly reshaped the functioning of India\u2019s capital markets, including mutual funds, InvITs, brokers, and investor protection systems. These updates are extremely important for aspirants preparing for RBI Grade B, SEBI Grade A, CAIIB, JAIIB, and other banking and regulatory exams, as they are frequently tested in current affairs and regulatory sections. <\/p>\n\n\n\n<p>Covering areas such as market data usage norms, demat nomination reforms, IPO relaxation rules, and cybersecurity enhancements, SEBI Circulars 2026 aim to strengthen transparency, improve compliance, and build a safer and more efficient financial ecosystem in India.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-sebi-circulars-2026-and-why-are-they-important\"><span class=\"ez-toc-section\" id=\"What_are_SEBI_Circulars_2026_and_why_are_they_important\"><\/span>What are SEBI Circulars 2026 and why are they important?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI Circulars 2026 are regulatory guidelines issued by the Securities and Exchange Board of India to regulate capital markets and protect investors. These updates cover mutual funds, InvITs, index providers, brokers, fintech platforms, and demat account rules. They are highly important for competitive exams as questions are frequently asked from recent regulatory reforms and compliance frameworks. These circulars also strengthen cybersecurity, transparency, and risk management in financial markets.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Infrastructure Investment Trusts (InvITs) regulations<\/li>\n\n\n\n<li>Index provider governance framework<\/li>\n\n\n\n<li>Market data usage restrictions<\/li>\n\n\n\n<li>IRRA system discontinuation<\/li>\n\n\n\n<li>Cybersecurity and AI risk monitoring<\/li>\n\n\n\n<li>Demat nomination rule updates<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Download_SEBI_Circulars_Practice_Quiz\"><\/span>Download SEBI Circulars Practice Quiz<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Download the SEBI Circulars Practice Quiz PDF, which includes important questions along with key SEBI circular updates for the upcoming exams. Go through these circulars and practice the questions to understand the latest regulatory changes issued by the Securities and Exchange Board of India. This will help you strengthen your preparation and stay updated with important developments in capital markets and regulatory frameworks.<\/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 May 2026 Circular Quiz<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/sebi-may-circulars\/?ref=contac-sebi-circpq\" target=\"_blank\" rel=\"noreferrer noopener\">Download PDF<\/a><\/td><\/tr><tr><td>SEBI April 2026 Circular Quiz<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/sebi-april-circulars\/?ref=contac-sebi-circpq\" target=\"_blank\" rel=\"noreferrer noopener\">Download PDF<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Attempt_SEBI_Circulars_Practice_Quiz\"><\/span>Attempt SEBI Circulars Practice Quiz<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Attempt the SEBI Circulars Practice Quiz to test your understanding of key regulatory updates, capital market norms, and SEBI guidelines essential for competitive exams.<\/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 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}\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-circpq\" target=\"_blank\" rel=\"noreferrer noopener\">Attempt a Free SEBI Grade A Mock Test<\/a><\/div>\n<\/div>\n\n\n\n<p><\/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-2-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-2-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-2 * { box-sizing: border-box; }\n\n#quiz-2 .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-2 h2 {\n  text-align: center;\n}\n\n#quiz-2 .question {\n  margin-bottom: 22px;\n}\n\n#quiz-2 .question p {\n  font-weight: bold;\n}\n\n#quiz-2 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-2 button:hover {\n  background: #d5d5d5;\n}\n\n#quiz-2 button.correct {\n  background: #4caf50;\n  color: #000;\n}\n\n#quiz-2 button.wrong {\n  background: #f44336;\n  color: #000;\n}\n\n#quiz-2 button.locked {\n  pointer-events: none;\n}\n\n\/* SUMMARY *\/\n#quiz-2 .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-2 .final-summary h3 {\n  text-align: center;\n  margin-bottom: 20px;\n}\n\n#quiz-2 .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-2 .summary-bar {\n  height: 14px;\n  background: #ddd;\n  border-radius: 10px;\n  overflow: hidden;\n}\n\n#quiz-2 .bar-fill {\n  height: 100%;\n  width: 0%;\n}\n\n#quiz-2 .bar-attempted { background: #2196f3; }\n#quiz-2 .bar-correct { background: #4caf50; }\n#quiz-2 .bar-wrong { background: #f44336; }\n#quiz-2 .bar-unattempted { background: #9e9e9e; width: 100%; }\n\n#quiz-2 .final-score {\n  text-align: center;\n  font-size: 22px;\n  margin-top: 20px;\n}\n\n#quiz-2 .score-value {\n  font-size: 30px;\n  margin-left: 8px;\n}\n<\/style>\n<\/head>\n\n<body>\n<div id=\"quiz-2\">\n  <div class=\"quiz-container\">\n<div id=\"quiz-2-sticky-header\">\n  <span> SEBI Circulars April Practice Quiz<\/span>\n  <span id=\"quiz-2-score-badge\">Score: <strong id=\"quiz-2-score-value\">0.00<\/strong><\/span>\n<\/div>\n\n    <!