demo/data/questions.json

[
  {
    "id": "REG_001",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "An issuer shall be eligible to make an initial public offer only if: (a) it has net tangible assets of at least three crore rupees, calculated on a restated and consolidated basis, in each of the preceding three full years (of twelve months each), of which not more than fifty per cent. are held in monetary assets; (b) it has an average operating profit of at least fifteen crore rupees, calculated on a restated and consolidated basis, during the preceding three years (of twelve months each), with operating profit in each of these preceding three years; (c) it has a net worth of at least one crore rupees in each of the preceding three full years (of twelve months each), calculated on a restated and consolidated basis.",
    "context_a": "",
    "context_b": "",
    "question": "What is the minimum average operating profit an issuer must have over the preceding three years to be eligible to make an initial public offer under SEBI ICDR Regulations, 2018?",
    "gold_answer": "At least fifteen crore rupees",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_002",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "An issuer not satisfying the condition stipulated in sub-regulation (1) shall be eligible to make an initial public offer only if the issue is made through the book-building process and the issuer undertakes to allot at least seventy five per cent. of the net offer to qualified institutional buyers and to refund the full subscription money if it fails to do so.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI ICDR Regulations, 2018, what percentage of the net offer must an issuer that does not meet the standard eligibility criteria undertake to allot to qualified institutional buyers?",
    "gold_answer": "At least seventy five per cent.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_003",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "The promoters shall hold at least twenty per cent. of the post-issue capital: Provided that in case the post-issue shareholding of the promoters is less than twenty per cent., alternative investment funds, or foreign venture capital investors, or scheduled commercial banks, or public financial institutions, or insurance companies registered with the Insurance Regulatory and Development Authority of India or any non-individual public shareholder holding at least five per cent. of the post-issue capital may contribute to meet the shortfall in minimum contribution as specified for the promoters, subject to a maximum of ten per cent. of the post-issue capital.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI ICDR Regulations, 2018, what is the minimum percentage of post-issue capital that promoters must hold following a public issue?",
    "gold_answer": "At least twenty per cent.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_004",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "In an issue made through the book building process, the issuer may allocate up to sixty per cent. of the portion available for allocation to qualified institutional buyers to anchor investors in accordance with these regulations. One-third of the anchor investor portion shall be reserved for domestic mutual funds.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI ICDR Regulations, 2018, what fraction of the anchor investor portion in a book-built issue is reserved for domestic mutual funds?",
    "gold_answer": "One-third",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_005",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "The minimum promoters' contribution shall be locked in for a period of eighteen months from the date of allotment in the initial public offer. Provided that in case the majority of the issue proceeds excluding the portion of offer for sale is proposed to be utilized for capital expenditure, then the lock-in period shall be three years from the date of allotment in the initial public offer. Promoters' holding in excess of minimum promoters' contribution shall be locked-in for a period of six months from the date of allotment in the initial public offer.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI ICDR Regulations, 2018, for how long is the minimum promoters' contribution in an IPO locked-in where the majority of proceeds are to be used for capital expenditure?",
    "gold_answer": "Three years from the date of allotment in the initial public offer",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_006",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "An anchor investor means a qualified institutional buyer who makes an application for a value of at least ten crore rupees in a public issue on the main board made through the book building process in accordance with these regulations or makes an application for a value of at least two crore rupees for an issue made in accordance with Chapter IX of these regulations.",
    "context_a": "",
    "context_b": "",
    "question": "What is the minimum application value for an entity to qualify as an anchor investor in a public issue on the main board under SEBI ICDR Regulations, 2018?",
    "gold_answer": "At least ten crore rupees",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_007",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011",
    "context": "No acquirer shall acquire shares or voting rights in a target company which taken together with shares or voting rights, if any, held by him and by persons acting in concert with him in such target company, entitle them to exercise twenty-five per cent or more of the voting rights in such target company unless the acquirer makes a public announcement of an open offer for acquiring shares of such target company.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Takeover Regulations 2011, at what threshold of voting rights does an acquirer become obligated to make a public announcement of an open offer?",
    "gold_answer": "Twenty-five per cent or more of the voting rights",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_008",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011",
    "context": "No acquirer, who together with persons acting in concert with him, has acquired and holds shares or voting rights entitling him to exercise twenty-five per cent or more but less than the maximum permissible non-public shareholding in the target company, shall acquire within any financial year additional shares or voting rights in such target company entitling them to exercise more than five per cent of the voting rights, unless the acquirer makes a public announcement of an open offer for acquiring shares.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Takeover Regulations 2011, an acquirer holding 25% or more in a target company may acquire up to what percentage of additional voting rights in a financial year without triggering an open offer obligation?",
    "gold_answer": "More than five per cent of the voting rights",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_009",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Alternative Investment Funds) Regulations, 2012",
    "context": "Each scheme of the Alternative Investment Fund shall have corpus of at least twenty crore rupees. The Alternative Investment Fund shall not accept from an investor, an investment of value less than one crore rupees: Provided that in case of investors who are employees or directors of the Alternative Investment Fund or employees or directors of the Manager, the minimum value of investment shall be twenty five lakh rupees.",
    "context_a": "",
    "context_b": "",
    "question": "What is the minimum investment amount an employee or director of the Manager of an Alternative Investment Fund must make in the AIF under SEBI AIF Regulations, 2012?",
    "gold_answer": "Twenty five lakh rupees",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_010",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Alternative Investment Funds) Regulations, 2012",
    "context": "The Manager or Sponsor shall have a continuing interest in the Alternative Investment Fund of not less than two and half percent of the corpus or five crore rupees, whichever is lower, in the form of investment in the Alternative Investment Fund and such interest shall not be through the waiver of management fees: Provided that for Category III Alternative Investment Fund, the continuing interest shall be not less than five percent of the corpus or ten crore rupees, whichever is lower.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI AIF Regulations, 2012, what is the minimum continuing interest that the Manager or Sponsor must maintain in a Category III Alternative Investment Fund?",
    "gold_answer": "Not less than five percent of the corpus or ten crore rupees, whichever is lower",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_011",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015",
    "context": "The audit committee shall have minimum three directors as members. At least two-thirds of the members of audit committee shall be independent directors. All members of audit committee shall be financially literate and at least one member shall have accounting or related financial management expertise. The audit committee shall meet at least four times in a financial year and not more than one hundred and twenty days shall elapse between two consecutive meetings.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI LODR Regulations 2015, what is the maximum permissible gap between two consecutive audit committee meetings?",
    "gold_answer": "One hundred and twenty days",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_012",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015",
    "context": "A transaction with a related party shall be considered material if the transaction(s) to be entered into individually or taken together with previous transactions during a financial year, exceeds Rupees one thousand crore or ten per cent. of the annual consolidated turnover of the listed entity as per the last audited financial statements of the listed entity, whichever is lower.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI LODR Regulations 2015, a related party transaction is considered material if it exceeds what threshold — Rupees one thousand crore or ten per cent of annual consolidated turnover, whichever is lower?",
    "gold_answer": "Rupees one thousand crore or ten per cent of the annual consolidated turnover of the listed entity as per the last audited financial statements, whichever is lower",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_013",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_prohibition_of_i_068.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Prohibition of Insider Trading) Regulations, 2015",
    "context": "Every company shall notify the particulars of trades by designated persons to the stock exchange on which the securities are listed within two trading days of receipt of the disclosure or becoming aware of the trade, as the case may be.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI PIT Regulations 2015, within how many trading days must a company notify the stock exchange of trades by designated persons after receiving a disclosure?",
