Markets: A Rigorous Course
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Numbers that change: lot sizes, duties, rates, limits. Each carries an as-of date, a source and how far it has been checked. Treat anything older than a few months as a prompt to re-check.

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FactValueAs ofStatusSourceModules
NSE normal market hours (equity and F&O)09:15–15:30 IST (continuous trading session; pre-open before, closing auction after)6 Nov 2026verifiedNSE circular NSE/CMTR/74969 (1 Jul 2026: pre-open buffer ends 09:15, then continuous trading); SEBI circular HO/47/11/11(3)2025-MRD-POD2/I/23843/2026 (15 Oct 2026: CAS starts 15:30 at the end of continuous trading); both fetched 2026-11-06M01
Equity pre-open session structure (effective 2026-09-07)09:00–09:15; market and limit orders 09:00–09:05; limit orders only 09:05 to a random close between 09:08 and 09:10; matching to 09:12; buffer 09:12–09:15; no SL, IOC or DQ orders6 Nov 2026verifiedNSE circular NSE/CMTR/74969 (1 Jul 2026), Table A and notes, with its FAQ annexure (equilibrium-price rule, Q8); implements SEBI circular of 16 Jan 2026, para 5; fetched 2026-11-06M01 M04A
Closing Auction Session for F&O stocks (sets the official close)Live from 2026-08-03 (15:15–15:35); re-timed to 15:30–15:40 with post-close 15:50–16:00 from 2026-12-076 Nov 2026verifiedSEBI circular HO/47/11/11(3)2025-MRD-POD2/I/2765/2026 (16 Jan 2026), paras 4.2 and 6.1; SEBI circular HO/47/11/11(3)2025-MRD-POD2/I/23843/2026 (15 Oct 2026), paras 4.2 and 6.1; both fetched 2026-11-06M01 M02 M04 M04A M05
Final settlement price of equity derivatives on expiry (effective 2026-12-07)Index: index value from constituents' VWAP over the last 30 min of continuous trading; stock: VWAP of the stock over the last 30 min across all exchanges6 Nov 2026verifiedSEBI circular HO/47/11/11(3)2025-MRD-POD2/I/23843/2026 (15 Oct 2026), para 4.9 and para 6.1; fetched 2026-11-06. (The 15-minute window in some reports is the CAS reference price, para 4.3.)M01 M05 M07 M08 M09 M09A
Equity derivatives trading hours (effective 2026-12-07)Index derivatives to 15:45 except expiring index contracts on expiry day (to 15:30); stock derivatives to 15:45 on all days6 Nov 2026verifiedSEBI circular HO/47/11/11(3)2025-MRD-POD2/I/23843/2026 (15 Oct 2026), paras 4.2.4–4.2.5; fetched 2026-11-06M04A M07
GIFT Nifty trading sessions (NSE IX)06:30–15:40 and 16:35–02:45 IST (sources differ slightly)6 Nov 2026unverifiedSecondary summaries (verify with the exchange: nseix.com)M04A
Equity settlement cycleT+1 (all equities since 2023-01-27); optional T+0 for up to top 500 stocks6 Nov 2026verifiedSEBI circulars 7 Sep 2021, 21 Mar 2024, 10 Dec 2024M01
Index-based market-wide circuit breaker trigger levels10% / 15% / 20% of Nifty or Sensex1 Nov 2026verifiedSEBI circular June 2001 (in force since 2001-07-02, with later amendments). As of Nov 2026 (month only)M01 M02
Stock price bands (non-F&O stocks); F&O stocks have dynamic bands2%, 5%, 10% or 20%1 Nov 2026secondaryExchange price-band framework; not re-checked against the NSE/BSE circular (verify with the exchange). As of Nov 2026 (month only)M04
SEBI retail algo framework (needed before any automated live trading)Broker is principal, algo provider its agent; API algo orders tagged with an exchange-issued identifier; no open APIs (vendor-client API key, whitelisted static IP, OAuth, 2FA); self-built algos registered above the exchange's orders-per-second threshold; empanelled providers; applicable to all brokers from 2026-04-016 Nov 2026verifiedSEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/0000013 (4 Feb 2025); timeline circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/132 (30 Sep 2025), para 8 (all brokers from 1 Apr 2026); both fetched 2026-11-06. The orders-per-second threshold is set in the exchanges' implementation standards (not fetched)M04 M05 M14
Block-deal window rules (effective 2025-12-07)Minimum order ₹25 crore; windows 08:45–09:00 and 14:05–14:20; ±3% price band7 Dec 2025secondarySEBI circular SEBI/HO/MRD/POD-III/CIR/P/2025/134 (8 Oct 2025), as summarised by SCC Online; NSE circularM04A M06A
Bulk-deal disclosure threshold (long-standing)> 0.5% of listed equity shares by one client in a day6 Nov 2026unverifiedSEBI disclosure rule (check NSE bulk-deal page); no as-of date givenM04A
F&O ban-period trigger for a stock (MWPL basis revised)Market-wide FutEq OI > 95% of MWPL; MWPL = lower of 15% of free float and 65 × average daily delivery value, floor 10% of free float; in the ban, trades must reduce end-of-day FutEq OI1 Oct 2025verifiedSEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2025/79 (29 May 2025), paras 5.2–5.3; effective 1 Oct 2025 (para 6); fetched 2026-11-06M04A
Nifty 50 index review scheduleSemi-annual, effective last working day of March and September; cut-off 31 Jan / 31 Jul6 Nov 2026verifiedNSE Indices rebalancing scheduleM04A
STT on equity delivery0.1% on buy and on sell6 Nov 2026verifiedNSE circular NSE/FATAX/73524 (31 Mar 2026) reproducing the STT schedule as amended by the Finance Act, 2026 (no change for delivery); fetched 2026-11-06M01 M03 M04 M07 M14
STT on equity intraday0.025% on sell6 Nov 2026verifiedNSE circular NSE/FATAX/73524 (31 Mar 2026), STT schedule as amended by the Finance Act, 2026 (no change for non-delivery equity); fetched 2026-11-06M01
STT on futures0.05% on sell (0.02% up to 2026-03-31)6 Nov 2026verifiedFinance Act, 2026 (assent 30 Mar 2026), rates from 2026-04-01, as set out in NSE circular NSE/FATAX/73524 (31 Mar 2026); fetched 2026-11-06M01 M07 M14
STT on options0.15% of premium on sell (was 0.1%); 0.15% of intrinsic value on exercise, paid by the purchaser (was 0.125%)6 Nov 2026verifiedFinance Act, 2026 (assent 30 Mar 2026), rates from 2026-04-01, as set out in NSE circular NSE/FATAX/73524 (31 Mar 2026); fetched 2026-11-06M01 M03 M08 M09 M09A M14
NSE transaction charge, equity0.00307% of turnover (₹307 per crore each side, incl. ₹0.01 IPFT contribution)1 Mar 2026verifiedNSE circular NSE/FA/73061 (27 Feb 2026), effective 2026-03-01; fetched 2026-11-06M01 M04
NSE transaction charge, futures0.00183% of turnover (₹183 per crore each side, incl. ₹0.01 IPFT contribution)1 Mar 2026verifiedNSE circular NSE/FA/73061 (27 Feb 2026), effective 2026-03-01; fetched 2026-11-06M01
NSE transaction charge, options0.03553% of premium (₹3,553 per crore of premium each side, incl. ₹0.01 IPFT contribution)1 Mar 2026verifiedNSE circular NSE/FA/73061 (27 Feb 2026), effective 2026-03-01; fetched 2026-11-06M01 M08 M09 M09A
