Time Line Benchmarks for Activities Involving Public Interface

Note: In the timelines indicated below days mean 'working days' except as otherwise stated. The counting of days would start from the day next to the day when the complete information/documents are submitted by the entity at the appropriate office of SEBI . Time taken by external agencies like stock exchanges depositories, RBI etc. where reference is required to be made to them is not included in the timeline indicated

Alternative Investment Fund and Foreign Portfolio Investors Department

- AFD-RAC

Activities Timelines

AIF registration applications

 30 days from the date of receipt of complete information

Applications for launch of new schemes by AIFs

 30 days from the date of receipt of complete information

FVCI registration applications

 30 days from the date of receipt of complete information
Corporation Finance Department

- Division of Corporate Restructuring

Activities Timelines
1. Processing of Draft Letter of Offer filed under SEBI (SAST) Regulations, 2011
Comments on the draft letter of offer Within 15 working days of the receipt of the draft letter of offer or
Within 5 working days from the date of receipt of satisfactory reply to the clarification or additional information, if any sought by SEBI.
2. Processing of the Draft Scheme of Arrangement
Comments on the Draft Scheme of Arrangement to the Stock Exchanges Within 30 days from the later of the following:
i. Date of receipt of ‘No-Objection’ letter from the Stock Exchanges
ii. Date of receipt of satisfactory reply on clarifications, if any sought by SEBI
iii. Date of receipt of opinion from Independent Chartered Accountant, if sought by SEBI
3. Application for relaxation under Securities Contracts (Regulation) Rules, 1957
Processing of Application for relaxation under clause (b) to sub-rule (2) of rule 19 of the Securities Contracts (Regulation) Rules, 1957 Within 30 days from the date of receipt of complete information, including in-principle approval for listing of equity shares of the company or no-objection certificate from the Stock Exchange.

- Division of Issues and Listing 1 & 2

Activities Timeline

Observations on the offer documents.

 30 days from the date of receipt of such draft offer document or from the date of receipt of satisfactory reply to the clarifications sought.

Exemption Applications and Listing related issues

 21 days from the date of letter giving satisfactory replies to the clarifications sought.

* The indicative timeline is in number of working days and is post receipt of all relevant documents / details from the applicant/Intermediary.


- Division of Issues and Listing - 3

Type of application (Merchant Bankers (MB) and Bankers to an Issue (BTI) Timeline

Registration of Merchant Bankers / Bankers to an Issue

 30

Prior Approval for change in control

 15

Extension of Prior Approval

 5

Change in Name

 3

Change in Address

 3

NOC for wholly owned subsidiary (WOS)

 15

NOC for operating in GIFT IFSC

 15

Surrender of certificate of registration

 15

* The indicative timeline is in number of working days and is post receipt of all relevant documents / details from the applicant/Intermediary.


Investment Management Department

- IMD-RAC

Activities Timelines

Change in fundamental attributes of a scheme

 21 days from the date of correspondence giving satisfactory replies to the clarifications sought.

Merger/Consolidation of schemes

 21 days from the date of correspondence giving satisfactory replies to the clarifications sought.

Rollover of close-ended scheme

 21 days from the date of correspondence giving satisfactory replies to the clarifications sought.

Conversion of close-ended scheme to open ended scheme

 21 days from the date of correspondence giving satisfactory replies to the clarifications sought.

Applications under Regulation 24(b)

 21 days from the date of correspondence giving satisfactory replies to the clarifications sought.

Observation on offer documents

 21 days from the date of correspondence giving satisfactory replies to the clarifications sought.

*Days referred above implies working days

- IMD-RAC – Portfolio Managers

Activities Timelines

Registration / Issuance of NoC & Prior Approval against Change in Control

 30 days from the date of receipt of application

Post Registration activities including Updation of Details

 25 days from the date of receipt of application

*Days referred above implies working days
Market Intermediaries Regulation and Supervision Department
Activities Timelines

A. Fresh registration of Intermediaries

    Stock brokers.

    Depository participants.

    RTA/STA.

    Approved intermediary under Stock Lending Scheme.

 30 days.

B. Cancellation/surrender of registration.

    Stock brokers.

    Depository participants.

    RTA/STA.

     Approved intermediary under Stock Lending Scheme.

 30 days.