    "gold_answer": "Within two trading days",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_014",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_prohibition_of_i_068.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Prohibition of Insider Trading) Regulations, 2015",
    "context": "The compliance officer shall approve or reject the trading plan within two trading days of the submission of the trading plan and communicate to the designated person. No trade shall be executed in terms of a trading plan until there is a cooling-off period of at least sixty days before the commencement of trades under such plan.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI PIT Regulations 2015, what is the mandatory cooling-off period that must elapse before trades can commence under an approved trading plan?",
    "gold_answer": "At least sixty days",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_015",
    "task_type": "regulatory_interpretation",
    "difficulty": "hard",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_settlement_proce_064.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Settlement Proceedings) Regulations, 2018",
    "context": "An application in respect of any specified proceeding pending before the Board shall not be considered if it is made after sixty days from the date of service of the notice to show cause issued for initiation of such proceeding. Provided that no such delayed application shall be considered if the application is filed after one hundred and twenty calendar days from the expiry of the period specified in sub-regulation (1) or after the first hearing, whichever is earlier.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Settlement Proceedings Regulations 2018, what is the absolute latest deadline — counted from expiry of the sixty-day window — after which no settlement application in a specified proceeding will be considered?",
    "gold_answer": "One hundred and twenty calendar days from the expiry of the sixty-day period, or after the first hearing, whichever is earlier",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_016",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_settlement_proce_064.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Settlement Proceedings) Regulations, 2018",
    "context": "An applicant who withdraws an application under sub-regulation (1) shall not be permitted to make another application in respect of the same default: Provided that in a case where an application was earlier rejected by the Board on the ground that the applicant did not remit the settlement amount within the period specified, such an application may be considered subject to an increase of atleast fifty percent over the settlement amount determined in accordance with Schedule-II of these Regulations.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Settlement Proceedings Regulations 2018, by what minimum percentage must the settlement amount be increased if an applicant re-applies after rejection due to non-payment of the earlier determined settlement amount?",
    "gold_answer": "At least fifty percent",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_017",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2026_securities_and_exchange_board_of_india_mutual_funds_reg_050.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Mutual Funds) Regulations, 1996 (as amended upto 2026)",
    "context": "The Board may issue observations, if any, within 21 working days from the date of filing of the scheme information document. The exit load of an open-ended mutual fund scheme shall not exceed three per cent of the applicable net asset value. Any exit load charged to the investors shall be credited to the respective scheme.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Mutual Funds Regulations, what is the maximum exit load that an open-ended mutual fund scheme can charge investors?",
    "gold_answer": "Three per cent of the applicable net asset value",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_018",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2026_securities_and_exchange_board_of_india_mutual_funds_reg_050.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Mutual Funds) Regulations, 1996 (as amended upto 2026)",
    "context": "Where the mutual fund fails to receive the minimum subscription amount referred to in the offer document, the asset management company shall refund the subscription amount to the applicants without any exit load. If seventy-five per cent of the unit holders of a scheme pass a resolution for its winding up, the trustees shall wind up such scheme, and shall initiate the winding up process within forty-five calendar days from the date of publication of notice under sub-regulation.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Mutual Funds Regulations, what percentage of unit holders must pass a resolution to trigger the winding up of a mutual fund scheme?",
    "gold_answer": "Seventy-five per cent of the unit holders",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_019",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2026_securities_and_exchange_board_of_india_stock_brokers_re_051.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Stock Brokers) Regulations, 2026",
    "context": "The trading member/clearing member/self-clearing member/professional clearing member shall comply with the following minimum net worth requirements: Trading Member — 1 crore; Self-Clearing Member — 5 crore; Clearing Member — 15 crore; Professional Clearing Member — 50 crore. The stock broker may act as an underwriter only out of its own net worth/funds and the underwriting obligation shall not exceed twenty times of the net worth.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Stock Brokers Regulations 2026, what is the minimum net worth requirement for a Professional Clearing Member?",
    "gold_answer": "50 crore",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_020",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2021_securities_and_exchange_board_of_india_issue_and_listin_056.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021",
    "context": "The issuer shall send notice to all the eligible holders of such non-convertible securities and the debenture trustee at least twenty-one days before the date from which such right is exercisable. The period of exercise of the buy-back right shall not be less than three working days.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI NCS Regulations 2021, what is the minimum notice period that an issuer must provide to holders of non-convertible securities before a buy-back right becomes exercisable?",
    "gold_answer": "At least twenty-one days",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_021",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2014_securities_and_exchange_board_of_india_real_estate_inve_069.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Real Estate Investment Trusts) Regulations, 2014",
    "context": "A REIT shall have a minimum asset size of five hundred crore rupees or more for the purpose of issuing units to at least two hundred investors so as to be listed on a recognised stock exchange. The net asset value or NAV means the value of the REIT assets reduced by the external debt divided by the number of outstanding units as on a particular date.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI REIT Regulations 2014, what is the minimum asset size required for a REIT to issue units for listing on a recognised stock exchange?",
    "gold_answer": "Five hundred crore rupees or more",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_022",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2025_securities_and_exchange_board_of_india_registrars_to_an_053.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 2025",
    "context": "Every registrar to an issue and share transfer agent shall maintain the records relating to each issue for a minimum period of eight years after completion of the issue. In the event of cancellation or surrender of the certificate of registration, the registrar shall ensure that all records are transferred to the respective issuer company or another registered share transfer agent within thirty days.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI RTI & STA Regulations 2025, for how long must a registrar to an issue maintain records relating to each issue after its completion?",
    "gold_answer": "A minimum period of eight years",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_023",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_contracts_regulation_stock_exchanges_and_cle_065.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Stock Exchanges and Clearing Corporations) Regulations, 2018",
    "context": "A recognised stock exchange shall not be eligible for recognition if any person, individually or together with persons acting in concert with such person, acquires or holds or controls more than five per cent of the paid-up equity share capital of the recognised stock exchange, unless the prior written approval of the Board has been obtained. Provided that the limit of five per cent shall be fifteen per cent in the case of stock exchanges, depositories, banking companies, insurance companies, and public financial institutions.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Stock Exchanges and Clearing Corporations Regulations 2018, what is the maximum shareholding percentage a single entity can hold in a recognised stock exchange without prior written approval of the Board?",
    "gold_answer": "Five per cent of the paid-up equity share capital",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_024",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_1999_securities_and_exchange_board_of_india_credit_rating_ag_085.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Credit Rating Agencies) Regulations, 1999",
    "context": "No credit rating agency shall rate a security issued by its promoter. A credit rating agency which has a shareholding in the issuer of the security being rated, of more than ten per cent of the paid-up share capital of that issuer, shall not rate the security. A credit rating agency shall not employ a person who is a director or employee of the issuer whose security is being rated.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Credit Rating Agencies Regulations 1999, above what percentage shareholding in an issuer does a credit rating agency become prohibited from rating that issuer's securities?",
    "gold_answer": "More than ten per cent of the paid-up share capital",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_025",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_depositories_and_062.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Depositories and Participants) Regulations, 2018",
    "context": "A depository shall not be eligible to carry on its activities as a depository if any person, individually or together with persons acting in concert, holds or acquires more than five per cent of the paid-up equity share capital of such depository, unless the prior approval of the Board has been obtained for the same. A participant shall be a person registered as a participant under the Act.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Depositories and Participants Regulations 2018, what is the threshold shareholding in a depository that triggers the requirement for prior Board approval?",
