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
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
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
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
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
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
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
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
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
Silver market balance, 2026 forecastDeficit about 46.3 Moz1 Apr 2026secondarySilver Institute via Crux Investor/FXStreet (secondary). Apr 2026 (month only)M10
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 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
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 close on 4 Nov 202623,960.604 Nov 2026secondaryYahoo Finance ^NSEI (verify on niftyindices.com)M02
India VIX close and 252-day range15.19 close; 252-day range 9.15–27.894 Nov 2026secondaryYahoo Finance ^INDIAVIXM09A
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
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
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
India 10-year G-sec yield (bond-dependent)~7.19–7.32%4 Nov 2026secondaryABSL/ICRA daily tracker [S]M11
India CPI inflation (2024 base), Sep 20265.54%12 Oct 2026secondaryMoSPI via DD India; released 12 Oct 2026M11
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
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
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 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
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
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
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
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
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
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
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
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
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
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
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
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

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