-- QUESTIONS -->\n\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<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<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<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<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<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<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<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<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<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<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<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<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<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<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<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<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<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<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<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-2\"><\/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-2\"><\/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-2\"><\/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-2');\n  const STORAGE_KEY = 'quiz_2_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-2-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<h2 class=\"wp-block-heading\" id=\"h-sebi-latest-circulars\"><span class=\"ez-toc-section\" id=\"SEBI_Latest_Circulars\"><\/span>SEBI Latest Circulars<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Below is the list of SEBI Latest Circulars that has been released in 2026 till now, check it out.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Particulars<\/strong><\/td><td><strong>Download Now<\/strong><\/td><\/tr><tr><td>Ease of doing investments<\/td><td><a href=\"https:\/\/www.sebi.gov.in\/sebiweb\/home\/HomeAction.do?doListing=yes&amp;sid=1&amp;ssid=7&amp;smid=0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Download PDF<\/a><\/td><\/tr><tr><td>Revision of Monthly Cumulative Report<\/td><td><a href=\"https:\/\/www.sebi.gov.in\/sebiweb\/home\/HomeAction.do?doListing=yes&amp;sid=1&amp;ssid=7&amp;smid=0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Download PDF<\/a><\/td><\/tr><tr><td>Status of SPVs post conclusion or termination of Concession Agreement<\/td><td><a href=\"https:\/\/www.sebi.gov.in\/sebiweb\/home\/HomeAction.do?doListing=yes&amp;sid=1&amp;ssid=7&amp;smid=0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Download PDF<\/a><\/td><\/tr><tr><td>Permitted use of fresh borrowings for InvITs where Net Borrowings exceeds forty-nine percent of the value of InvIT assets<\/td><td><a href=\"https:\/\/www.sebi.gov.in\/sebiweb\/home\/HomeAction.do?doListing=yes&amp;sid=1&amp;ssid=7&amp;smid=0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Download PDF<\/a><\/td><\/tr><tr><td>Norms for sharing and usage of price data for educational purposes<\/td><td><a href=\"https:\/\/www.sebi.gov.in\/sebiweb\/home\/HomeAction.do?doListing=yes&amp;sid=1&amp;ssid=7&amp;smid=0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Download PDF<\/a><\/td><\/tr><tr><td>Discontinuation of Investor Risk Reduction Access (IRRA) platform<\/td><td><a href=\"https:\/\/www.sebi.gov.in\/sebiweb\/home\/HomeAction.do?doListing=yes&amp;sid=1&amp;ssid=7&amp;smid=0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Download PDF<\/a><\/td><\/tr><tr><td>\u2018Significant Indices\u2019 under SEBI (Index Providers) Regulations, 2024<\/td><td><a href=\"https:\/\/www.sebi.gov.in\/sebiweb\/home\/HomeAction.do?doListing=yes&amp;sid=1&amp;ssid=7&amp;smid=0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Download PDF<\/a><\/td><\/tr><tr><td>Advisory on Emerging Advanced Artificial Intelligence (AI) Tools for Vulnerability Detection<\/td><td><a href=\"https:\/\/www.sebi.gov.in\/sebiweb\/home\/HomeAction.do?doListing=yes&amp;sid=1&amp;ssid=7&amp;smid=0\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Download PDF<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\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 collective investment vehicles similar to mutual funds that pool money from investors and invest in infrastructure projects like roads, highways, and power plants. SEBI regulates their borrowing limits to ensure financial discipline and prevent excessive risk-taking. These limits help maintain stability while still supporting infrastructure growth in India.