    "gold_answer": "More than five per cent of the paid-up equity share capital",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "NUM_001",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "An issuer shall be eligible to make an initial public offer only if: (a) it has net tangible assets of at least three crore rupees, calculated on a restated and consolidated basis, in each of the preceding three full years; (b) it has an average operating profit of at least fifteen crore rupees during the preceding three years, with operating profit in each of these preceding three years; (c) it has a net worth of at least one crore rupees in each of the preceding three full years.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI ICDR Regulations 2018, what is the minimum total net tangible assets an eligible issuer must have cumulatively demonstrated across all three preceding years (treating each year's minimum separately)?",
    "gold_answer": "Nine crore rupees (three crore rupees per year × three years)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_002",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "In an issue made through the book building process, the issuer may allocate up to sixty per cent. of the portion available for allocation to qualified institutional buyers to anchor investors. One-third of the anchor investor portion shall be reserved for domestic mutual funds. The bidding for anchor investors shall open one day before the issue opening date.",
    "context_a": "",
    "context_b": "",
    "question": "If the total portion available for allocation to qualified institutional buyers in a book-built IPO is 900 crore rupees, what is the maximum amount (in crore rupees) that can be allocated to anchor investors who are domestic mutual funds?",
    "gold_answer": "180 crore rupees (60% of 900 = 540 crore for anchor investors; one-third of 540 = 180 crore for domestic mutual funds)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_003",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2026_securities_and_exchange_board_of_india_stock_brokers_re_051.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Stock Brokers) Regulations, 2026",
    "context": "The stock broker may act as an underwriter only out of its own net worth/funds and the underwriting obligation shall not exceed twenty times of the net worth. Trading Member minimum net worth: 1 crore; Self-Clearing Member: 5 crore; Clearing Member: 15 crore; Professional Clearing Member: 50 crore.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Stock Brokers Regulations 2026, what is the maximum underwriting obligation a Self-Clearing Member can undertake, given its minimum net worth requirement?",
    "gold_answer": "100 crore rupees (5 crore net worth × 20 = 100 crore)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_004",
    "task_type": "numerical_reasoning",
    "difficulty": "hard",
    "source_document": "SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Alternative Investment Funds) Regulations, 2012",
    "context": "The Manager or Sponsor shall have a continuing interest in the Alternative Investment Fund of not less than two and half percent of the corpus or five crore rupees, whichever is lower. For Category III Alternative Investment Fund, the continuing interest shall be not less than five percent of the corpus or ten crore rupees, whichever is lower. Each scheme of the Alternative Investment Fund shall have corpus of at least twenty crore rupees.",
    "context_a": "",
    "context_b": "",
    "question": "For a Category I AIF with a scheme corpus of exactly twenty crore rupees, what is the minimum continuing interest the Manager or Sponsor must maintain — in crore rupees — as per SEBI AIF Regulations 2012?",
    "gold_answer": "0.50 crore rupees (2.5% of 20 crore = 0.50 crore, which is lower than 5 crore)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_005",
    "task_type": "numerical_reasoning",
    "difficulty": "hard",
    "source_document": "SEBI_2026_securities_and_exchange_board_of_india_mutual_funds_reg_050.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Mutual Funds) Regulations, 1996 (as amended upto 2026)",
    "context": "The asset management company shall repay the amount at the rate of fifteen per cent per annum for the period of delay to the unitholders, as the case may be. Any borrowing by a scheme shall not exceed twenty per cent of the net assets of the scheme and the duration of such borrowing shall not exceed six months.",
    "context_a": "",
    "context_b": "",
    "question": "If a mutual fund scheme with net assets of 500 crore rupees borrows the maximum permissible amount for the maximum permissible duration, what is the interest liability at the penalty rate of 15% per annum for the maximum 6-month borrowing period?",
    "gold_answer": "7.5 crore rupees (20% of 500 = 100 crore borrowed; 15% per annum for 6 months = 7.5% of 100 = 7.5 crore)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_006",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015",
    "context": "The audit committee shall have minimum three directors as members. At least two-thirds of the members of audit committee shall be independent directors. The audit committee shall meet at least four times in a financial year and not more than one hundred and twenty days shall elapse between two consecutive meetings.",
    "context_a": "",
    "context_b": "",
    "question": "For a listed entity whose audit committee has the minimum permissible number of members under SEBI LODR Regulations 2015, what is the minimum number of those members who must be independent directors?",
    "gold_answer": "Two independent directors (two-thirds of minimum 3 members = 2, since two-thirds of 3 = 2)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_007",
    "task_type": "numerical_reasoning",
    "difficulty": "hard",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_settlement_proce_064.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Settlement Proceedings) Regulations, 2018",
    "context": "An application in respect of any specified proceeding pending before the Board shall not be considered if it is made after sixty days from the date of service of the notice to show cause. Where the application is filed after sixty calendar days from the expiry of the period specified in sub-regulation (1), the settlement amount determined in accordance with Schedule-II shall be increased. No such delayed application shall be considered if the application is filed after one hundred and twenty calendar days from the expiry of the sixty-day period.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Settlement Proceedings Regulations 2018, what is the total maximum number of calendar days from the date of service of a show cause notice within which a settlement application can be filed (including the initial sixty-day window and the additional delayed period)?",
    "gold_answer": "180 calendar days (60 days initial window + 120 days additional delayed period = 180 days total)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_008",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011",
    "context": "A share shall be deemed to be frequently traded if the traded turnover on any stock exchange during the twelve calendar months preceding the calendar month in which the public announcement is required to be made under these regulations, is at least ten per cent of the total number of shares of such class of the target company. Where the acquirer or persons acting in concert with him acquires shares of the target company during the period of twenty-six weeks after the tendering period at a price higher than the offer price, the acquirer shall pay to all shareholders who accepted the open offer, the difference between the highest price paid during the twenty-six weeks period and the offer price.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Takeover Regulations 2011, if an acquirer pays Rs. 250 per share in an open offer but then buys shares in the open market at Rs. 300 per share within the twenty-six-week post-tendering period, what additional amount per share must be paid to shareholders who accepted the open offer?",
    "gold_answer": "Rs. 50 per share (Rs. 300 highest price minus Rs. 250 offer price = Rs. 50 difference)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_009",
    "task_type": "numerical_reasoning",
    "difficulty": "hard",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "The tenure of warrants issued in an initial public offer shall not exceed eighteen months from the date of their allotment. The warrant holder shall exercise the option to acquire equity shares against each warrant within three months from the date of payment of warrant exercise price. At least twenty-five per cent. of the warrant consideration shall be paid upfront and disclosed in the offer document.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI ICDR Regulations 2018, if a warrant is allotted on 1 January 2024, what is the latest calendar date on which the warrant holder can exercise the option to acquire equity shares, assuming the warrant exercise price is paid on the last permissible day?",
    "gold_answer": "1 October 2025 (warrant tenure ends 18 months from allotment = 1 July 2025; exercise option within 3 months from payment = 1 October 2025)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_010",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015",
    "context": "The maximum time gap of one hundred and twenty days between any two consecutive board meetings shall apply to listed entities. A listed entity whose paid-up share capital exceeds rupees ten crore or net worth exceeds rupees twenty-five crore, as at the end of the previous financial year, shall comply with the requirement of having at least one woman director on the board of directors.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI LODR Regulations 2015, if a listed entity holds its first board meeting on 1 April of a financial year, by what latest date must the second board meeting be held?",
    "gold_answer": "By 29 July of the same year (1 April + 120 days = 29 July)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_011",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Alternative Investment Funds) Regulations, 2012",
    "context": "Category III Alternative Investment Funds shall invest not more than ten per cent of the investable funds in an Investee Company directly or through investment in units of other AIFs. The Alternative Investment Fund shall not accept from an investor, an investment of value less than one crore rupees. No scheme of the Alternative Investment Fund shall have more than one thousand investors.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI AIF Regulations 2012, if a Category III AIF scheme has investable funds of 500 crore rupees and invests the maximum permissible amount in a single investee company, how much can it invest in that company?",
    "gold_answer": "50 crore rupees (10% of 500 crore = 50 crore)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_012",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "SEBI_2026_securities_and_exchange_board_of_india_mutual_funds_reg_050.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Mutual Funds) Regulations, 1996 (as amended upto 2026)",
