SEBI

Fintech Brief — June 29, 2026 1. RBI Finalises Digital Fraud Compensation Framework — Shadow Reversal, ₹25K Cap, January 2027 Rollout The Reserve Bank of India has issued its final directions on customer protection against fraudulent electronic banking transactions (RBI Third Amendment Directions, 2026), significantly watered down from the March draft but still a landmark consumer protection move. Key provisions: Compensation pool: Victims of small-value fraud (losses up to ₹50,000) can receive up to ₹25,000 in compensation, shared between RBI (65% for losses below ₹29,412), the customer’s bank (10%), and the beneficiary bank (10%). Shadow reversal for credit cards: Banks must provide provisional credit equivalent to the fraud amount within five calendar days of customer notification — a new mandatory mechanism. Reporting window: Customers must report fraud to both their bank and the National Cyber Crime Reporting Portal/Helpline 1930 within five calendar days. Resolution timelines: Banks get 45 calendar days for domestic fraud complaints and 60 days for cross-border cases (up from the proposed 30 days). Effective date: 1 January 2027 — a six-month deferral from the originally proposed 1 July 2026, giving banks more time to build systems. This is the most structured consumer protection framework India has had for digital banking fraud. The shadow reversal mechanism for credit cards is particularly significant — it means victims get provisional relief almost immediately rather than waiting for investigation completion. ...

Fintech Deep Dive — Friday | June 19, 2026 Theme: Policy & Regulation This week has been one of the most consequential for Indian fintech regulation in 2026. The RBI dropped a regulatory triple-bomb on June 15 alone: a sweeping anti-mis-selling framework with an explicit dark-pattern ban, a consolidated payment system authorisation master direction introducing perpetual approvals, and an ongoing governance consolidation exercise. Combined with a landmark e-mandate framework issued in April that continues to reshape recurring payments, and a wave of IPO filings that signal maturing regulatory compliance in the sector, this week’s deep dive covers five major regulatory stories. ...