<\/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>Borrowing Structure<\/td><td>Normal limit: up to 49% of net assets; beyond 49% only under SEBI conditions; extra borrowing allowed only for infrastructure purposes<\/td><\/tr><tr><td>Key Infrastructure Assets<\/td><td>Roads, expressways, irrigation projects, power generation, urban infrastructure<\/td><\/tr><tr><td>Importance<\/td><td>Supports national infrastructure development and improves connectivity and economic growth<\/td><\/tr><\/tbody><\/table><\/figure>\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 infrastructure-related purposes. These conditions ensure borrowed funds are used productively and not for speculative investments. This maintains discipline in infrastructure financing and protects investor interest.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Permitted uses of excess borrowing:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Capital expenditure for new infrastructure projects<\/li>\n\n\n\n<li>Construction of new assets like highways and power plants<\/li>\n\n\n\n<li>Major repair and maintenance work<\/li>\n\n\n\n<li>Debt refinancing under strict SEBI guidelines<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Example:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Building new highways like Delhi\u2013Mumbai Expressway<\/li>\n\n\n\n<li>Repairing and upgrading existing expressways<\/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>SEBI has clearly defined refinancing rules to ensure transparency and proper debt management in InvITs. These rules prevent misuse of borrowed funds and ensure that repayment structures remain clear and disciplined.<\/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 payments must be made separately<\/li>\n\n\n\n<li>No indirect transfer of interest liability<\/li>\n\n\n\n<li>Ensures clean and transparent debt structure<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Simple example:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Old loan: \u20b9100 crore principal<\/li>\n\n\n\n<li>New loan replaces only \u20b9100 crore principal<\/li>\n\n\n\n<li>Interest must still be paid separately by InvIT<\/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-circpq\" 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-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 rules on the use of market data to prevent misuse and misleading financial advice. These rules ensure that data is used only for education and training purposes and not for trading recommendations or stock tips.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Category<\/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>Educational use 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>Key restrictions:<\/strong>\n<ul class=\"wp-block-list\">\n<li>No buy\/sell recommendations allowed<\/li>\n\n\n\n<li>No stock tips or trading calls<\/li>\n\n\n\n<li>No naming securities in a suggestive way<\/li>\n\n\n\n<li>No investment advisory usage<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Effective date:<\/strong> 1 July 2026<\/li>\n<\/ul>\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>IRRA (Investor Risk Reduction Access) was introduced as a backup trading system during broker failures or cyber incidents. It allowed investors to continue trading during technical disruptions. However, SEBI discontinued IRRA in 2026 due to improved cybersecurity infrastructure across exchanges like NSE and BSE.<\/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>Earlier Purpose<\/td><td>Backup trading access during system failure or cyberattack<\/td><\/tr><tr><td>Reason for Discontinuation<\/td><td>Strong cybersecurity systems, redundancy, and real-time monitoring<\/td><\/tr><tr><td>Current Safeguards<\/td><td>SOC monitoring, Zero Trust model, advanced cyber defense systems<\/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 regulated index providers to ensure transparency in passive investing, as indices like Nifty and Sensex form the base of mutual funds and ETFs. These rules improve governance and accountability of index calculation 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>Definition<\/td><td>Index with AUM above \u20b920,000 crore (evaluated over 6 months)<\/td><\/tr><tr><td>Review Cycle<\/td><td>Twice a year (30 June and 31 December)<\/td><\/tr><tr><td>Removal Rule<\/td><td>If AUM stays below threshold for 3 years<\/td><\/tr><tr><td>Requirements<\/td><td>SEBI registration within 6 months + separate legal entity within 2 years<\/td><\/tr><tr><td>Purpose<\/td><td>Investor protection, transparency, and governance improvement<\/td><\/tr><\/tbody><\/table><\/figure>\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 highlighted increasing risks from AI-based cyber tools that can detect system vulnerabilities and be misused for attacks. To counter this, SEBI has strengthened cybersecurity frameworks across financial institutions.