    "context": "The board of directors of asset management company must comprise at least fifty per cent of independent directors. The custodian in which fifty per cent or more of the directors represent the interest of the mutual fund shall not act as custodian for that mutual fund. An asset management company shall not invest more than ten per cent of the aggregate value of securities purchases or sales during any financial year through any single broker.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI Mutual Funds Regulations, an AMC's board has 8 directors. What is the minimum number who must be independent directors?",
    "gold_answer": "Four independent directors (at least 50% of 8 = 4)",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "CON_001",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_issue_and_listin_077.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (ICDR) Regulations, 2008",
    "context": "The minimum promoters' contribution shall be locked in for a period of three years from the date of commencement of commercial production or date of allotment in the initial public offer, whichever is later.\n\nThe minimum promoters' contribution shall be locked in for a period of eighteen months from the date of allotment in the initial public offer. Provided that in case the majority of the issue proceeds excluding the portion of offer for sale is proposed to be utilized for capital expenditure, then the lock-in period shall be three years from the date of allotment in the initial public offer.",
    "context_a": "The minimum promoters' contribution shall be locked in for a period of three years from the date of commencement of commercial production or date of allotment in the initial public offer, whichever is later.",
    "context_b": "The minimum promoters' contribution shall be locked in for a period of eighteen months from the date of allotment in the initial public offer. Provided that in case the majority of the issue proceeds excluding the portion of offer for sale is proposed to be utilized for capital expenditure, then the lock-in period shall be three years from the date of allotment in the initial public offer.",
    "question": "Do the two passages prescribe different lock-in periods for minimum promoters' contribution in the general (non-capital-expenditure) case?",
    "gold_answer": "Yes",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_002",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI ICDR 2018 — Promoters' contribution minimum",
    "context": "Promoters' holding in excess of minimum promoters' contribution shall be locked-in for a period of six months from the date of allotment in the initial public offer.\n\nThe entire pre-issue capital held by persons other than the promoters shall be locked-in for a period of six months from the date of allotment in the initial public offer.",
    "context_a": "Promoters' holding in excess of minimum promoters' contribution shall be locked-in for a period of six months from the date of allotment in the initial public offer.",
    "context_b": "The entire pre-issue capital held by persons other than the promoters shall be locked-in for a period of six months from the date of allotment in the initial public offer.",
    "question": "Do the two passages prescribe different lock-in durations for excess promoters' shares versus non-promoter pre-issue shares in an IPO?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_003",
    "task_type": "contradiction_detection",
    "difficulty": "easy",
    "source_document": "SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt",
    "regulator": "SEBI",
    "regulation": "SEBI AIF Regulations 2012 — Category I and II continuing interest",
    "context": "The Manager or Sponsor shall have a continuing interest in the Alternative Investment Fund of not less than two and half percent of the corpus or five crore rupees, whichever is lower, in the form of investment in the Alternative Investment Fund and such interest shall not be through the waiver of management fees.\n\nProvided that for Category III Alternative Investment Fund, the continuing interest shall be not less than five percent of the corpus or ten crore rupees, whichever is lower.",
    "context_a": "The Manager or Sponsor shall have a continuing interest in the Alternative Investment Fund of not less than two and half percent of the corpus or five crore rupees, whichever is lower, in the form of investment in the Alternative Investment Fund and such interest shall not be through the waiver of management fees.",
    "context_b": "Provided that for Category III Alternative Investment Fund, the continuing interest shall be not less than five percent of the corpus or ten crore rupees, whichever is lower.",
    "question": "Do the two passages prescribe different minimum continuing interest thresholds for Category I/II AIFs versus Category III AIFs under SEBI AIF Regulations 2012?",
    "gold_answer": "Yes",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_004",
    "task_type": "contradiction_detection",
    "difficulty": "easy",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt",
    "regulator": "SEBI",
    "regulation": "SEBI LODR 2015 — Board meeting frequency",
    "context": "The maximum time gap of one hundred and twenty days between any two consecutive board meetings shall elapse.\n\nThe audit committee shall meet at least four times in a financial year and not more than one hundred and twenty days shall elapse between two consecutive meetings.",
    "context_a": "The maximum time gap of one hundred and twenty days between any two consecutive board meetings shall elapse.",
    "context_b": "The audit committee shall meet at least four times in a financial year and not more than one hundred and twenty days shall elapse between two consecutive meetings.",
    "question": "Do the two passages prescribe different maximum permissible gaps between consecutive meetings for the board and the audit committee respectively?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_005",
    "task_type": "contradiction_detection",
    "difficulty": "hard",
    "source_document": "SEBI_2018_securities_contracts_regulation_stock_exchanges_and_cle_065.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Stock Exchanges and Clearing Corporations) Regulations, 2018",
    "context": "A recognised stock exchange shall not be eligible for recognition if any person, individually or together with persons acting in concert with such person, acquires or holds or controls more than five per cent of the paid-up equity share capital of the recognised stock exchange without prior written approval of the Board. Provided that the limit of five per cent shall be fifteen per cent in the case of stock exchanges, depositories, banking companies, insurance companies, and public financial institutions.\n\nA depository shall not be eligible to carry on its activities as a depository if any person, individually or together with persons acting in concert, holds or acquires more than five per cent of the paid-up equity share capital of such depository, unless the prior approval of the Board has been obtained for the same.",
    "context_a": "A recognised stock exchange shall not be eligible for recognition if any person, individually or together with persons acting in concert with such person, acquires or holds or controls more than five per cent of the paid-up equity share capital of the recognised stock exchange without prior written approval of the Board. Provided that the limit of five per cent shall be fifteen per cent in the case of stock exchanges, depositories, banking companies, insurance companies, and public financial institutions.",
    "context_b": "A depository shall not be eligible to carry on its activities as a depository if any person, individually or together with persons acting in concert, holds or acquires more than five per cent of the paid-up equity share capital of such depository, unless the prior approval of the Board has been obtained for the same.",
    "question": "Do the two passages impose different shareholding thresholds triggering mandatory Board approval for acquisitions in recognised stock exchanges versus depositories?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_006",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_prohibition_of_i_068.txt",
    "regulator": "SEBI",
    "regulation": "SEBI PIT Regulations 2015 — Disclosure timing for designated persons",
    "context": "Every company shall notify the particulars of trades by designated persons to the stock exchange on which the securities are listed within two trading days of receipt of the disclosure or becoming aware of the trade.\n\nEvery asset management company shall notify the particulars of such trades to the stock exchange on which the securities are listed in any other manner as may be specified by the Board within two trading days of receipt of the disclosure.",
    "context_a": "Every company shall notify the particulars of trades by designated persons to the stock exchange on which the securities are listed within two trading days of receipt of the disclosure or becoming aware of the trade.",
    "context_b": "Every asset management company shall notify the particulars of such trades to the stock exchange on which the securities are listed in any other manner as may be specified by the Board within two trading days of receipt of the disclosure.",
    "question": "Do the two passages prescribe different disclosure timelines for companies versus asset management companies under SEBI PIT Regulations 2015?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_007",
    "task_type": "contradiction_detection",
    "difficulty": "hard",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_settlement_proce_064.txt",
    "regulator": "SEBI",
    "regulation": "SEBI Settlement Regulations 2018 — On-time application",
    "context": "An application may be withdrawn at any time prior to the communication of the decision of the Board. An applicant who withdraws an application shall not be permitted to make another application in respect of the same default.\n\nIn a case where an application was earlier rejected by the Board on the ground that the applicant did not remit the settlement amount within the period specified, such an application may be considered subject to an increase of atleast fifty percent over the settlement amount determined in accordance with Schedule-II of these Regulations.",
    "context_a": "An application may be withdrawn at any time prior to the communication of the decision of the Board. An applicant who withdraws an application shall not be permitted to make another application in respect of the same default.",
    "context_b": "In a case where an application was earlier rejected by the Board on the ground that the applicant did not remit the settlement amount within the period specified, such an application may be considered subject to an increase of atleast fifty percent over the settlement amount determined in accordance with Schedule-II of these Regulations.",
    "question": "Do the two passages contradict each other regarding whether a second settlement application can ever be made for the same default?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_008",
    "task_type": "contradiction_detection",