SEBI — Securities and Exchange Board of India: Complete 101 Guide Last updated: March 2026 What is SEBI? The Securities and Exchange Board of India (SEBI) is India’s capital markets regulator. Established in 1992, SEBI protects investor interests, promotes fair markets, and develops the securities market. Think of it as the “police and traffic cop” for India’s stock exchanges. Key Facts Founded: April 12, 1992 Headquarters: Mumbai, with regional offices Chairman: Madhabi Puri Buch (2026) Jurisdiction: India (primary), global oversight Mission: Protect investors, develop markets SEBI’s Mandate Primary Functions Function Description Protect Investors Ensure fair treatment, disclosure norms Regulate Markets Stock exchanges, depositories Develop Markets New products, investor education Prevent Fraud Insider trading, market manipulation Powers (Under SEBI Act) Issue securities regulations Register market intermediaries Conduct investigations Impose penalties Search & seizure SEBI Structure Governing Body 1 2 3 4 5 6 SEBI Board ├── Chairman (IAS/Expert) ├── 2 Members (Finance) ├── 1 Member (Law) ├── 3 Members (Market Experts) └── 1 Member (Public Interest) Departments Department Focus DIP Disclosure, issuance Enforcement Violations, penalties Intermediaries Broker registration Investor Grievance Complaints Research Market analysis Markets SEBI Regulates 1. Stock Exchanges Exchange Founded NSE/BSE BSE 1875 Mumbai NSE 1992 Mumbai MSEI 2008 Mumbai 2. Depositories CDSL - Central Depository Services NSDL - National Securities Depository 3. Market Intermediaries Stock Brokers Depository Participants Mutual Funds (via AMFI) Portfolio Managers Investment Advisors SEBI Regulations for Investors 1. Disclosure Norms Financial: Quarterly results, annual reports Corporate Actions: Dividends, bonuses, splits Material Events: Mergers, acquisitions, litigation Insider Trading: Trading window closures 2. Investor Protection KYC: Mandatory identity verification Risk Disclosure: Product suitability Grievance Redressal: SCORES platform Compensation Fund: Investor protection fund 3. Trading Rules T+1 Settlement: Next-day settlement Margin Trading: Regulated leverage Derivatives: Position limits Key SEBI Initiatives 1. Digital Transformation Initiative Purpose T+1 Settlement Faster trading settlement KYC Unified KYC for all markets e-Voting Digital shareholder voting SCORES Online grievance resolution 2. Market Development REITs: Real Estate Investment Trusts InvITs: Infrastructure Investment Trusts Social Stock Exchange: NGO funding Gold ETFs: Alternative investments 3. Retail Focus SIP in Mutual Funds: Systematic Investment Plans Direct Plans: Lower expense ratios Demat Accounts: Paperless account opening SEBI & Investor Types Retail Investors Protection: Insider trading laws Education: Investor awareness programs Grievances: SCORES resolution in 30 days Foreign Investors FPI Registration: Foreign Portfolio Investors Investment Limits: Sector-wise caps Reporting: Monthly disclosures Institutional Investors Regulatory Compliance: Stricter norms ** disclosures**: Ownership above 5% Trading Limits: Position monitoring SEBI Statistics (2026) Metric Value Listed Companies 5,000+ Demat Accounts 15+ crore Monthly Trading Volume ₹50+ lakh crore Mutual Fund SIP ₹25,000+ crore/month Investor Grievances Resolved 95%+ SEBI Regulatory Framework For Companies (Issuers) IPO Guidelines: Pricing, allocation Listing Requirements: Minimum public shareholding Corporate Governance: Board composition Takeover Code: Acquisition thresholds For Intermediaries Registration: Mandatory licensing Capital Adequacy: Financial soundness Conduct Rules: Business practices Audit: Regular compliance checks For Investors KYC: Identity verification Risk Assessment: Suitability checks Know Your Customer: PAN + Aadhaar Nomination: Beneficiary designation SEBI vs Global Regulators Feature SEBI SEC (USA) FCA (UK) Age 1992 1934 2000 Chairman Govt appointment Presidential Govt appointment Structure Board Commission Board Jurisdiction India USA UK + Global SEBI Grievance Redressal SCORES Platform Portal: scores.gov.in Process: Online complaint → Action → Resolution Timeline: 30 days maximum Status: Trackable Investor Protection Compensation Fund: Investor protection corpus Mediation: SEBI mediation cell ** Lok Adalat**: Securities settlement Recent SEBI Reforms (2025-2026) Market Reforms T+1 Settlement: Fully implemented Unified KYC: Single registration across markets Social Stock Exchange: For NGOs/charities Tokenization: Securities data protection Investor Reforms Credit Risk in Mutual Funds: Enhanced disclosure Fact Sheets: Standardized fund information Nomination: Mandatory for demat accounts Related Topics Learn More 101 RBI - Reserve Bank of India 101 UPI - Unified Payments Interface 101 NPCI - National Payments Corporation Consumer Rights Analysis Investor Protection SEBI mandates disclosure norms for listed companies Investor awareness programs run by SEBI Protective measures against market manipulation Privacy Implications Demat accounts linked to Aadhaar for KYC Trading history creates behavioral profile Algo trading data shared with regulatory authorities Data Protection Concerns Trading Data: SEBI collects detailed trading patterns Demat Records: Shareholding details stored digitally IPO Applications: Linked to bank accounts User Risks Fraud: Fake investment schemes, Ponzi schemes Market Volatility: No guarantee on returns Cyber Crimes: Trading account hacking Safeguards Verify scheme registration with SEBI Use official platforms only Enable two-factor authentication Monitor Demat statements regularly Complaints & Grievance Redressal SEBI SCORES: scores.gov.in (Online grievance) Stock Exchanges: NSE/BSE investor services Consumer Courts: For investment disputes Cyber Crime: For online fraud Conclusion SEBI plays a crucial role in maintaining investor confidence and market integrity. Its regulations protect your investments and ensure fair trading practices. Understanding SEBI helps you navigate India’s capital markets safely. ...