Stamp duty, equity delivery (buy side)0.015%6 Nov 2026secondaryIndian Stamp Act, 1899, Schedule I as amended by the Finance Act, 2019 (collected through exchanges and clearing corporations from 2020-07-01); gazette text not re-fetched (verify with the exchange)M01 M04
Stamp duty, equity intraday (buy side)0.003%6 Nov 2026secondaryIndian Stamp Act, 1899, Schedule I as amended by the Finance Act, 2019 (from 2020-07-01); gazette text not re-fetched (verify with the exchange)M01
Stamp duty, futures (buy side)0.002%6 Nov 2026secondaryIndian Stamp Act, 1899, Schedule I as amended by the Finance Act, 2019 (from 2020-07-01); gazette text not re-fetched (verify with the exchange)M01
Stamp duty, options (buy side, on premium)0.003%6 Nov 2026secondaryIndian Stamp Act, 1899, Schedule I as amended by the Finance Act, 2019 (from 2020-07-01); gazette text not re-fetched (verify with the exchange)M01
SEBI turnover fee₹10 per crore (0.0001% of turnover; cash and equity derivatives)1 Apr 2019verifiedSEBI (Payment of Fees) (Amendment) Regulations, 2019, No. SEBI/LAD-NRO/GN/2019/03 (22 Mar 2019, in force 2019-04-01), as reproduced in NSE circular FA40632; fetched 2026-11-06. Later amendments not re-checkedM01 M04
GST on brokerage + exchange + SEBI fees18%6 Nov 2026secondaryGST rate on financial and related services (CBIC rate schedule for services); not re-fetched (verify on cbic-gst.gov.in)M01 M04
DP (depository participant) charge on a delivery sale, per scrip per sell day: the figure used in the course's cost examples₹15.34 incl. GST (typical; varies by broker and depository; set your own)6 Nov 2026secondaryTypical broker charge sheet; use your own broker's tariffM01 M04
Delivery round-trip cost on ₹1 lakh (derived from the cost rows)≈ ₹237.82 (0.238% = 23.8 bp), incl. DP charge6 Nov 2026secondaryComputed in M04/M05 from the statutory and exchange cost rows above plus a typical DP chargeM04 M05
Intraday equity round-trip cost on ₹1 lakh (NSE; typical discount-broker fee of ₹20 or 0.03% per executed order, whichever is lower; derived)₹82.68 = 8.27 bp (M14: ≈ ₹82.7, 0.083%)6 Nov 2026secondaryComputed from the statutory and exchange cost rows above; M01 §1.7M05 M14
Nifty futures round-trip cost, 1 lot at 25,000 (derived; STT 0.05% from 2026-04-01)₹966 = 5.95 bp6 Nov 2026secondaryComputed from the statutory and exchange cost rows above, with a typical ₹20-per-order brokerageM05
STCG / LTCG tax on listed equity (transfers from 2024-07-23)STCG 20%; LTCG 12.5% above ₹1.25 lakh23 Jul 2024secondaryFinance (No. 2) Act, 2024 (Budget July 2024), via secondary summaries; reported unchanged for FY 2026-27 (M14). Verify on incometaxindia.gov.inM01 M14
Governing income-tax lawIncome-tax Act, 2025 in force from 2026-04-01; replaced the 1961 Act; classifications unchanged, sections renumbered1 Apr 2026secondarySecondary explainers (section numbers not verified); the Act's text is on incometaxindia.gov.inM01 M14
Indian corporate tax, concessional regime (verify for FY 2026-27)22% base; ~25.17% effective with surcharge and cess6 Nov 2026unverifiedIncome Tax Department; no as-of date given (module: verify for FY 2026-27)M06
Tax treatment of share buybacksCompany tax to 30 Sep 2024; deemed dividend 1 Oct 2024–31 Mar 2026; capital gains plus promoter additional tax from 1 Apr 20266 Nov 2026unverifiedFinance (No. 2) Act 2024; Budget 2026 coverage (S); verify Finance Act 2026 textM06A
Nifty 50 F&O lot size655 Nov 2026verifiedNSE circular NSE/FAOP/70616 (3 Oct 2025): 75 → 65 for contracts after the 30 Dec 2025 expiry; NSE F&O UDiFF bhavcopy 20261105, NewBrdLotQty (history per M04A: 25 in June 2024; 75 from 2024-11-20)M01 M02 M03 M04A M07 M08 M09 M09A M12 M13 M13A M14
Bank Nifty F&O lot size305 Nov 2026verifiedNSE F&O UDiFF bhavcopy 20261105M01 M07 M08 M09 M13A
Stock futures lot sizes: Reliance, HDFC Bank, Infosys500, 650, 4005 Nov 2026verifiedNSE F&O UDiFF bhavcopy 20261105 (NewBrdLotQty)M14
NSE equity-derivative expiry weekday; BSE Sensex weekly expiry dayNifty/NSE Tuesday (previous trading day if holiday); Sensex (BSE) Thursday6 Nov 2026verifiedSEBI circular SEBI/HO/MRD/MRD-TPD-1/P/CIR/2025/76 (26 May 2025: each exchange's expiries on Tuesday or Thursday); NSE circular NSE/FAOP/68589 (17 Jun 2025: Tuesday for contracts expiring on or after 1 Sep 2025); NSE/FAOP/68747 (25 Jun 2025) moves holiday expiries to the previous trading day; fetched 2026-11-06. BSE's Thursday from BSE notices (not fetched)M01 M04A M07 M08 M09 M09A M13
Nifty weekly expiries moved to Monday in 2026 because Tuesday was a holiday13 Apr, 19 Oct, 9 Nov, 23 Nov 20266 Nov 2026verifiedNSE F&O bhavcopies, checked 6 Nov 2026M09A
Index contracts with weekly expiries on NSENifty only; Bank Nifty monthly/quarterly only (no weekly)5 Nov 2026verifiedNSE bhavcopy 5 Nov 2026; SEBI circular 1 Oct 2024M08 M09
Proposal to abolish weekly expiriesNo SEBI circular abolishing weekly expiries; one weekly benchmark index option per exchange remains allowed6 Nov 2026verifiedSEBI circulars list searched 2026-11-06 (no such circular); SEBI circular SEBI/HO/MRD/MRD-TPD-1/P/CIR/2025/76 (26 May 2025), para 3.2, allows one weekly benchmark index option per exchangeM09 M09A
Nifty futures expiries listed23 Nov 2026, 29 Dec 2026, 25 Jan 20275 Nov 2026verifiedNSE F&O bhavcopyM07
Index option exercise style and settlementEuropean, cash-settled1 Nov 2026secondaryNSE contract specification pages (not re-fetched); cash settlement against the expiry-day index value is set by SEBI circular of 15 Oct 2026, para 4.9 (index derivatives settle on an index value, not by delivery). Nov 2026 (month only)M08
Stock option exercise style and settlementEuropean (from 27 Jan 2011 expiries); physically settled (all stock derivatives by the Oct 2019 expiry); DNE facility discontinued from the Mar 2023 expiry6 Nov 2026verifiedSEBI circular CIR/DNPD/6/2010 (27 Oct 2010) permitting European-style stock options (NSE's 27 Jan 2011 switch as reported by Business Standard, 29 Oct 2010); SEBI circulars SEBI/HO/MRD/DP/CIR/P/2018/67 (11 Apr 2018) and SEBI/HO/MRD/DOPI/CIR/P/2018/161 (31 Dec 2018: phases from the Apr, Jul and Oct 2019 expiries); NSE Clearing circular NCL/CMPT/55330 (20 Jan 2023), para g (DNE discontinued); fetched 2026-11-06M08 M09A
Minimum index-derivative contract value at launch (from 2024-11-20)₹15 lakh (review band ₹15–20 lakh)1 Nov 2026verifiedSEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132, 1 Oct 2024, para 5.4 (fetched 2026-11-06). As of Nov 2026 (month only)M03 M07 M09