    "difficulty": "hard",
    "source_document": "SEBI_2026_securities_and_exchange_board_of_india_mutual_funds_reg_050.txt",
    "regulator": "SEBI",
    "regulation": "SEBI Mutual Funds Regulations (2026 version) — Custodian independence",
    "context": "Custodian in which the sponsor or its associates hold fifty per cent or more of the voting rights shall not act as a custodian for that mutual fund. A custodian in which fifty per cent or more of the directors represent the interest of the mutual fund shall not act as a custodian for that mutual fund.\n\nNo custodian in which a trustee company or asset management company or sponsor or any of their associates or any of the shareholders of the asset management company holding more than fifty per cent of the paid-up capital of the asset management company, is a director shall function as custodian of the mutual fund.",
    "context_a": "Custodian in which the sponsor or its associates hold fifty per cent or more of the voting rights shall not act as a custodian for that mutual fund. A custodian in which fifty per cent or more of the directors represent the interest of the mutual fund shall not act as a custodian for that mutual fund.",
    "context_b": "No custodian in which a trustee company or asset management company or sponsor or any of their associates or any of the shareholders of the asset management company holding more than fifty per cent of the paid-up capital of the asset management company, is a director shall function as custodian of the mutual fund.",
    "question": "Do the two passages prescribe different tests for disqualifying a custodian from acting for a mutual fund based on its relationship with the sponsor?",
    "gold_answer": "Yes",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_009",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI ICDR 2018 — Net tangible assets monetary asset cap",
    "context": "An issuer shall be eligible to make an initial public offer only if it has net tangible assets of at least three crore rupees, of which not more than fifty per cent. are held in monetary assets: Provided that if more than fifty per cent. of the net tangible assets are held in monetary assets, the issuer has utilised or made firm commitments to utilise such excess monetary assets in its business or project.\n\nProvided further that the limit of fifty per cent. on monetary assets shall not be applicable in case the initial public offer is made entirely through an offer for sale.",
    "context_a": "An issuer shall be eligible to make an initial public offer only if it has net tangible assets of at least three crore rupees, of which not more than fifty per cent. are held in monetary assets: Provided that if more than fifty per cent. of the net tangible assets are held in monetary assets, the issuer has utilised or made firm commitments to utilise such excess monetary assets in its business or project.",
    "context_b": "Provided further that the limit of fifty per cent. on monetary assets shall not be applicable in case the initial public offer is made entirely through an offer for sale.",
    "question": "Do the two passages collectively indicate that the 50% monetary asset limit always applies to every IPO regardless of its structure?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_010",
    "task_type": "contradiction_detection",
    "difficulty": "hard",
    "source_document": "SEBI_2021_securities_and_exchange_board_of_india_issue_and_listin_056.txt",
    "regulator": "SEBI",
    "regulation": "SEBI NCS Regulations 2021 — Debenture buy-back notice period",
    "context": "The issuer shall send notice to all the eligible holders of such non-convertible securities and the debenture trustee at least twenty-one days before the date from which such right is exercisable.\n\nWhere the issuer is unable to obtain the assent of required number of shareholders, the issuer shall redeem that part of the instruments within one month from the last date of the redemption period.",
    "context_a": "The issuer shall send notice to all the eligible holders of such non-convertible securities and the debenture trustee at least twenty-one days before the date from which such right is exercisable.",
    "context_b": "Where the issuer is unable to obtain the assent of required number of shareholders, the issuer shall redeem that part of the instruments within one month from the last date of the redemption period.",
    "question": "Do the two passages impose the same advance notice period for different types of securities actions under SEBI regulations?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_011",
    "task_type": "contradiction_detection",
    "difficulty": "easy",
    "source_document": "SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt",
    "regulator": "SEBI",
    "regulation": "SEBI AIF Regulations 2012 — Social impact fund minimum corpus",
    "context": "Each scheme of the social impact fund shall have a corpus of at least five crore rupees.\n\nEach scheme of the Alternative Investment Fund shall have corpus of at least twenty crore rupees.",
    "context_a": "Each scheme of the social impact fund shall have a corpus of at least five crore rupees.",
    "context_b": "Each scheme of the Alternative Investment Fund shall have corpus of at least twenty crore rupees.",
    "question": "Do the two passages prescribe different minimum corpus requirements for social impact funds versus other AIF schemes?",
    "gold_answer": "Yes",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_012",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt",
    "regulator": "SEBI",
    "regulation": "SEBI Takeover Regulations 2011 — General open offer trigger (Regulation 3(1))",
    "context": "No acquirer shall acquire shares or voting rights in a target company which taken together with shares held by him and persons acting in concert entitle them to exercise twenty-five per cent or more of the voting rights in such target company unless the acquirer makes a public announcement of an open offer.\n\nFor the purpose of this regulation, any reference to 'twenty-five per cent' in case of a target company which is listed on the Innovators Growth Platform shall be read as 'forty-nine per cent'.",
    "context_a": "No acquirer shall acquire shares or voting rights in a target company which taken together with shares held by him and persons acting in concert entitle them to exercise twenty-five per cent or more of the voting rights in such target company unless the acquirer makes a public announcement of an open offer.",
    "context_b": "For the purpose of this regulation, any reference to 'twenty-five per cent' in case of a target company which is listed on the Innovators Growth Platform shall be read as 'forty-nine per cent'.",
    "question": "Do the two passages indicate that the same open offer trigger threshold applies to all listed companies regardless of the platform on which they are listed?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "TMP_001",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "These regulations may be called the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. They shall come into force on the sixtieth day from the date of its publication in the Official Gazette. The definition of 'key managerial personnel' was substituted by the SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2023, w.e.f. 31.01.2023. Prior to its substitution, 'key managerial personnel' referred to officers forming part of the core management team excluding board of directors.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI ICDR Regulations, which definition of 'key managerial personnel' is currently in force — the one aligning with Companies Act 2013 sub-section (51) of section 2, or the earlier definition referring to the core management team excluding board members?",
    "gold_answer": "The definition aligning with Companies Act 2013 sub-section (51) of section 2, effective from 31.01.2023",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_002",
    "task_type": "temporal_reasoning",
    "difficulty": "easy",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "The minimum promoters' contribution lock-in was originally set at three years from the date of commencement of commercial production or allotment, whichever is later. This was subsequently substituted by the SEBI (Issue of Capital and Disclosure Requirements) (Third Amendment) Regulations, 2021, w.e.f. 13.08.2021, replacing the three-year lock-in with eighteen months from the date of allotment in the initial public offer (except where proceeds are used for capital expenditure).",
    "context_a": "",
    "context_b": "",
    "question": "Which lock-in regime for minimum promoters' contribution applied before 13 August 2021 — three years or eighteen months?",
    "gold_answer": "Three years from the date of commencement of commercial production or date of allotment, whichever is later",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_003",
    "task_type": "temporal_reasoning",
    "difficulty": "hard",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015",
    "context": "The SEBI (LODR) Regulations, 2015 were published in the Official Gazette on 2nd September 2015, and shall come into force on the ninetieth day from the date of their publication: Provided that the provisions of sub-regulation (4) of regulation 23 and regulation 31A shall come into force on the date of notification of these regulations. The definition of 'mainstream media' was inserted by the SEBI (LODR) (Second Amendment) Regulations, 2023 w.e.f. 15.7.2023.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI LODR Regulations 2015, which provisions came into force on the date of notification itself rather than after the ninety-day waiting period?",
    "gold_answer": "Sub-regulation (4) of regulation 23 and regulation 31A",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_004",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011",
    "context": "These regulations shall come into force on the thirtieth day from the date of their publication in the Official Gazette and were published on 23rd September, 2011. The definition of 'Delisting Regulations' was inserted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2021, w.e.f. 6-12-2021. Previously, the regulations did not contain an explicit definition of 'Delisting Regulations' as a defined term.",
    "context_a": "",
    "context_b": "",
    "question": "Was the term 'Delisting Regulations' a defined term in the SEBI Takeover Regulations 2011 at the time those regulations came into force in October 2011?",
    "gold_answer": "No — the definition of 'Delisting Regulations' was only inserted by the Third Amendment Regulations, 2021, effective from 6 December 2021",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_005",
    "task_type": "temporal_reasoning",
    "difficulty": "easy",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "The term 'innovators growth platform' was substituted by the SEBI (ICDR) (Second Amendment) Regulations, 2019, w.e.f 05.04.2019. Prior to its substitution, it was referred to as 'institutional trading platform' and was defined as the trading platform for listing and trading of specified securities of issuers that comply with the eligibility criteria specified in regulation 288. After the amendment, it is defined as the trading platform for listing and trading of specified securities of issuers that comply with the eligibility criteria specified in regulation 283.",