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Key SEBI measures:<\/strong>\n<ul class=\"wp-block-list\">\n<li>Continuous cybersecurity audits<\/li>\n\n\n\n<li>Daily system monitoring<\/li>\n\n\n\n<li>Strengthening Security Operations Centers (SOC)<\/li>\n\n\n\n<li>Implementation of Zero Trust Network Access (ZTNA)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Core principle:<\/strong> <em>\u201cNever trust, always verify\u201d<\/em>\n<ul class=\"wp-block-list\">\n<li>Every access request must be verified<\/li>\n\n\n\n<li>No automatic trust for users or devices<\/li>\n\n\n\n<li>Strict authentication required<\/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-circpq\" 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-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 demat account nomination rules to simplify inheritance and reduce legal disputes in case of investor death. These rules strengthen investor protection and ensure smooth transfer of securities.<\/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>Single Account<\/td><td>Nomination mandatory<\/td><\/tr><tr><td>Joint Account<\/td><td>Nomination optional<\/td><\/tr><tr><td>Maximum Nominees<\/td><td>Up to 3 nominees allowed<\/td><\/tr><tr><td>Distribution<\/td><td>Equal share if not specified<\/td><\/tr><tr><td>Effective Date<\/td><td>1 September 2026<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-one-time-relaxation-in-ipo-observation-letter-validity\"><span class=\"ez-toc-section\" id=\"What_is_the_one-time_relaxation_in_IPO_observation_letter_validity\"><\/span>What is the one-time relaxation in IPO observation letter validity?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI introduced a one-time relaxation in IPO observation letter validity due to weak market conditions and low subscription risk. This step helps companies raise capital without facing expiry-related delays or refund complications.<\/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 concern<\/td><\/tr><tr><td>Earlier Validity<\/td><td>1 April 2026 to 3 September 2026<\/td><\/tr><tr><td>New Validity<\/td><td>Extended up to 30 September 2026<\/td><\/tr><tr><td>Reason<\/td><td>Weak market sentiment and low subscription risk<\/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 revised MPS rules to ensure smoother compliance for large companies like LIC and other major listed entities. Instead of sudden dilution, companies now follow a phased timeline based on market capitalization.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Market Cap Slab<\/strong><\/td><td><strong>Compliance Timeline<\/strong><\/td><\/tr><tr><td>\u2265 \u20b91600 crore<\/td><td>~3 years<\/td><\/tr><tr><td>\u20b91600 \u2013 \u20b94000 crore<\/td><td>3\u20135 years<\/td><\/tr><tr><td>\u20b94000 \u2013 \u20b950,000 crore<\/td><td>5\u20137 years<\/td><\/tr><tr><td>\u20b950,000 crore \u2013 \u20b91 lakh crore<\/td><td>7\u20138 years<\/td><\/tr><tr><td>\u20b91 lakh \u2013 \u20b95 lakh crore<\/td><td>8\u20139 years<\/td><\/tr><tr><td>&gt; \u20b95 lakh crore<\/td><td>Up to 10 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-sebi-rules-for-depository-marking-of-lock-in-securities\"><span class=\"ez-toc-section\" id=\"What_are_SEBI_rules_for_depository_marking_of_lock-in_securities\"><\/span>What are SEBI rules for depository marking of lock-in securities?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI clarified that when technical systems cannot apply a lock-in, depositories must mark such securities as \u201cNon-transferable\u201d. This ensures regulatory compliance even when traditional lock-in marking is not possible.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If lock-in not possible \u2192 mark as \u201cNon-transferable\u201d<\/li>\n\n\n\n<li>Ensures transfer restrictions remain effective<\/li>\n\n\n\n<li>Applies across all depositories<\/li>\n\n\n\n<li>Strengthens investor protection<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-new-rules-for-social-stock-exchange-sse-and-impact-assessors\"><span class=\"ez-toc-section\" id=\"What_are_the_new_rules_for_Social_Stock_Exchange_SSE_and_Impact_Assessors\"><\/span>What are the new rules for Social Stock Exchange (SSE) and Impact Assessors?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI has strengthened the Social Stock Exchange framework to improve transparency in NGO funding and social impact reporting. Social Impact Assessors now play a key role in evaluating project effectiveness.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Assessors must be NISM-certified<\/li>\n\n\n\n<li>Mandatory SEBI\/SRO registration<\/li>\n\n\n\n<li>Reduced application size: \u20b92 lakh \u2192 \u20b91000<\/li>\n\n\n\n<li>Minimum subscription reduced from 75% to 50%<\/li>\n\n\n\n<li>NPO listing validity up to 3 years<\/li>\n\n\n\n<li>Zero coupon instruments introduced<\/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\/free-quizzes-for-regulatory-exams\/?ref=contac-sebi-circpq\" 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-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 introduced net settlement for Foreign Portfolio Investors (FPIs) to simplify trading and reduce currency conversion issues. This improves efficiency in cross-border transactions.