Extra ELM on short index options on expiry day (since 2024-11-20)2% of notional20 Nov 2024verifiedSEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132, 1 Oct 2024, para 5.6 (fetched 2026-11-06)M08 M09 M09A
Upfront collection of premium from option buyers (since 2025-02-01)Required1 Feb 2025verifiedSEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132, 1 Oct 2024, para 5.1 (fetched 2026-11-06)M09 M09A
Calendar-spread margin benefit on expiry dayRemoved for contracts expiring that day, since 1 Feb 20251 Feb 2025verifiedSEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/132, 1 Oct 2024, para 5.2 (fetched 2026-11-06)M09 M09A
Extreme loss / exposure margin on index derivatives (commonly quoted)About 2% of notional1 Nov 2026unverifiedNSE margins page (via search), Nov 2026 month only (M07); M09A: not re-verified, check NSE ClearingM07 M09A
Intraday index-option position limits per entity (from 2025-10-01, reported)Net ₹5,000 cr, gross ₹10,000 cr FutEq1 Oct 2025verifiedNSE circular SURV70553M09
Daily settlement price of index futuresVWAP of last 30 minutes1 Nov 2026unverifiedSecondary sources; verify the daily settlement price methodology on NSE. Nov 2026 (month only)M07
MCX GOLD futures lot size (quoted ₹/10 g; tick ₹1 = ₹100 per lot); full table of MCX lots and ticks in M10 §10.101 kg25 Oct 2026secondaryMCX contract specification (secondary summary, 25 Oct 2026; mcxindia.com refused automated fetch on 2026-11-06; verify with the exchange)M07 M10
MCX CRUDEOIL futures lot size (quoted ₹/bbl; cash-settled on NYMEX WTI)100 bbl25 Oct 2026secondaryMCX contract specification (secondary summary, 25 Oct 2026; verify with the exchange)M07 M10 M14
MCX GOLD Dec-26 future price (example)₹1,38,839 per 10 g2 Nov 2026secondaryNews reports of the MCX close (secondary); MCX's daily bhavcopy is the primary record (mcxindia.com refused automated access on 2026-11-06)M08 M10 M14
MCX GOLDM (Gold Mini) futures lot size (quoted ₹/10 g)100 g25 Oct 2026secondaryMCX contract specification (secondary summary, 25 Oct 2026; verify with the exchange). Oct 2026M10 M14
MCX trading hours, non-agricultural contracts09:00–23:30 IST during US daylight time; 09:00–23:55 IST in US winter time (2 Nov 2026 to 12 Mar 2027)2 Nov 2026secondaryMCX circulars 068/2026 and 550/2026, as reported (M10 §10.15); MCX blocks automated reading, verify with the exchangeM10 M13A M15
MCX bullion futures tender period (sources disagree)Last 3 trading days in one secondary source; about 5 days in another (verify on MCX)6 Nov 2026conflictingConflicting secondary sources (As-of column gives year only: 2026)M10
India gold import duty (BCD + AIDC), from 2026-05-1315% (10% + 5%)13 May 2026secondaryCBIC Notification No. 15/2026-Customs (BCD 5% to 10%) and No. 16/2026-Customs (AIDC/SWS), both dated 12 May 2026, effective 13 May 2026; summarised from a tax publication's copies of the notifications because cbic.gov.in failed a TLS check on 2026-11-06; re-read on cbic.gov.in to mark verifiedM10
India gold import duty, previous regime (24 Jul 2024 – 12 May 2026)6% (5% + 1%)12 May 2026secondaryTribune IndiaM10
GST on gold3% (1.5% CGST + 1.5% SGST, or 3% IGST on import)1 Nov 2026unverifiedCBIC GST rate schedule for heading 7108 (not re-read on 2026-11-06; verify). Nov 2026 (month only)M10
Frequency of CBIC tariff-value revisions for goldRoughly fortnightly6 Nov 2026secondaryTaxguru report of CBIC revision of 1 Aug 2026 (As-of column gives year only: 2026)M10
Gold spot priceAbout $4,098/oz6 Nov 2026secondarySecondary spot quotes (the LBMA Gold Price history is licence-restricted)M10
Gold all-time high (late Jan 2026)About $5,608 / $5,626 (sources differ)1 Jan 2026secondarySecondary spot quotes. Late Jan 2026 (month only)M10
Silver spot price; all-time highAbout $51.9/oz; ATH $121.64 (Jan 2026)6 Nov 2026secondarySecondary spot quotes (the LBMA Silver Price history is licence-restricted)M10
Gold/silver price ratio79.05 Nov 2026secondaryComputed from COMEX front-month closes (GC=F/SI=F), 5 Nov 2026M10
Brent crude price: EIA spot (latest) and front-month futures settlementsEIA spot $107.03 (3 Nov 2026); futures settle $94.62 (4 Nov, -8.7%), about $98.3 (5 Nov)5 Nov 2026secondaryEIA Brent spot series RBRTED (also FRED DCOILBRENTEU), latest value 3 Nov on 2026-11-06; futures settlements as reported (secondary; ICE has no free history)M10 M11 M12
Brent 2026 futures peak (M10 lists futures and physical peaks in one row, 'conflicting by measure')About $118 highest settle (31 Mar; $118.35 reported); about $126 intraday (30 Apr; $126.10 and $126.41 reported)6 Nov 2026secondaryPress reports of ICE settlements (Reuters); Yahoo BZ=F continuous series [S] (As-of column gives year only: 2026)M10 M12
Brent 2026 physical peakEIA spot $138.21 (7 Apr 2026; $127.61 on 2 Apr); dated Brent reported at $141.37 (2 Apr) [S]6 Nov 2026verifiedEIA Brent spot series RBRTED (FRED DCOILBRENTEU, fetched 2026-11-06) for the spot; Reuters report for dated Brent (secondary)M10 M12
WTI crude spot (Cushing), latest EIA value$99.643 Nov 2026verifiedEIA WTI spot series RWTCD (FRED DCOILWTICO), fetched 2026-11-06M10
Central-bank gold purchases321 t Q3 2026; 675 t YTD; 863 t in 20253 Nov 2026verifiedWorld Gold Council, Gold Demand Trends Q3 2026M10
Global gold ETF holdingsRecord 4,256 t (Q3 2026 inflow 211 t)3 Nov 2026verifiedWorld Gold Council, Gold Demand Trends Q3 2026M10
Silver market balance, 2026 forecastDeficit about 46.3 Moz1 Apr 2026secondarySilver Institute via Crux Investor/FXStreet (secondary). Apr 2026 (month only)M10
OPEC+ production policyDec 2026 targets held at Sept levels; next meeting 29 Nov 20261 Nov 2026verifiedOPEC press release, 1 Nov 2026M10
Indian crude basket weights (from Mar 2026)61% Dated Brent / 39% Dubai-Oman1 Mar 2026secondarySecondary news report, 13 Apr 2026; verify on ppac.gov.in. Mar 2026 (month only)M10
Strait of Hormuz oil flow, normal (2024 average)~20 mb/d, ~20% of world liquids consumption1 Jan 2024verifiedEIA Today in Energy (2024 average; year only)M12
Strait of Hormuz oil flow during the 2026 disruption (Mar–May 2026)~2.7 mb/d1 Mar 2026secondaryPress reports attributing the figure to the IEA Oil Market Report [S]; check the report. Mar–May 2026 (month only)M12
Bab-el-Mandeb oil flow, 2023 vs Jan–Aug 20248.7 mb/d (2023) → 4.0 mb/d1 Aug 2024verifiedEIA Today in Energy. Jan–Aug 2024 (month only)M12
IEA coordinated oil stock release, 2026 (largest ever)400 mb11 Mar 2026secondaryIEA news release, 11 Mar 2026 (US share 172 mb over about 120 days). iea.org refused automated access on 2026-11-06, so the release was not re-read; the figures are consistent across press coverageM10 M12