    "context_a": "",
    "context_b": "",
    "question": "What was the name of the trading platform for emerging issuers under SEBI ICDR Regulations before 5 April 2019?",
    "gold_answer": "Institutional trading platform",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_006",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "The definition of 'associate' in SEBI ICDR Regulations was substituted by the SEBI (ICDR) (Amendment) Regulations, 2025, w.e.f. 08.03.2025. Prior to its substitution, 'associate' was defined as 'a person which is an associate of the issuer and as defined under the Companies Act, 2013'. After the amendment, 'associate' means a person or any entity which is an associate under sub-section (6) of section 2 of the Companies Act, 2013 or under the applicable accounting standards.",
    "context_a": "",
    "context_b": "",
    "question": "Which amendment to SEBI ICDR Regulations broadened the definition of 'associate' to also include entities qualifying as associates under applicable accounting standards?",
    "gold_answer": "The SEBI (ICDR) (Amendment) Regulations, 2025, effective from 08.03.2025",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_007",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015",
    "context": "The definition of 'non-convertible debt securities' in SEBI LODR Regulations was substituted by the SEBI (LODR) (Fifth Amendment) Regulations, 2021 w.e.f. 7.9.2021. Before substitution, clause (t) defined non-convertible debt securities as 'debt securities' as defined under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008. After the amendment, it aligned with the definition under the SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021.",
    "context_a": "",
    "context_b": "",
    "question": "Before 7 September 2021, which SEBI regulations were cross-referenced in SEBI LODR Regulations 2015 for the definition of 'non-convertible debt securities'?",
    "gold_answer": "The SEBI (Issue and Listing of Debt Securities) Regulations, 2008",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_008",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Alternative Investment Funds) Regulations, 2012",
    "context": "Funds registered as venture capital funds under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 shall be governed by the said regulations for a period of five years from the commencement of the SEBI (AIF) Regulations, 2012, provided that the existing fund shall not increase the targeted corpus of the fund. Venture capital funds may seek registration under the AIF Regulations as migrated venture capital funds in terms of Chapter III-D, within twelve months of notification of the relevant regulations.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI AIF Regulations 2012, how long could funds registered under the earlier SEBI Venture Capital Funds Regulations, 1996 continue to be governed by those older regulations before being required to migrate?",
    "gold_answer": "Five years from the commencement of the SEBI (AIF) Regulations, 2012",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_009",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "The SEBI (ICDR) Regulations, 2018 were amended as follows in relation to the draft letter of offer: Prior to 08.03.2025, the draft letter of offer was required to be filed with the Board. By the SEBI (ICDR) (Amendment) Regulations, 2025 w.e.f. 08.03.2025, the requirement was changed such that the draft letter of offer is filed with the stock exchange(s) instead of the Board.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI ICDR Regulations, where was the draft letter of offer filed before the 2025 amendment?",
    "gold_answer": "With the Board (SEBI)",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_010",
    "task_type": "temporal_reasoning",
    "difficulty": "hard",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015",
    "context": "The term 'main board' in SEBI LODR Regulations was originally cross-referenced to regulation 106N of the SEBI (ICDR) Regulations, 2009. This cross-reference was substituted by the SEBI (LODR) (Second Amendment) Regulations, 2021 w.e.f. 5.5.2021 to refer instead to regulation 2(ee) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.",
    "context_a": "",
    "context_b": "",
    "question": "After May 2021, which regulation number in which SEBI regulations defines the term 'main board' for the purposes of SEBI LODR Regulations 2015?",
    "gold_answer": "Regulation 2(ee) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_011",
    "task_type": "temporal_reasoning",
    "difficulty": "hard",
    "source_document": "SEBI_2011_securities_and_exchange_board_of_india_substantial_acqu_073.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011",
    "context": "The SEBI Takeover Regulations 2011 came into force on the thirtieth day from the date of their publication on 23 September 2011. The phrase 'is required to be made under these regulations' in the definition of 'frequently traded shares' was substituted by the SEBI (Substantial Acquisition of Shares and Takeovers) (Second Amendment) Regulations, 2018, w.e.f. 11-09-2018. Prior to this amendment, the phrase read as 'is made'.",
    "context_a": "",
    "context_b": "",
    "question": "Before September 2018, what phrase was used in the SEBI Takeover Regulations 2011 in the definition of 'frequently traded shares' in place of 'is required to be made under these regulations'?",
    "gold_answer": "Is made",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_012",
    "task_type": "temporal_reasoning",
    "difficulty": "easy",
    "source_document": "SEBI_1992_securities_and_exchange_board_of_india_merchant_bankers_090.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Merchant Bankers) Regulations, 1992",
    "context": "The SEBI (Merchant Bankers) Regulations, 1992 were among the earliest set of SEBI regulations, establishing the regulatory framework for merchant banking in India. The definition of 'principal officer' was amended to require that such person shall have at least five years of experience in merchant banking activities. The definition of 'certificate' was also amended to remove the category classification from the phrase 'certificate of registration', changing it from 'certificate of category registration' to 'certificate of registration'.",
    "context_a": "",
    "context_b": "",
    "question": "The SEBI (Merchant Bankers) Regulations 1992 were enacted under which SEBI Act and year?",
    "gold_answer": "The Securities and Exchange Board of India Act, 1992",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_013",
    "task_type": "temporal_reasoning",
    "difficulty": "easy",
    "source_document": "SEBI_2026_securities_and_exchange_board_of_india_mutual_funds_reg_050.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Mutual Funds) Regulations, 1996 (as amended upto 2026)",
    "context": "The SEBI (Mutual Funds) Regulations were originally notified in 1996. The definition of 'NAV' or 'Net Asset Value' was introduced as a defined term as part of later amendments. The definition of 'exit load' was inserted to mean the charge or fee levied by the mutual fund at the time of redemption or switch. The definition of 'total expense ratio' was also introduced, defined as the ratio of total of all expenses charged to the investors of a scheme to its daily net assets.",
    "context_a": "",
    "context_b": "",
    "question": "Which set of SEBI regulations originally established the regulatory framework for mutual funds in India that continues to govern mutual funds today, as reflected in the 2026 consolidated version?",
    "gold_answer": "The SEBI (Mutual Funds) Regulations, 1996",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_014",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2014_securities_and_exchange_board_of_india_real_estate_inve_069.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Real Estate Investment Trusts) Regulations, 2014",
    "context": "The term 'sponsor group' was substituted for 'sponsor(s)' by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016. Prior to this amendment, the relevant provisions referred only to 'sponsors'. The term 'inducted sponsor' was inserted by a subsequent amendment and means any person who has been inducted as a sponsor of the REIT after its initial registration. The term 're-designated sponsor' was further added in a later amendment.",
    "context_a": "",
    "context_b": "",
    "question": "What term was used in SEBI REIT Regulations 2014 before the 2016 amendment replaced it with the broader term 'sponsor group'?",
    "gold_answer": "Sponsor(s)",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_015",
    "task_type": "temporal_reasoning",
    "difficulty": "easy",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_issue_of_capital_063.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018",
    "context": "The SEBI (ICDR) Regulations 2018 superseded the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009. The 2018 regulations were notified on the 60th day from publication. The definition of 'financial year' was inserted by the SEBI (ICDR) (Amendment) Regulations, 2025 w.e.f. 08.03.2025. Prior to this amendment, the ICDR Regulations 2018 did not contain an explicit definition of 'financial year' as a standalone defined term.",
    "context_a": "",
    "context_b": "",
    "question": "Which was enacted earlier — the SEBI (ICDR) Regulations 2009 or the SEBI (ICDR) Regulations 2018?",
    "gold_answer": "The SEBI (ICDR) Regulations, 2009 was enacted earlier",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_016",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2015_securities_and_exchange_board_of_india_listing_obligati_067.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015",
    "context": "The SEBI LODR Regulations, 2015 were published on 2 September 2015. The provision regarding 'fugitive economic offender' was inserted by the SEBI (LODR) (Sixth Amendment) Regulations, 2018, w.e.f. 16.11.2018, following the enactment of the Fugitive Economic Offenders Act, 2018. Prior to November 2018, the LODR Regulations did not contain any reference to fugitive economic offenders.",
    "context_a": "",
    "context_b": "",
    "question": "In which year was the concept of 'fugitive economic offender' first incorporated into the SEBI LODR Regulations 2015?",
    "gold_answer": "2018, effective from 16 November 2018",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_017",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2012_securities_and_exchange_board_of_india_alternative_inve_072.txt",
    "regulator": "SEBI",
    "regulation": "SEBI (Alternative Investment Funds) Regulations, 2012",
    "context": "The SEBI (AIF) Regulations, 2012 were the first set of regulations governing the alternative investment fund industry in India in a consolidated manner. The provision permitting social impact funds to issue 'social units' and to raise funds from social investors was inserted by the SEBI (Alternative Investment Funds) (Third Amendment) Regulations, 2022, w.e.f 25.07.2022. Before July 2022, social impact funds could not issue social units under the AIF Regulations.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI AIF Regulations, from which date could social impact funds start issuing 'social units' under the AIF regulatory framework?",
