Following feedback from stock exchanges and market participants, SEBI has decided to extend the effective dates in a June circular by one month.
The transfer will comprise of a $17.2bn income surplus and $7.4bn in excess provisions resulting from a newly revised economic capital framework for the RBI.
The surcharge, introduced last month, increased capital gains tax on foreign trusts investing in India to over 40%, prompting the stock market’s worst July in 17 years.
SEBI has consolidated 57 circulars and 183 FAQs issued over the years into a single circular for FPIs, easing several requirements in the process.
The move follows a spate of defaults in India where credit rating agencies were blamed for being unable to flag potential credit risks.
Whistleblowers will be eligible for rewards up to $139,000 and, if culpable themselves, for amnesty or settlement with SEBI.
The RBI has set a minimum net worth criteria of $35,000 for sandbox participants, half the amount specified in April’s draft.
Banks are mandated to lend a portion of their funds to priority sectors. Allowing NBFCs to serve as middlemen for such lending provides them a liquidity backstop.
The task force recommends implementation of margin requirements for non-centrally cleared OTC derivatives “at the earliest”.
The RBI will increase bank exposure limits for NBFCs, allow on-lending to priority sectors, and enable near-real-time tracking of payments fraud through the creation of a centralised registry.