COMEX silver margin changeRaised 11% → 15%1 Jan 2026secondarySecondary aggregators. Jan 2026 (month only)M10
Nifty 50 base value and methodology1,000 on 1995-11-03; free-float since 2009-06-266 Nov 2026verifiedNSE Indices factsheetM01
Nifty 50 close on 4 Nov 202623,960.604 Nov 2026secondaryYahoo Finance ^NSEI (verify on niftyindices.com)M02
Nifty 50 close on 5 Nov 2026 (spot used in examples)24,536.605 Nov 2026verifiedNSE ind_close_all_05112026.csv (close 24,536.6, +576.0, +2.40%); NSE F&O bhavcopyM07 M08 M11 M12 M14
Nifty 50 dividend yield1.42%5 Nov 2026verifiedNSE ind_close_all_05112026.csvM07
Nifty Dec-26 futures settlement price on 5 Nov 202624,719.105 Nov 2026verifiedNSE F&O bhavcopyM07 M08
Nifty Dec-26 option settlement prices on 5 Nov 2026: 24,500 C/P; 24,700 C/P587.65/370.90; 476.90/454.955 Nov 2026verifiedNSE F&O bhavcopyM08
India VIX close and 252-day range15.19 close; 252-day range 9.15–27.894 Nov 2026secondaryYahoo Finance ^INDIAVIXM09A
Nifty India Defence index level9,012.05 (−1.69% on the day)5 Nov 2026verifiedNSE index closing file ind_close_all_05112026.csvM12
AI-GPR (geopolitical risk) index data last update31 Oct 20266 Nov 2026verifiedIacoviello AI-GPR pageM12
Geopolitical Risk (GPR) index normalisation (methodology)Mean 100 over 1985–20196 Nov 2026unverifiedCaldara-Iacoviello GPR methodology page (no as-of date given)M12
India VIX methodologyCBOE-style, near and next month Nifty options, 30 calendar days6 Nov 2026unverifiedNSE India VIX documents (M09: check current NSE document; M13: not re-verified)M09 M13
Nifty Nov-26 futures settlement price on 5 Nov 202624,588.05 Nov 2026verifiedNSE F&O UDiFF bhavcopy 20261105M14
Nifty 23-Nov-2026 option settlement prices on 5 Nov 2026: 24000 PE / 25000 CE / 24500 CE / 24500 PE / 25500 CE105.00 / 126.75 / 334.55 / 259.05 / 40.455 Nov 2026verifiedNSE F&O UDiFF bhavcopy 20261105M14
Cointegration statistics tabulated in M13A §13A.12As tabulated in M13A §13A.124 Nov 2026secondaryComputed 6 Nov 2026 from Yahoo Finance adjusted closes (data to 4 Nov 2026)M13A
Most recent NBER US business-cycle peak / troughFeb 2020 / Apr 2020; no later peak listed6 Nov 2026verifiedNBER business-cycle dating committeeM13
US real GDP growth, 2023 annual average (advance estimate; may since be revised)2.5%1 Jan 2024verifiedBEA, Q4 and year 2023 advance estimate. Jan 2024 release (month only)M13
arch / statsmodels versions used by the course tests8.0.0 / 0.15.06 Nov 2026verifiedLocal uv environmentM13
hmmlearn maintenance status"Limited-maintenance mode"6 Nov 2026verifiedhmmlearn project README on GitHub, read 2026-11-06M13
Nifty daily sample statistics, 17 Sep 2007–4 Nov 2026Mean log return 8.75%/yr; vol 20.2%; excess kurtosis 15.2; Hill alpha_100 = 3.054 Nov 2026secondaryComputed from Yahoo ^NSEI, retrieved 6 Nov 2026M02
India VIX record close83.61 (24 Mar 2020)1 Nov 2026secondaryYahoo ^INDIAVIX; reported by Business Standard, 24 Mar 2020. As of Nov 2026 (month only)M02
India VIX close, end of March 2026 (30 Mar 2026)27.8930 Mar 2026secondaryYahoo ^INDIAVIX; verify against NSE India VIX history, Mar 2026M02
IIMA Indian WML momentum factor, annualised geometric return since 1 Jan 199410.65%1 Dec 2025verifiedIIMA Indian Fama-French-Momentum data library, 2025-12 release (month only), fetched 6 Nov 2026M04
IIMA Indian WML momentum factor, calendar 2025 to release date−5.53%1 Dec 2025verifiedIIMA Indian Fama-French-Momentum data library, 2025-12 release (month only)M04
Latest IIMA Indian Fama-French-Momentum factor library release2025-12 (Oct 1993 – Dec 2025)6 Nov 2026verifiedIIMA library page, fetched 6 Nov 2026 (V)M06A
Participant-wise OI: FII index futuresLong 52,037, short 189,475 contracts5 Nov 2026verifiedNSE participant-wise OI fileM04A
Median delivery percentage, NSE EQ series55.2% (2,742 stocks)5 Nov 2026verifiedNSE full bhavcopyM04A
Risk-free rate used in course examples (assumption)6.5%6 Nov 2026unverifiedAssumption; check the 91-day T-bill yield on rbi.org.in (no as-of date given in M03)M03
RBI policy repo rate (used as r in pricing examples)5.50% (raised 25 bp from 5.25% by the MPC, 7 Oct 2026; SDF 5.25%, MSF and Bank Rate 5.75%)6 Nov 2026verifiedRBI, Resolution of the Monetary Policy Committee, 5–7 Oct 2026 (press release of 7 Oct 2026, prid 63742); rbi.org.in home page rates checked 2026-11-06M07 M08 M09A M10 M11
RBI SDF / MSF / Bank Rate5.25% / 5.75% / 5.75%6 Nov 2026verifiedRBI, Resolution of the Monetary Policy Committee, 7 Oct 2026 (prid 63742)M11
Cash reserve ratio / statutory liquidity ratio3.00% / 18%6 Nov 2026verifiedRBIM11
RBI inflation target for Apr 2026–Mar 2031 (notified 25 Mar 2026)4%, band 2–6%25 Mar 2026secondaryBusiness Today / ThePrint reports of the DEA gazette [S]M11
Next RBI MPC meeting2–4 Dec 20266 Nov 2026verifiedRBI monetary policy page (schedule of MPC meetings), checked 2026-11-06M04A M09A M11
US Fed funds target range (hiked 16 Sep 2026; held 28 Oct 2026)3.75–4.00%28 Oct 2026verifiedFOMC statements of 16 Sep 2026 (hike, 12–0) and 28 Oct 2026 (hold, 10–2; Cook and Hammack for a hike); FRED DFEDTARL/DFEDTARUM10 M11
US 10-year Treasury yield4.90% (4 Nov 2026); 2026 closing high 5.31% (5 Oct)4 Nov 2026verifiedUS Treasury par yield curve via FRED DGS10, fetched 2026-11-06M11
US 10-year TIPS real yield / breakeven inflation2.64% / 2.32% (22 Oct); 2.64% / 2.26% (4 Nov); 2026 real-yield high 2.95% (5 Oct), above every daily value since 20084 Nov 2026verifiedUS Treasury data via FRED DFII10 and T10YIE, fetched 2026-11-06M10 M11
India 10-year G-sec yield (bond-dependent)~7.19–7.32%4 Nov 2026secondaryABSL/ICRA daily tracker [S]M11
US CPI and core CPI (Sep 2026) / core PCE (Aug and Sep 2026), year on year3.7% and 2.6% / 3.0% (Aug), 3.1% (Sep)1 Oct 2026verifiedBLS CPI-U (not seasonally adjusted) and BEA PCE price index, computed from FRED CPIAUCNS, CPILFENS, PCEPILFE on 2026-11-06. Oct 2026 releases (month only)M11
India CPI inflation (2024 base), Sep 20265.54%12 Oct 2026secondaryMoSPI via DD India; released 12 Oct 2026M11
US output gap (CBO-based), 2026Q3+1.70%1 Jul 2026verifiedComputed from FRED GDPC1, GDPPOT. 2026Q3 (quarter only; first day of quarter used)M11
US neutral real rate r* (Holston-Laubach-Williams / Laubach-Williams), 2026Q21.01% / 1.65%1 Aug 2026verifiedNew York Fed, released Aug 2026 (month only)M11
US dollar index (DXY)~101.5 (Federal Reserve nominal broad dollar index 121.67 on 30 Oct 2026)6 Nov 2026secondaryDXY: secondary quote (ICE publishes no free history); broad index: FRED DTWEXBGS (Federal Reserve H.10)M11