    "gold_answer": "25 July 2022, following the Third Amendment Regulations, 2022",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_067",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "The stock exchange, the clearing corporation, the depository or the specified self regulatory organization, as the case may be, shall examine the eligibility of the applicant in terms of these regulations, relevant regulations and the rules, regulations or bye-laws of the concerned stock exchange, clearing corporation, depository or the self regulatory organization and forward the application with the application fees to the Board along with its recommendation as early as possible but not later than thirty days of receipt of the complete application with the specified application fees.",
    "context_a": "",
    "context_b": "",
    "question": "Within how many days must a stock exchange forward a completed registration application to SEBI after receiving it?",
    "gold_answer": "Thirty days",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_068",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "Any material change in the information furnished or uploaded under these regulations shall be updated by the intermediary promptly but not later than fifteen days of the occurrence of such change.",
    "context_a": "",
    "context_b": "",
    "question": "Within how many days must an intermediary update material changes to the information it has furnished or uploaded under SEBI (Intermediaries) Regulations, 2008?",
    "gold_answer": "Fifteen days",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_069",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "The intermediary shall make endeavours to redress investor grievances promptly but not later than forty-five days of receipt thereof and when called upon by the Board to do so, shall furnish the details of such complaint and action taken therefor to the Board within the time specified by the Board.",
    "context_a": "",
    "context_b": "",
    "question": "What is the maximum time within which an intermediary must redress investor grievances under SEBI (Intermediaries) Regulations, 2008?",
    "gold_answer": "Forty-five days of receipt of the grievance",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_070",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "Where an application is rejected for the reason that it contains false or misleading information, no such opportunity may be given and the applicant shall not make any application for grant of certificate under these regulations or any other regulations for a period of one year from the date of such rejection.",
    "context_a": "",
    "context_b": "",
    "question": "For how long is an applicant barred from making a fresh registration application if their application is rejected for containing false or misleading information?",
    "gold_answer": "One year from the date of rejection",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_071",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "A request for prior approval, under clause (a) of sub regulation (1) which is complete in all respects shall be disposed off by the Board within a period of sixty days from the date of receipt of such request and where the decision of the Board has not been communicated to the intermediary within the said period of sixty days, the prior approval shall be deemed to have been granted.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI (Intermediaries) Regulations 2008, within how many days must SEBI dispose of a complete prior approval request for change in status or constitution? What is deemed to happen if SEBI fails to communicate its decision within this period?",
    "gold_answer": "Sixty days. If SEBI fails to communicate within sixty days, prior approval shall be deemed to have been granted.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_072",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "Each intermediary shall prominently display a photocopy of the certificate at all its offices including branch offices. The intermediary shall also prominently display the name and contact details of the compliance officer to whom complaint may be made in the event of any investor grievance.",
    "context_a": "",
    "context_b": "",
    "question": "What two things must a SEBI-registered intermediary prominently display at all its offices, including branch offices?",
    "gold_answer": "A photocopy of the certificate of registration, and the name and contact details of the compliance officer.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_073",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "Subject to compliance with the provisions of the Act, these regulations and the relevant regulations, the certificate granted to an intermediary shall be permanent unless surrendered by the intermediary or suspended or cancelled in accordance with these regulations.",
    "context_a": "",
    "context_b": "",
    "question": "Under what three circumstances can a permanent certificate granted to an intermediary under SEBI (Intermediaries) Regulations 2008 cease to be valid?",
    "gold_answer": "If the certificate is surrendered by the intermediary, or suspended, or cancelled in accordance with the regulations.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_074",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2020_securities_and_exchange_board_of_india_portfolio_manage_059.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "\"large value accredited investor\" means an accredited investor who has entered into an agreement with the portfolio manager for a minimum investment amount of ten crore rupees.",
    "context_a": "",
    "context_b": "",
    "question": "What minimum investment amount must an accredited investor commit to a portfolio manager in order to qualify as a 'large value accredited investor' under SEBI (Portfolio Managers) Regulations, 2020?",
    "gold_answer": "Ten crore rupees",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_075",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "The maximum limit of any buy-back shall be twenty-five per cent or less of the aggregate of paid-up capital and free reserves of the company, based on the standalone or consolidated financial statements of the company, whichever sets out a lower amount.",
    "context_a": "",
    "context_b": "",
    "question": "What is the maximum permissible limit for any buy-back as a percentage of the aggregate of paid-up capital and free reserves, and on which financial statements is it based?",
    "gold_answer": "Twenty-five per cent, based on standalone or consolidated financial statements, whichever sets out a lower amount.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_076",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "The ratio of the aggregate of secured and unsecured debts owed by the company to the paid-up capital and free reserves after buy-back shall be less than or equal to 2:1, based on the standalone or consolidated financial statements of the company, whichever is lower.",
    "context_a": "",
    "context_b": "",
    "question": "What is the maximum debt-to-capital ratio (secured plus unsecured debts to paid-up capital and free reserves) permitted after a buy-back under SEBI (Buy-Back of Securities) Regulations, 2018?",
    "gold_answer": "2:1",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_077",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "A company shall not make any offer of buy-back within a period of one year reckoned from the date of expiry of buyback period of the preceding offer of buy-back, if any.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI (Buy-Back of Securities) Regulations 2018, how long must a company wait after the expiry of a preceding buy-back period before making another buy-back offer?",
    "gold_answer": "One year from the date of expiry of the buyback period of the preceding offer.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_078",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "A company may undertake a buy-back of its own shares or other specified securities out of (a) its free reserves; (b) the securities premium account; or (c) the proceeds of the issue of any shares or other specified securities: Provided that no such buy-back shall be made out of the proceeds of an earlier issue of the same kind of shares or same kind of other specified securities.",
    "context_a": "",
    "context_b": "",
    "question": "From which three sources may a company fund a buy-back of its shares under SEBI (Buy-Back of Securities) Regulations 2018? Is there any restriction on using proceeds of an earlier issue?",
    "gold_answer": "Free reserves, securities premium account, or proceeds of issue of shares or specified securities. A company cannot use proceeds of an earlier issue of the same kind of shares or specified securities.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_079",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "No company shall directly or indirectly purchase its own shares or other specified securities: (a) through any subsidiary company including its own subsidiary companies; (b) through any investment company or group of investment companies; or (c) if a default is made by the company in the repayment of deposits...Provided that the buy-back is not prohibited, if the default is remedied and a period of three years has lapsed after such default ceased to subsist.",
    "context_a": "",
    "context_b": "",
    "question": "A company defaulted on repayment of a term loan. The default was remedied. After how long can the company conduct a buy-back?",
    "gold_answer": "After three years have lapsed since the default ceased to subsist.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_080",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2021_securities_and_exchange_board_of_india_delisting_of_equ_055.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "\"compulsory delisting\" means delisting of equity shares of a company by a recognised stock exchange under Chapter V of these regulations.",
    "context_a": "",
    "context_b": "",
    "question": "How does SEBI (Delisting of Equity Shares) Regulations, 2021 define 'compulsory delisting'?",
    "gold_answer": "Delisting of equity shares of a company by a recognised stock exchange under Chapter V of these regulations.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_081",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2021_securities_and_exchange_board_of_india_delisting_of_equ_055.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "\"bidding period\" means the period within which shareholders may tender their shares in acceptance of the offer for delisting of equity shares of the company made under these regulations.",
    "context_a": "",
    "context_b": "",
    "question": "What is the 'bidding period' as defined in SEBI (Delisting of Equity Shares) Regulations, 2021?",