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Outright trades: Net settlement allowed<\/li>\n\n\n\n<li>Non-outright trades: Gross settlement mandatory<\/li>\n\n\n\n<li>No cross-security netting allowed<\/li>\n\n\n\n<li>Each trade settled individually<\/li>\n\n\n\n<li>STT applied on gross value<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-changes-for-debenture-trustees-under-sebi-rules\"><span class=\"ez-toc-section\" id=\"What_are_changes_for_debenture_trustees_under_SEBI_rules\"><\/span>What are changes 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 to improve transparency and avoid conflicts of interest in debt markets. Trustees must separate regulated and non-regulated activities.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Requirement<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td>Separate Entity<\/td><td>Required for non-regulated activities<\/td><\/tr><tr><td>Objective<\/td><td>Avoid conflict of interest<\/td><\/tr><tr><td>Applicability<\/td><td>All debenture trustees<\/td><\/tr><tr><td>Deadline<\/td><td>Extended up to 27 October 2026<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-parva-framework-introduced-by-sebi\"><span class=\"ez-toc-section\" id=\"What_is_PARVA_framework_introduced_by_SEBI\"><\/span>What is PARVA framework introduced by SEBI?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>PARVA (Past Risk and Return Verification Agency) ensures verification of performance claims made by investment advisers and research analysts. This prevents misleading return claims in the market.<\/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>Verify past performance claims<\/td><\/tr><tr><td>Agency<\/td><td>CARE Ratings (interim)<\/td><\/tr><tr><td>Data Center<\/td><td>NSE<\/td><\/tr><tr><td>Deadline<\/td><td>Within 3 months (~3 Aug 2026)<\/td><\/tr><tr><td>Objective<\/td><td>Prevent misleading marketing claims<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-sebi-aif-fast-track-mechanism\"><span class=\"ez-toc-section\" id=\"What_is_SEBI_AIF_fast-track_mechanism\"><\/span>What is SEBI AIF fast-track mechanism?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>SEBI introduced a fast-track process for Alternative Investment Funds (AIFs) to speed up scheme launches and fundraising. This improves capital deployment efficiency in the market.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Scheme launch allowed after 30 days of filing PPM<\/li>\n\n\n\n<li>First close must occur within 12 months<\/li>\n\n\n\n<li>Faster capital mobilization<\/li>\n\n\n\n<li>Better regulatory clarity<\/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-1780928875735\"><strong class=\"schema-faq-question\">Q1. What is InvIT borrowing limit under SEBI 2026 rules?<\/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-1780928876535\"><strong class=\"schema-faq-question\">Q2. Why was IRRA discontinued?<\/strong> <p class=\"schema-faq-answer\">Because stock exchanges now have strong cybersecurity and redundancy systems.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780928877407\"><strong class=\"schema-faq-question\">Q3. What is the AUM threshold for significant index?<\/strong> <p class=\"schema-faq-answer\">\u20b920,000 crore over a 6-month evaluation period.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780928877941\"><strong class=\"schema-faq-question\">Q4. What is the MPS requirement in India?<\/strong> <p class=\"schema-faq-answer\">Minimum public shareholding of 25% is mandatory.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1780928878496\"><strong class=\"schema-faq-question\">Q5. What is PARVA framework?<\/strong> <p class=\"schema-faq-answer\">It verifies past performance claims of investment advisers and research analysts.<\/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\/how-to-score-25-in-quant-section-for-rbi-sebi-grade-a\/\">Score Highest Marks in Quant Section of RBI &amp; SEBI Exam 2026<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-grade-a-eligibility-check-tool\/\">Are You Eligible for SEBI Grade A 2026? Check with FREE Live Tool<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/sebi-grade-a-selection-process-2026\/\">SEBI Grade A Selection Process 2026, Phase 1 &amp; 2 Exam Structure<\/a><\/li>\n<\/ul>\n\n\n<p><a href=\"https:\/\/www.google.com\/preferences\/source?q=https:\/\/www.oliveboard.in\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Major regulatory changes from SEBI (Securities and Exchange Board of India) in 2026 have significantly reshaped the functioning of India\u2019s<\/p>\n","protected":false},"author":58,"featured_media":245367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2151,10237,8661],"tags":[],"class_list":["post-245366","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>SEBI Circulars 2026, Attempt Quiz and Download SEBI Circulars PDFs<\/title>\n<meta name=\"description\" content=\"SEBI Circulars 2026 are one of the most important resources for the preparation of the SEBI Grade A exam and other regulatory exams.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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