DXY currency weights (current methodology)EUR 57.6, JPY 13.6, GBP 11.9, CAD 9.1, SEK 4.2, CHF 3.61 Nov 2026verifiedICE methodology PDF, read Nov 2026 (month only)M11
USD/INR exchange rateFBIL reference rate 94.3996 (market about 94.47)5 Nov 2026verifiedFBIL reference rate as published on the RBI homepage (archive: rbi.org.in Reference Rate Archive); market rate secondaryM10 M11
USD/INR 2026 record (rupee's weakest level)96.82 on 20 May 2026 (March high 94.83; previous record 91.03 on 16 Dec 2025)5 Nov 2026verifiedFederal Reserve H.10 noon buying rates via FRED DEXINUS (the 'about 99.82 in March' figure in one secondary source is not supported by this series and is withdrawn; an aggregator's intraday series peaks at about 97.05 on 19 May)M10 M11 M12
India FX reservesUS$717,056 mn (30 Oct 2026); record US$785,706 mn as on 4 Sep 2026 after a one-week rise of US$44,903 mn (FCA +US$47,498 mn, gold −US$2,594 mn)30 Oct 2026verifiedRBI Weekly Statistical Supplement extracts of 6 Nov 2026 (prid 63939) and 11 Sep 2026 (prid 63581)M10 M11 M12
FPI equity flow, March 2026 (record outflow; reports conflict)₹1.12–1.18 lakh cr outflow1 Apr 2026conflictingPress reports citing NSDL [S]. Apr 2026 (month only)M11
RBI estimate of crude-oil pass-through: +10% crudeAbout +30 bp CPI, −15 bp growth (Oct 2025 MPR); about +20 bp CPI (RBI staff study, Jul 2025 Bulletin)1 Oct 2025secondaryTwo RBI estimates by different methods: Oct 2025 Monetary Policy Report (via press coverage) and a Jul 2025 Bulletin staff study (linked)M10
Next FOMC meeting9 Dec 20266 Nov 2026secondaryFederal Reserve FOMC meeting calendar (not re-read on 2026-11-06)M04A M11
US CPI / NFP release time (US standard time, from 2026-11-01)08:30 US Eastern = 19:00 IST6 Nov 2026verifiedBLS release scheduleM04A
India sovereign rating (Moody's)Baa31 Jul 2026secondaryDamodaran ctrypremJuly26.xlsx (data dated 1–9 Jul 2026)M06
India default spread (rating-based)1.75%1 Jul 2026secondaryDamodaran ctrypremJuly26.xlsx. Jul 2026 (month only)M06
India country risk premium (rating-based)2.72% (Jan 2026: 2.85%)1 Jul 2026secondaryDamodaran ctrypremJuly26.xlsx. Jul 2026 (month only)M06
Mature-market equity risk premium (Damodaran)4.20% (Jan 2026: 4.23%)1 Jul 2026secondaryDamodaran ctrypremJuly26.xlsx. Jul 2026 (month only)M06
India total equity risk premium (rating-based)6.92% (Jan 2026: 7.08%)1 Jul 2026secondaryDamodaran ctrypremJuly26.xlsx. Jul 2026 (month only)M06
India CRP / total ERP, CDS-based1.12% / 5.32%1 Jul 2026secondaryDamodaran ctrypremJuly26.xlsx. Jul 2026 (month only)M06
Scheduled commercial banks gross NPA ratio~1.8%1 Mar 2026secondaryRBI FSR June 2026 (secondary summaries). Mar 2026 (month only)M06
SEBI FY26 F&O study: share of individual traders who lost money87.7% (FY26); 90.9% (FY25, revised; M14)20 Aug 2026secondarySEBI PR No. 50/2026 (20 Aug 2026) and the study 'Profitability of Individual Traders in the Equity Derivatives Segment (FY25–FY26)' (SEBI DEPA, Aug 2026). Both PDFs were fetched on 2026-11-06 but their text could not be machine-extracted, so the figures are as reported by secondary summaries of the study; canonical treatment in M01 §1.11 Case 1M01 M03 M05 M09 M09A M14
SEBI FY26 F&O study: share of individuals who were option buyers~97%20 Aug 2026secondarySEBI FY26 F&O study (secondary summaries), released 2026-08-20M09A
SEBI FY26 F&O study: options' share of individual traders' losses~92%20 Aug 2026secondarySEBI FY26 F&O study, released 2026-08-20 (PDF text not machine-extractable; figure as reported by secondary summaries; see M01 §1.11 Case 1)M09
SEBI FY26 F&O study: share of index-option turnover that is 0DTE59%20 Aug 2026secondarySEBI FY26 F&O study, released 2026-08-20 (PDF text not machine-extractable; figure as reported by secondary summaries; see M01 §1.11 Case 1)M09 M09A M14
SEBI FY26 F&O study: aggregate net loss of individual traders≈ ₹91,685 crore20 Aug 2026secondarySEBI PR No. 50/2026, released 2026-08-20 (figure as reported by secondary summaries; PDF text not machine-extractable)M01 M03
SEBI FY23 equity intraday study (individuals)71% lost (80% of those with >500 trades); costs added 57% to losses of loss-makers24 Jul 2024verifiedSEBI PR 13/2024, released 2024-07-24M01 M05 M14
SEBI v Jane Street matter (see M08 §8.12 Case B for timeline conflicts)Interim order 3 Jul 2025 (WTM/AN/MRD/MRD-SEC-3/31516/2025-26) impounding ₹4,843.58 cr (₹4,843,57,70,168); escrow credited (SEBI PR 40/2025, 14 Jul 2025); listed restrictions ceased to apply (PR 45/2025, 21 Jul 2025); SAT reserved order on the disclosure plea 21 Oct 2026 (secondary); no final order reported6 Nov 2026verifiedSEBI interim order of 3 Jul 2025 and SEBI press releases 40/2025 and 45/2025, all fetched 2026-11-06; SAT steps from press reports (NewsBytes, Business Standard)M05 M08 M09
SEBI FY26 F&O study: share of prop/FPI gross profit from algo trading~99%20 Aug 2026secondarySEBI PR 50/2026, released 2026-08-20 (figure as reported by secondary summaries; PDF text not machine-extractable)M05
Financial results deadlines (SEBI LODR Reg. 33)45 days after quarter; 60 days after year for audited annual6 Nov 2026unverifiedSEBI LODR, checked 6 Nov 2026 (verify consolidated text)M06A
Prior intimation of board meeting (SEBI LODR Reg. 29)2 working days (5 days for results before 17 May 2024)17 May 2024secondarytaxguru / MBG Corp summaries of the 17 May 2024 amendment (S)M06A
Disclosure of outcome of board meeting (SEBI LODR Reg. 30)Within 30 minutes of the meeting ending6 Nov 2026verifiedSEBI LODR, checked 6 Nov 2026M06A
Earnings-call recording / transcript disclosure deadlines (LODR amendment notified 5 May 2021)24 hours / 5 working days5 May 2021secondarySEBI LODR (secondary summaries)M06
Open-market buyback via stock exchangeDiscontinued from 1 Apr 2025; reintroduction proposed Apr 20266 Nov 2026secondarySEBI Buy-back amendments (S)M06A
Small-shareholder reservation in tender-offer buyback (holders up to ₹2 lakh)15%6 Nov 2026verifiedSEBI Buy-back Regulations 2018M06A
SEBI SAST 2011 open-offer trigger / minimum offer size25% / at least 26%6 Nov 2026verifiedSEBI SAST Regulations 2011M06A
Delisting via reverse book building (amendment notified 25 Sep 2024)RBB to 90%; counter-offer from 75% with ≥50% of public tendered; fixed price ≥ 1.15 × floor25 Sep 2024secondaryLiveLaw, Business Standard (S)M06A
SME IPO eligibility (notified Mar 2025)EBITDA ≥ ₹1 cr in 2 of 3 years; OFS ≤ 20% of issue1 Mar 2025secondaryPTI, law-firm summaries (S). Mar 2025 (month only)M06A
