The Securities and Exchange Board of India (SEBI) has modified the Operational Guidelines for the OBPP Framework to allow inclusion of IFSCA products and 54EC bonds. These changes are effective immediately and introduce new compliance requirements.
Modification to OBPP Framework by SEBI
In a recent update, the Securities and Exchange Board of India (SEBI) has revised its Operational Guidelines concerning the OBPP (Operational and Business Procedures for Portfolio Managers) Framework. The modifications now permit the inclusion of products regulated under the International Financial Services Centres Authority (IFSCA) and 54EC bonds, expanding the investment avenues for portfolio managers.
This amendment shifts the regulatory landscape, compelling portfolio managers to comply with new disclosures and appoint compliance officers to oversee adherence to the revised framework. The regulatory changes are aimed at enhancing transparency and investor protection, particularly in the context of cross-border financial products.
For practitioners in securities law, these adjustments necessitate a practical understanding of the updated compliance requirements. Legal advisors should prepare their clients for quick adaptation to the new rules to ensure smooth operations within the modified regulatory environment.
Citations
- SEBI Notification (2026) 5 SEBI LR 200