C. Prior approval for change in control of intermediary.

    Stock brokers

    Depository participants

    RTA/STA

    Approved intermediary under Stock Lending Scheme

 30 days.

Application to SEBI for opening of Wholly Owned Subsidiaries or Entering into Joint Ventures in other countries

 30 days.

Investor grievances

The investor grievances received by SEBI against intermediaries/listed companies/market infrastructure institutions(entities) will be taken up electronically with the concerned entities through SCORES (https://scores.gov.in). The entities shall be responsible for taking adequate steps for redressal of grievances within 21 calendar days from the date of receipt of the complaint and keep the investor duly informed of the action taken thereon. Failure to comply with the said requirement will render the intermediary liable for penal action.

- Investment Advisers

Activities Timelines

Process the application after receipt of application

 T+7

Approval post receipt of final clarification from applicant

 T+7

T- date on which application / clarification is received by the Dealing Officer.

- Research Analysts

Activities Timelines

Process the application after receipt of application

 T+7

Approval post receipt of final clarification from applicant

 T+7

T- date on which application / clarification is received by the Dealing Officer.


Department of Debt and Hybrid Securities

- DDHS-RAC-1

Activities Timelines

A. Fresh registration of :

    Debenture Trustees. (DTs)

    Credit Rating Agencies.(CRAs).

    Real Estate Investment Trusts. (REITs)

    Infrastructure Investment Trusts. (InvITs)

 Within 7 working days from receipt of final reply to observations/clarifications.

B. Cancellation/surrender of registration.

    Debenture Trustees. (DTs)

    Credit Rating Agencies.(CRAs).

    Real Estate Investment Trusts. (REITs)

    Infrastructure Investment Trusts. (InvITs)

 Within 14 working days from receipt of final reply to observations/ clarifications

C. Prior approval for change in control

    Debenture Trustees. (DTs)

    Credit Rating Agencies.(CRAs).

    Real Estate Investment Trusts. (REITs)

    Infrastructure Investment Trusts. (InvITs)

 Within 5 working days of receipt of satisfactory reply from the applicant by the Division

D. Processing of offer Documents/Placement Memorandums.

    Real Estate Investment Trusts. (REITs)

    Infrastructure Investment Trusts. (InvITs)

    Municipal Bonds

 Within 21 working days of receipt of final clarification from Book Running Lead Manager

E. Processing of Draft Scheme of Arrangement

    Comments on the Draft Scheme of Arrangement to the Stock Exchanges/CFD

Within 30 days from the later of the following:

    i. Date of receipt of ‘No-Objection’ letter from the Stock Exchanges

    ii. Date of receipt of satisfactory reply on clarifications, if any sought by SEBI

F. Application to SEBI for opening of Wholly Owned Subsidiaries or Entering into Joint Ventures in other countries

 Within 5 working days of receipt of satisfactory reply from the applicant by the Division

G. Processing of applications for release of 1% deposit from stock exchanges (Debt Issuances, REITs, InvITs)

 Within 3 working days of receiving information from all the Divisions

*The indicative timeline is in number of working days and is post receipt of all relevant documents / details from the applicant/Intermediary


Market Regulation Department - RAC
Activities Timelines

Introduction of new derivative contracts on notified commodities

 30 days from the date of receipt of complete information

Approval for introduction/re-introduction of scrips in derivative segments

 30 days from the date of receipt of complete information

Renewal of the contract launch calendar of an existing contract as well as examining modification requests of an existing contract.

 15 days from the date of receipt of complete information

Approvals to the appointment/ re-appointment of directors and Chairperson to the board of relevant MIIs

 15 days from the date of receipt of complete information

Approval of Bye laws received from MIIs.

 30 days from the date of receipt of complete information

Registration/renewal/cancellation/surrender of existing Market Infrastructure Institution (MII) or any new MII/ alternative trading segment/ venue and registration of Vault Managers

 30 days from the date of receipt of complete information
Office of Investor Assistance and Education
Activities Timelines

Fresh registration

 Investors associations - 21 days

Processing of payments to investor associations

 21 days

Renewal of registraion/ cancellation

 Investors associations - 21 days
All Divisions
Activities Timelines
Investor Complaints. Investor complaints which fall within the jurisdiction of SEBI shall be redressed within 21 calendar days by entity.