IPO listing timeline after issue close (mandatory from 1 Dec 2023)T+31 Dec 2023secondarySEBI (S)M06A
Short-selling framework (SEBI circular SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/1, 5 Jan 2024)All investor classes may short; no naked shorts; institutions disclose upfront and cannot square off intraday; retail disclose by end of day5 Jan 2024secondarySecondary summaries (TaxGuru, Business Standard)M13A M14
Securities lending and borrowing (SLB): eligibility and tenureF&O stocks; tenure 1 to 12 months; shorter-tenure contracts from 17 Aug 20266 Nov 2026secondarySEBI 2007 framework; Mondaq law-firm summary 2025 (M13A); NSE SLBS features page (search summary). As-of columns give years only (2025, 2026)M13A M14
SEBI review of short selling and SLB (announced Nov 2025)Outcome not found6 Nov 2026secondaryBusiness Standard, Nov 2025M13A
Margin trading facility (MTF): eligible securities (text in force before the June 2026 proposals)Group I equity shares and equity ETF units18 Jun 2026verifiedSEBI consultation paper, 18 Jun 2026 (reproducing master circular para 4.2–4.3)M14
MTF margin, F&O Group I stocks (cash-segment rates)VaR + 3 × ELM18 Jun 2026verifiedSEBI consultation paper, 18 Jun 2026; original circular CIR/MRD/DP/54/2017, 13 Jun 2017M14
MTF margin, other Group I stocks and ETFsVaR + 5 × ELM18 Jun 2026verifiedSEBI consultation paper, 18 Jun 2026; original circular CIR/MRD/DP/54/2017, 13 Jun 2017M14
SEBI MTF consultation (broker net worth ₹3 cr → ₹5 cr proposed; margins unchanged)Proposed, comments due 9 Jul 2026; adoption not verified18 Jun 2026unverifiedTaxmann (secondary); adoption not verified as of 6 Nov 2026M14
Pledge/re-pledge framework for client securitiesSEBI circular 25 Feb 2020; mandatory from 1 Sep 20201 Sep 2020secondaryBroker notices (secondary). As-of column gives year only (2020)M14
Basel FRTB market-risk measure (standing rule)97.5% expected shortfall1 Jan 2019verifiedBCBS, Minimum capital requirements for market risk (2019; year only)M14
ITC Hotels demerger: cost-of-acquisition splitITC 86.49%, ITC Hotels 13.51%28 Jan 2025verifiedNSE filing, 28 Jan 2025 (V)M06A
HDFC–HDFC Bank merger swap ratio (effective 1 Jul 2023; record date 13 Jul 2023)42 HDFC Bank shares per 25 HDFC shares1 Jul 2023secondaryReuters/Khaleej Times; Business Today. Announced 4 Apr 2022; date used is the effective dateM06A M13A
Yes Bank AT1 bond write-down litigationQuashing upheld by Supreme Court15 Oct 2026secondaryPress reports of the Supreme Court ruling of 15 Oct 2026 (secondary; read the judgment on sci.gov.in)M06
SPIVA India: large-cap funds underperforming benchmark73% (10 y), ~90% (5 y)30 Jun 2025secondaryCafemutual report of SPIVA IndiaM06
SPIVA India H1 2026 returnsLargeMidCap −4.0%; average large-cap fund −5.1% (EW)30 Jun 2026secondaryS&P DJI SPIVA India (secondary)M06
NSE USDINR futures and options: unit of trading, quotation and tickUSD 1,000 per lot; ₹ per USD to four decimals; tick ₹0.0025 (₹2.50 per lot)6 Nov 2026verifiedNSE circular NSE/CD/49814 (4 Oct 2021); NSE specification page timed out, check before trading (M11 §11.17.1)M11
NSE currency derivatives trading hours09:00–17:00 IST, Monday–Friday6 Nov 2026verifiedNSE circular NSE/CD/49814 (4 Oct 2021) (M11 §11.17.1)M11
USDINR contract cycle and last trading day (monthly)Futures: 12 monthly expiries plus weekly futures expiring Fridays (from 11 Oct 2021); options: 3 serial monthly and 3 quarterly; last trading day two working days before the last business day of the month, trading ends 12:306 Nov 2026secondaryMSEI USDINR specification and search extracts of NSE's page; weekly options listing secondary, not checked (M11 §11.17.1)M11
USDINR futures and options final settlement price and settlement cycleFBIL USD/INR reference rate on the last trading day; cash-settled in INR, MTM T+1, final T+26 Nov 2026verifiedNSE circular NSE/CD/49814 (4 Oct 2021) (M11 §11.17.1)M11
FBIL USD/INR reference rate publication time13:00 Mumbai time (moved from 13:30 from 6 Jan 2025)6 Jan 2025secondaryHKEX circular FIC/001/25 (secondary for FBIL) (M11 §11.17.1)M11
Threshold for INR-pair positions on exchanges (and OTC hedges of contracted exposure) without documentary evidence of underlying exposureUSD 5 million outstanding notional combined across exchanges (from USD 100 million), effective immediately10 Oct 2026verifiedRBI A.P. (DIR Series) Circular No. 25 (RBI/2026-27/291), 10 Oct 2026, read 6 Nov 2026 (M11 §11.17.2)M11
Foreign Exchange Risk Reserve on INR FX derivatives hedging foreign-currency purchases (notional above USD 2 million)Authorised Dealer keeps 20% of the INR notional as cash with the RBI until the contract ends; applies to contracts after the circular; reach to exchange-traded contracts not verified10 Oct 2026verifiedRBI A.P. (DIR Series) Circular No. 26 (RBI/2026-27/292), 10 Oct 2026, read 6 Nov 2026; extension to dealers' own hedges per secondary reports of Circular No. 27 (12 Oct) and FAQs (15 Oct) (M11 §11.17.2)M11
CFTC Commitments of Traders report timingPositions as of Tuesday close; released Friday 15:30 US Eastern time6 Nov 2026verifiedCFTC, About the COT Reports, read 6 Nov 2026 (M10 §10.12.1)M10
Commodities Transaction Tax (CTT) on non-agricultural commodity derivativesFutures 0.01% on the sell side; options 0.05% of premium on sale, 0.0001% of settlement price on exercise (paid by purchaser); agricultural commodities exempt6 Nov 2026verifiedFinance Act, 2013, Chapter VII, s.117 (table substituted by the Finance Act, 2020, s.149, from 1 Apr 2020); no change found in the Finance Acts 2025–2026 (M10 §10.14)M01 M10 M15
MCX transaction charges₹2.10 per lakh of turnover (futures); ₹41.80 per lakh of premium (options); flat, each side6 Nov 2026secondaryMCX circular MCX/F&A/631/2024 of 24 Sep 2024, from 1 Oct 2024 (after SEBI circular SEBI/HO/MRD/TPD-1/P/CIR/2024/92 of 1 Jul 2024); MCX site blocks automated reading, rates from a secondary copy (M10 §10.14)M10 M15
SEBI turnover fee on commodity derivatives₹10 per crore (non-agricultural); ₹1 per crore (agricultural); each side6 Nov 2026secondarySecondary for the rates; agricultural reduction referred to in SEBI circular SEBI/HO/CDMRD/DMP/CIR/P/2019/40 of 20 Mar 2019 (M10 §10.14)M10
MCX crude oil minimum initial margin30% of contract value (reduced from 33%)18 May 2026secondaryMCX/MCXCCL circular 283/2026 of 14 May 2026, effective 18 May 2026, as reported (M10 §10.15)M10 M15
