SC: Omitted Relief Barred Despite Liberty to File Fresh Suit under Order 23  ||  SC: Custodial Confession Alone Cannot Justify Preventive Detention  ||  SC: Failure to Pay Balance Sale Amount Can Lead to EMD Forfeiture under Auction Terms  ||  Gujarat HC: CIC Cannot Order Suo Motu Disclosure of PM Modi’s Degree under RTI Act  ||  MP HC: FIR Cannot Be Quashed Merely for Not Specifying Accused’s Role  ||  MP HC: Joint Family Status Alone Does Not Establish Existence of Joint Family Funds  ||  MP High Court Directs State Bar Council to Frame Stipend Guidelines for Junior Advocates  ||  Allahabad High Court: Hookah Bars cannot Operate in UP; Clean Air Prevails over Trade  ||  P&H HC: High Court’s Inherent Powers Cannot Be Used to Entertain a Second Revision  ||  Delhi HC: Magistrate Must Examine Complainant, Hear Accused Before Taking Cognisance    

Transaction in Corporate Bonds through Request for Quote (RFQ) platform by Alternative Investment Funds (AIFs)- (Securities and Exchange Board of India) (01 Feb 2023)

MANU/SMIS/0005/2023

Capital Market

1. To increase the liquidity on RFQ platform of stock exchanges and to enhance the transparency and disclosure pertaining to trading in secondary market in Corporate Bonds, SEBI has, in past, prescribed stipulations for transactions on RFQ platform by Mutual Funds1, Portfolio Management Services and Stock Brokers.

2. Considering the above and taking into account the recommendations of the Alternative Investment Policy Advisory Committee (AIPAC), it is stipulated that AIFs shall undertake at least 10% of their total secondary market trades in Corporate Bonds by value in a month by placing/seeking quotes on the RFQ platform.

3. Further, in terms of SEBI Circular SEBI/HO/DDHS/DDHS_Div1/P/CIR/2022/142 dated October 19, 2022, quotes on RFQ platform can be placed to an identified counterparty (i.e. 'one-to-one' mode) or to all the participants (i.e. 'one-to-many' mode). In this regard, it is clarified that all transactions in Corporate Bonds wherein AIF(s) is on both sides of the trade shall be executed through RFQ platform in 'one-to-one' mode. However, any transaction entered by an AIF in Corporate Bonds in 'one-to-many' mode which gets executed with another AIF, shall be counted in 'one-to-many' mode and not in 'one-to-one' mode.

4. The aforesaid requirement shall come into force with effect from April 01, 2023.

5. This circular is issued with the approval of the competent authority.

6. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

Tags : TRANSACTION   CORPORATE BONDS   RFQ  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved