Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 08 JANUARY 2025

Reassessing QIBs: Need For SEBI Clarification For NBFCs

AZB & Partners
AZB & Partners
Contributor
AZB & Partners

AZB & Partners

AZB & Partners, one of India’s premier law firms was founded in 2004 with a clear purpose to...

View firm profile
Explore more from AZB & Partners

The Securities and Exchange Board of India ("SEBI") plays a pivotal role in regulating India's capital markets ensuring transparency, efficiency and investor protection.

IndiaFinance and Banking
Anand Shah
Anand Shah
Hufriz Wadia
Hufriz Wadia
Pranjali Sharma
Pranjali Sharma
Author LinkedIn connections

The Securities and Exchange Board of India ("SEBI") plays a pivotal role in regulating India's capital markets ensuring transparency, efficiency and investor protection. In the current regulatory regime where rules and regulations are continuously evolving, a minor ambiguity in a regulatory framework can hinder compliance and operational clarity. One such area of concern lies with the definition of Qualified Institutional Buyers ("QIBs") under the SEBI (Issue and Capital Disclosure of Requirements) Regulations, 2018 ("SEBI ICDR Regulations") updated in May, 2024. This article explores the need for SEBI to revisit and clarify the definition of QIB to the extent it concerns non-banking financial companies ("NBFCs"), to ensure consistency across SEBI and RBI regulations, while addressing stakeholder concerns.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Banking & Finance Updates September 2026

In August 2026, the Reserve Bank of India (RBI) released the draft Reserve Bank of India (Interest Rates on Loans and Advances) Directions, 2026, proposing a comprehensive framework for the way regulated entities determine and apply interest rates on loans. While the Indian banking sector has long operated under a patchwork of institution specific instructions, the draft Directions seek to bring much-needed consistency to interest rate regulation across banks, cooperative banks, regional rural banks (RRBs), all-India financial institutions and NBFCs. If finalised in their present form, the Directions will come into effect from 1 April 2027.
IndiaFinance and Banking
King, Stubb & Kasiva
King, Stubb & Kasiva
Article

A Guide To Insider Trading Laws In India!

In the world of finance, the term insider trading often evokes images of shady deals and hidden agendas. But what exactly is insider trading? Why is it illegal, and how do laws in India seek to prevent it? Let's dive into this intriguing subject, simplifying the complexities surrounding insider trading laws in India, while exploring the impact of these laws on the financial markets and their role in maintaining fairness.
IndiaFinance and Banking
MZM Legal, Advocates & Legal Consultants
MZM Legal, Advocates & Legal Consultants
Article

Can A Legal Heir Claim An FD Without Being Named As A Nominee? Here's A Guide

When a fixed deposit (FD) holder dies without naming a nominee, families often assume the money is stuck or lost in legal complexity. Indian banking rules allow legal heirs to claim such deposits, provided they submit the right documents and follow the due process. Understanding this distinction is crucial, especially as a large number of deposits remain unclaimed each year due to a lack of awareness.
IndiaFinance and Banking
Foresight Law Offices
Foresight Law Offices
Article

Supreme Court Clarifies Applicability Of SARFAESI Remedies For A Secured Creditor Who Acquires An NPA From A Non-notified NBFC

In Kotak Mahindra Bank Limited v Trupti Sanjay Mehta and Others, 2026 INSC 943 (Kotak Mahindra), the Hon’ble Supreme Court of India considered whether a bank as defined under Section 2(1)(c) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) could invoke the provisions of the SARFAESI Act to recover a secured debt acquired from an entity which was not covered under the ambit of the SARFAESI Act at the time of disbursement of the loan.
IndiaFinance and Banking
Khaitan & Co.
Khaitan & Co.
Article

Maharashtra Introduces A Dedicated Stamp Duty Regime For Bank And Financial Guarantees

The Maharashtra Stamp (Fourth Amendment) Act, 2026 introduces a new dedicated stamp duty framework for financial and bank guarantees in Schedule I of the Maharashtra Stamp Act, 1958. This amendment establishes differentiated duty rates based on guarantee value and type, addressing long-standing ambiguities in how such instruments were previously taxed under generic security bond provisions. The reform has significant implications for banks, NBFCs, and entities dealing with government contracts, though quest
IndiaFinance and Banking
Acuity Law
Acuity Law
Article

Received A DRT / Sarfaesi Notice? A Borrower’s And Guarantor’s Guide To Response Timelines And Defences

The Debts Recovery Tribunal, also known as DRT, follows certain rules which relate to the time limits mentioned in the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act or the Act). These limits are not merely procedural requirements and instead are factors which influence the right of the borrower or guarantor depending on the stage of recovery proceedings in question.
IndiaFinance and Banking
Maheshwari & Co. Advocates & Legal Consultants
Maheshwari & Co. Advocates & Legal Consultants
Article

Enhancement Of PF Wage Ceiling To INR 25,000

The Ministry of Labour & Employment has issued a notification dated September 17, 2026, notifying INR 25,000 per month as the new wage ceiling for the purposes of the provident fund provisions (“PF“) of the Code on Social Security, 2020 (“SS Code”). The notification is effective from September 17, 2026. The wage ceiling was last revised 12 years ago in September 2014, when it was increased from INR 6,500 per month to INR 15,000 per month.
IndiaEmployment and HR
AZB & Partners
AZB & Partners
Article

Rethinking E-Commerce Compliance: Key Changes Under The Consumer Protection (E-Commerce) (Amendment) Rules, 2026

On September 9, 2026, the Ministry of Consumer Affairs, Food and Public Distribution (Department of Consumer Affairs) notified the Consumer Protection (E-Commerce) (Amendment) Rules, 2026 (“Amendment Rules”), amending the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”). The Amendment Rules will come into force on January 1, 2027.
IndiaConsumer Protection
AZB & Partners
AZB & Partners
Article

FCRA Amendment Rules, 2026: Key Changes And Practical Implications

AZB & Partners provides important disclaimers regarding the nature and purpose of their website, clarifying that no solicitation or advertising has occurred and that the information is provided solely at the user's request. The firm outlines the limitations of the website content and emphasizes that accessing it does not create a lawyer-client relationship. Users are informed about their responsibilities when using the site and the firm's intellectual property rights over the content.
IndiaCorporate/Commercial Law
AZB & Partners
AZB & Partners
Article

Arbitral Award Signed, Not Stamped: The Delhi High Court In URC Construction v. Airports Authority Of India Closes The Door On Deferred Stamp Duty At The Enforcement Stage

The Delhi High Court has ruled that arbitral awards must be stamped when signed, not when enforcement is sought, closing a decades-old practice of deferred stamp duty payment. Once the one-month statutory window expires, award holders cannot cure the deficiency through unilateral deposit and must pay both deficit duty and penalty at a fixed rate, fundamentally reshaping enforcement practice for arbitration practitioners across India.
IndiaLitigation, Mediation & Arbitration
AZB & Partners
AZB & Partners
Article

New Social Security Schemes For Employees In India

India has introduced three new social security schemes under the Code on Social Security, 2020, effective July 1, 2026, fundamentally restructuring the country's provident fund, pension, and insurance frameworks. These schemes replace decades-old regulations and introduce special provisions including enrollment campaigns, damage relief programs, and retrospective exemptions for establishments. The new framework maintains contribution structures while introducing significant operational changes and transitio
IndiaEmployment and HR
AZB & Partners
AZB & Partners