Minimum staggered-delivery (tender) period for commodity futuresThree working days24 May 2024verifiedSEBI circular SEBI/HO/MRD/MRD-PoD-1/P/CIR/2024/57 of 24 May 2024 (M10 §10.15); MCX's own bullion tender notices conflict on the actual periodM10
MCX Crude Oil Mini (CRUDEOILM) listingListed; relaunched at 10 barrels per lot in March 20236 Nov 2026secondaryMCX product pages and press reports (M10 §10.10, §10.14; Playbook 15.11); MCX site blocks automated readingM10 M15
SEBI (Mutual Funds) Regulations, 2026Notified 14 Jan 2026 (F. No. SEBI/LAD-NRO/GN/2026/294); in force 1 Apr 2026; 1996 Regulations repealed (Regs 1(2), 85)1 Apr 2026verifiedGazette of India notification, text read from a hosted copy of the Gazette PDF on 2026-11-06 (M06B §6B.1)M06B M00
Maximum base expense ratio, open-ended equity-oriented schemes (by slab of daily net assets)2.10% first ₹500 cr; 1.90% next ₹250 cr; 1.60% next ₹1,250 cr; 1.50% next ₹3,000 cr; 1.40% next ₹5,000 cr; −0.05% per ₹5,000 cr on next ₹40,000 cr; 0.95% on the balance1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 66(7)(c), Gazette text (M06B §6B.3, Table 6B.1)M06B M00
Maximum base expense ratio, open-ended schemes other than equity-oriented1.85%, 1.65%, 1.40%, 1.25%, 1.15% on the same slabs; −0.05% per ₹5,000 cr on next ₹40,000 cr; 0.70% on the balance1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 66(7)(c), Gazette text (M06B §6B.3)M06B
Base expense ratio caps for index funds, ETFs, FoFs and close-ended schemesIndex funds and ETFs 0.90%; FoFs in liquid/index/ETF schemes 0.90%; equity FoFs (≥65% equity schemes) 2.10%; other FoFs 1.85%; close-ended equity 1.00%, other close-ended 0.80% (FoF caps include underlying schemes' weighted expense ratio); statutory levies excluded1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 66(7)(a)-(b), Gazette text (M06B §6B.3)M06B M00
Composition of a scheme's total expense ratioTER = base expense ratio + brokerage (up to 0.06% cash, 0.02% derivatives of trade value) + transaction costs + statutory levies; no other charges except exit load1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Regs 66(9)-(10) and 67, Gazette text (M06B §6B.3)M06B
Additional 0.05% expense allowed under the 1996 RegulationsNot carried into the 2026 Regulations; described by SEBI as transitory17 Dec 2025secondaryCoverage of the SEBI board meeting of 17 Dec 2025 (The Week, 18 Dec 2025); absence confirmed in the 2026 Gazette text of Regs 66-67M06B
Exit load on open-ended schemesAt most 3% of NAV; credited to the scheme1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 44(3)-(4), Gazette textM06B
Interest payable by an AMC for late redemption or IDCW payment15% a year for the period of delay1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 46(2), Gazette textM06B
Specialized Investment Fund minimum investment₹10 lakh across all of an AMC's SIF strategies (accredited investors exempt)1 Apr 2026verifiedSEBI (Mutual Funds) Regulations, 2026, Reg. 49(1), Gazette text; framework first set by SEBI circular of 27 Feb 2025M06B
SIF strategies and limitsEquity, debt and hybrid long-short strategies; unhedged short exposure via derivatives up to 25% of net assets; AMC eligibility e.g. average AUM ≥ ₹10,000 cr over 3 years27 Feb 2025secondaryBusiness Today, 27 Feb 2025, summarising SEBI's SIF circularM06B
Mutual fund purchase cut-off and applicable NAV3:00 pm (except liquid/overnight); NAV of the day on which funds are available for utilisation, for all amounts from 1 Feb 2021; liquid/overnight purchases 1:30 pm with previous-day NAV6 Nov 2026secondarySEBI circular SEBI/HO/IMD/DF2/CIR/P/2020/175 of 17 Sep 2020 (effective date moved to 1 Feb 2021); AMFI note; AMC investor pagesM06B
Online redemption cut-off for overnight schemes7:00 pm (from 1 Jun 2025); 3:00 pm otherwise1 Jun 2025secondarySEBI circular SEBI/HO/IMD/PoD2/P/CIR/2025/56 of 22 Apr 2025, as reproduced by taxguruM06B
Swing pricing for open-ended debt schemesFrom 1 Mar 2022; net outflows; AMC discretion in normal times; mandatory minimum swing of 1%-2% for high-risk PRC cells in a SEBI-declared market dislocation1 Mar 2022secondarySEBI circular of 29 Sep 2021 as summarised by SCC Online (30 Sep 2021) and AMC noticesM06B
Direct creation/redemption of ETF units with the AMC by investors other than market makersOnly above ₹25 cr (from 1 Nov 2022)1 Nov 2022secondarySEBI circular on development of passive funds, 23 May 2022, applicability deferred by the addendum of 28 Jul 2022; Outlook Money, 29 Jul 2022M06B
Tracking limits and disclosure for ETFs and index fundsTracking error ≤ 2% (equity, one-year rolling); tracking difference ≤ 1.25% a year (debt); TE disclosed daily, TD monthly on AMC and AMFI websites6 Nov 2026secondarySEBI passive-funds circular of 23 May 2022 as reported by Moneylife and Cafemutual; disclosure frequency from 2026 summaries of the Master CircularM06B
ETF price bands and base priceBase = previous day's close (last-30-minute VWAP); equity/debt ETFs ±10% widening to ±20%; gold/silver ETFs ±6% widening in 3% steps; pre-open call auction for commodity ETFs; T−1 NAV base proposed from 1 Apr 20277 Sep 2026secondarySEBI circular of 15 Jun 2026, implementation extended by circular of 28 Aug 2026; Cafemutual and Taxmann summariesM06B
Valuation of physical gold and silver held by mutual fundsDomestic spot prices polled by Indian exchanges, replacing the LBMA benchmark, from 1 Apr 20261 Apr 2026secondarySEBI circular of 26 Feb 2026 as reported by Business Today (26 Feb 2026) and Business StandardM06B M10
SEBI scheme categorisation, February 2026Equity, debt, hybrid, life-cycle and other schemes; solution-oriented category discontinued; life-cycle and sectoral debt funds added; thematic overlap ≤ 50%; categories reported to rise from 36 to 4026 Feb 2026secondarySEBI circular of 26 Feb 2026 as reported by Informist (26 Feb 2026) and Outlook Business; category count not checked against the circularM06B M00
Overseas investment limits for Indian mutual fundsUS$7 bn industry-wide; US$1 bn per AMC; US$1 bn industry-wide for overseas ETFs; no increase announced by 6 Nov 20266 Nov 2026secondarySEBI (June 2021) as reported by Business Standard, 4 Jun 2021; mid-2026 press explainersM06B
Halts to subscriptions in overseas schemesStopped from 1 Feb 2022 (SEBI letter of 28 Jan 2022); resumed up to 1 Feb 2022 levels by letter of 17 Jun 2022; overseas-ETF schemes stopped from 1 Apr 20241 Apr 2024secondaryAMFI press note of 21 Jun 2022 (primary for the June 2022 relaxation); Business Standard, 29 Jan 2022; Business Today, 21 Mar 2024M06B
Distributor commission modelFull trail, no upfront commission (SEBI circular of 22 Oct 2018); upfronting of trail up to 1% a year for 3 years only for SIPs up to ₹3,000 a month of first-time investors (2019 revision); all scheme expenses including commission paid from the scheme25 Mar 2019secondarySEBI/HO/IMD/DF2/CIR/P/2018/137 as reported by Business Standard (PTI), 22 Oct 2018; Business Today, 26 Mar 2019M06B
Direct plans of mutual fund schemesMandatory since 1 Jan 2013 (SEBI circular of 13 Sep 2012)1 Jan 2013secondarySEBI circular of September 2012 as cited by AMCs and M00 (not re-fetched)M06B M00
Stamp duty on purchase of mutual fund units0.005% (from 1 Jul 2020)1 Jul 2020secondaryIndian Stamp Act amendments by the Finance Act 2019; AMC investor-education pagesM06B
STT on sale of equity-oriented fund units to the mutual fund0.001% of redemption value, paid by the seller (also 0.001% on delivery sale of such units on an exchange)6 Nov 2026secondaryAMC investor-education pages (Nippon India MF, DSP MF) summarising the STT scheduleM06B
Capital-gains tax on equity-oriented mutual fund units (resident individual)≤ 12 months: 20%; > 12 months: 12.5% above ₹1.25 lakh a year6 Nov 2026secondaryFinance (No. 2) Act, 2024 (transfers from 23 Jul 2024), reported unchanged by the Budget of 1 Feb 2026 (M00 §0.7.2)M06B M00
Specified mutual fund (s.50AA, 1961 Act numbering)Fund with > 65% in debt and money-market instruments (or FoF with > 65% in such funds), from AY 2026-27; gains on units bought from 1 Apr 2023 taxed at slab rates whatever the holding period1 Apr 2025secondaryFinance (No. 2) Act, 2024 as summarised in AMC tax reckoners and law-firm notes; verify against the ActM06B M00
Tax on non-equity, non-specified fund units (gold/silver/international FoFs, 35-65% equity hybrids, gold and silver ETFs)Short-term at slab; long-term at 12.5% without indexation after 24 months (unlisted units) or 12 months (listed units such as ETFs)6 Nov 2026secondaryFinance (No. 2) Act, 2024 holding periods and rates as summarised in tax reckoners; verify against the ActM06B M10
HDFC AMC FY26 (standalone)Revenue from operations ₹4,118.53 cr; total expenses ₹907.08 cr; PAT ₹2,859.36 cr; operating revenue/opex/margin 45/10/35 bp of AAUM; Q4 FY26 QAAUM ₹9.28 lakh cr (65.2% equity); 1,713 permanent employees31 Mar 2026verifiedHDFC AMC Reg. 33 results filing of 15 Jul 2026 (FY26 audited column) and Q4 FY26 shareholder presentationM06B
HDFC AMC Q2 FY27Revenue from operations ₹1,168.9 cr; PAT ₹749.9 cr; QAAUM ₹9.69 lakh cr; equity:non-equity 67:3330 Sep 2026verifiedHDFC AMC press release of 15 Oct 2026M06B
Nippon Life India Asset Management FY26PAT ₹1,529 cr; Q4 FY26 MF QAAUM ₹7.25 lakh cr; equity QAAUM ₹3.30 lakh cr; ETF QAAUM ₹2.42 lakh cr31 Mar 2026verifiedNippon Life India AM Q4 FY26 media release, 27 Apr 2026M06B
Mutual fund industry, September 2026AUM ₹82.64 lakh cr; SIP inflow ₹32,490 cr; 10.06 cr contributing SIP accounts; folios 28.62 cr; index funds + ETFs ₹14.70 lakh cr (17.8% of AUM)30 Sep 2026verifiedAMFI Monthly Note, September 2026M06B
Example direct-versus-regular expense ratio gap, large flexi-cap schemes0.75% direct vs 1.36% regular (one scheme, AMC page, 6 Nov 2026); BER 0.53% vs 1.05% (another scheme, September 2026 factsheet)6 Nov 2026verifiedAMC scheme pages and factsheet (M06B Worked example 6B.3)M06B
SPIVA India mid-year 2026: underperformance and survivorshipLarge-cap ~85% (6 months), ~74% (10 years) behind S&P India LargeMidCap; >70% behind over 10 years in every equity category; ~74% of funds survived 10 years30 Jun 2026unverifiedSearch-engine extracts of the S&P DJI SPIVA India page; the scorecard itself could not be fetched (403)M06B M06
Corporate Debt Market Development FundSpecified debt schemes invest 25 bp of AUM (AMCs a one-time 2 bp); backstop buyer of investment-grade corporate debt in a declared dislocation; launched July 202327 Jul 2023secondarySEBI circulars of 27 Jul 2023 as reported by Outlook Money and AMC noticesM06B
Segregated portfolios (side pockets) in mutual fund schemesPermitted after a credit event (SEBI/HO/IMD/DF2/CIR/P/2018/160 of 28 Dec 2018); unrated papers only on actual default (amendment of 7 Nov 2019)7 Nov 2019secondarySEBI circular title, number and date seen on sebi.gov.in; content from secondary summariesM06B
Liquid fund risk-management rulesAt least 20% in liquid assets (from 1 Apr 2020); graded exit load on redemptions within 7 days; amortisation-based valuation ended 1 Apr 20201 Apr 2020secondarySEBI circulars of 20 Sep 2019 and 24 Sep 2019 as summarised in AMC valuation policies and pressM06B
Premiums of international ETFs over iNAV while creations were stoppedNasdaq-100 ETF 18.2% (26 Dec 2024); NYSE FANG+ ETF ~22.5% (Apr 2026); NSE cautionary press release 25 Sep 202625 Sep 2026secondaryBusiness Standard, 26 Dec 2024; Business Today, 26 Apr 2026; NSE press release seen in a search extractM06B
Silver ETF premium episode, October 2025Silver ETFs ≥10% above iNAV around 9-14 Oct 2025; at least five AMCs suspended lump-sum purchases into silver ETF FoFs 10-14 Oct; premiums gone by 17 Oct19 Oct 2025secondaryBusiness Standard, 9 and 19 Oct 2025; Business Today, 10 Oct 2025; Value ResearchM06B M10
Franklin Templeton India six wound-up debt schemesWound up 23 Apr 2020 (AUM ~₹25,215 cr); ~₹27,508 cr (~109% of AUM) distributed by 22 Aug 202322 Aug 2023secondaryBusiness Standard, 22 Aug 2023; Supreme Court orders of Feb and Jul 2021 as reportedM06B
Axis Mutual Fund front-running: SEBI ordersInterim order 28 Feb 2023 (21 entities, ~₹30.55 cr impounded); final order 24 Jul 2026 (former chief dealer barred 7 years, ₹3 cr penalty)24 Jul 2026secondarySEBI enforcement listing (final order title); terms from Business Today, 24 Jul 2026, and Business Standard, 28 Feb 2023M06B
AMC institutional mechanism against market abuse (front-running)Required by the MF (Second Amendment) Regulations, 2024 (1 Aug 2024) and carried into the 2026 Regulations; CEO/MD and CCO accountable1 Apr 2026verified2026 Gazette text (V); 2024 amendment as summarised by SCC Online and TaxmannM06B
Mutual fund riskometerSix levels (low to very high), reviewed monthly; debt schemes also carry a potential risk class matrix6 Nov 2026unverifiedSEBI circulars of October 2020 and June 2021 as commonly summarised; not re-fetchedM06B
TDS on income distributed by mutual funds (IDCW)Threshold reported as ₹10,000 a year per payer from 1 Apr 2025 (raised from ₹5,000); not checked1 Apr 2025unverifiedBudget 2025 coverage; not verified against the ActM06B

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