    "gold_answer": "The period within which shareholders may tender their shares in acceptance of the offer for delisting of equity shares of the company.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_082",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2014_securities_and_exchange_board_of_india_research_analyst_070.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "These regulations shall come into force on the ninetieth day from the date of their publication in the Official Gazette.",
    "context_a": "",
    "context_b": "",
    "question": "When did the SEBI (Research Analysts) Regulations, 2014 come into force relative to their date of publication?",
    "gold_answer": "On the ninetieth day from the date of publication in the Official Gazette.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_083",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "SEBI_2014_securities_and_exchange_board_of_india_research_analyst_070.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "\"independent research analyst\" means a person whose only business activity is research analysis or preparation and/or publication of research report.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI (Research Analysts) Regulations 2014, who qualifies as an 'independent research analyst'?",
    "gold_answer": "A person whose only business activity is research analysis or preparation and/or publication of research report.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_084",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "These Directions shall be called the Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026. These Directions shall come into effect from Financial Year (FY) 2026-27.",
    "context_a": "",
    "context_b": "",
    "question": "From which financial year do the Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026 come into effect?",
    "gold_answer": "Financial Year 2026-27",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_085",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "These Directions shall be applicable to Small Finance Banks (SFBs) (hereinafter collectively referred to as 'banks' and individually as a 'bank').",
    "context_a": "",
    "context_b": "",
    "question": "To which category of banks do the RBI (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026 apply?",
    "gold_answer": "Small Finance Banks (SFBs)",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_086",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "A bank which satisfies the eligibility criteria laid down in paragraph 7 above may declare and pay dividend up to the limits prescribed under Table 1 below, but in aggregate not exceeding 75% of the PAT for the period for which the dividend is being proposed.",
    "context_a": "",
    "context_b": "",
    "question": "Under the RBI SFB Dividend Directions 2026, what is the maximum aggregate dividend a Small Finance Bank can declare, regardless of its Tier 1 Capital Ratio bucket?",
    "gold_answer": "Not exceeding 75% of the PAT for the period for which the dividend is proposed.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_087",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "The Board of Directors while considering the proposal for declaration of dividend of a bank shall consider the following: (1) The divergence in asset classification and provisioning for Non-Performing Assets (NPAs), including its trend, as observed under supervisory findings of the Reserve Bank; (2) Auditors' Report to the financial statements, including modified opinion or Emphasis of Matter, for the financial year in which the dividend is proposed; (3) Current and projected capital position vis-a-vis applicable regulatory capital requirement; and (4) Long term growth plans.",
    "context_a": "",
    "context_b": "",
    "question": "What four factors must the Board of Directors of a Small Finance Bank consider when evaluating a dividend proposal under the RBI SFB Dividend Directions 2026?",
    "gold_answer": "1. Divergence in NPA classification and provisioning as observed in RBI supervisory findings; 2. Auditors' Report including modified opinion or Emphasis of Matter; 3. Current and projected capital position versus regulatory capital requirement; 4. Long term growth plans.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_088",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "A bank declaring dividend shall report details thereof as per the format prescribed in Annex II. The report shall be furnished to the Department of Supervision of the Reserve Bank within a fortnight of declaration of dividend.",
    "context_a": "",
    "context_b": "",
    "question": "After declaring a dividend, within what time period must a Small Finance Bank submit its dividend report to the Department of Supervision of the Reserve Bank?",
    "gold_answer": "Within a fortnight (two weeks) of the declaration of dividend.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_089",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "A bank shall meet the following prudential requirements, to be eligible to declare dividends: (4) The bank shall not be under any explicit restrictions for declaration of dividends from the Reserve Bank or any other authority.",
    "context_a": "",
    "context_b": "",
    "question": "Under the RBI SFB Dividend Directions 2026, is a bank eligible to declare dividends if the Reserve Bank has placed an explicit restriction on it?",
    "gold_answer": "No. A bank that is under any explicit restrictions for declaration of dividends from the Reserve Bank or any other authority is not eligible to declare dividends.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_090",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "'Adjusted Profit After Tax (PAT)' means PAT of the financial year for which the dividend is proposed to be paid minus 50 per cent of Net NPA as on March 31 of the financial year for which the dividend is to be paid.",
    "context_a": "",
    "context_b": "",
    "question": "How is 'Adjusted Profit After Tax (PAT)' defined under the RBI SFB Dividend Directions 2026?",
    "gold_answer": "PAT of the financial year for which the dividend is proposed minus 50% of Net NPA as on March 31 of that financial year.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_091",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Section A of the Directions on implementation of Legal Entity Identifier (LEI) shall come into force with immediate effect. Section B of the Directions on implementation of Unique Transaction Identifier (UTI) shall come into effect from January 01, 2027.",
    "context_a": "",
    "context_b": "",
    "question": "Under the RBI Master Direction on Unique Identifiers in Financial Markets 2026, when does the section on Unique Transaction Identifier (UTI) implementation come into effect?",
    "gold_answer": "January 01, 2027",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_092",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Entities without an LEI code shall not be eligible to undertake transactions in the financial markets regulated by the Reserve Bank. Entities shall ensure that their LEI code is considered current under the rules of the global LEI system and has not lapsed.",
    "context_a": "",
    "context_b": "",
    "question": "Under the RBI Master Direction on Unique Identifiers 2026, are entities without an LEI code permitted to transact in RBI-regulated financial markets?",
    "gold_answer": "No. Entities without an LEI code are not eligible to undertake transactions in the financial markets regulated by the Reserve Bank.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_093",
    "task_type": "regulatory_interpretation",
    "difficulty": "medium",
    "source_document": "RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "For users / clients undertaking non-derivative foreign exchange transactions, the LEI code shall be applicable only for transactions involving an amount equivalent to or exceeding USD one million or equivalent thereof in other currencies.",
    "context_a": "",
    "context_b": "",
    "question": "For non-derivative foreign exchange transactions, at what minimum transaction amount does the LEI requirement become applicable to users and clients under the RBI Master Direction on Unique Identifiers 2026?",
    "gold_answer": "USD one million or equivalent thereof in other currencies.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "REG_094",
    "task_type": "regulatory_interpretation",
    "difficulty": "easy",
    "source_document": "RBI_Auction_of_auction_of_government_of_india_dated_securities_028.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "The Stocks will be issued for a minimum amount of Rs. 10,000/- (nominal) and in multiples of Rs. 10,000/- thereafter.",
    "context_a": "",
    "context_b": "",
    "question": "What is the minimum nominal amount for which Government of India dated securities are issued in the auction, and in what multiples are they issued thereafter?",
    "gold_answer": "Minimum ₹10,000 (nominal), in multiples of ₹10,000 thereafter.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "NUM_067",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "'Adjusted Profit After Tax (PAT)' means PAT of the financial year for which the dividend is proposed to be paid minus 50 per cent of Net NPA as on March 31 of the financial year for which the dividend is to be paid.\n\nIllustration 1: Net profit (PAT) for FY 20X1-X2 (A): ₹17,000 crore. Net NPAs as on March 31, 20X2 (B): ₹6,500 crore. Adjusted PAT, i.e., (C) = (A) - 50% of (B).",
    "context_a": "",
    "context_b": "",
    "question": "Using the formula for Adjusted PAT, calculate the Adjusted PAT for a Small Finance Bank with PAT of ₹17,000 crore and Net NPA of ₹6,500 crore.",
    "gold_answer": "₹13,750 crore. Calculation: ₹17,000 - (50% × ₹6,500) = ₹17,000 - ₹3,250 = ₹13,750 crore.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_068",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Table 1: Bucket B4 — Tier 1 Capital Ratio as at the end of previous FY: Above 11.5% and up to 13.5% — Dividend allowed as a % of adjusted PAT: 40.\n\nIllustration 1: Tier 1 Capital ratio as on March 31, 20X1 (D): 11.72%. The CET1 ratio falls in bucket B4. Adjusted PAT: ₹13,750 crore. Max payable as per Table 1 (40% of 13,750) (F): 5,500.",
    "context_a": "",
    "context_b": "",
    "question": "A Small Finance Bank has a Tier 1 Capital Ratio of 11.72% and an Adjusted PAT of ₹13,750 crore. According to Table 1 of the RBI SFB Dividend Directions 2026, what is the maximum dividend allowable under the bucket framework?",
    "gold_answer": "₹5,500 crore. Calculation: Bank falls in Bucket B4 (above 11.5% and up to 13.5%), which allows 40% of Adjusted PAT. 40% × ₹13,750 = ₹5,500 crore.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_069",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "A bank which satisfies the eligibility criteria may declare and pay dividend up to the limits prescribed under Table 1 below, but in aggregate not exceeding 75% of the PAT for the period for which the dividend is being proposed.\n\nIllustration 1: Net profit (PAT) for FY 20X1-X2 (A): ₹17,000 crore. 75% of PAT (E): ₹12,750. Max payable as per Table 1 (F): ₹5,500. Maximum Eligible Dividend (i.e., Lower of E or F): 5,500.",
    "context_a": "",
    "context_b": "",
    "question": "Under RBI SFB Dividend Directions 2026, the Maximum Eligible Dividend is the lower of 75% of PAT or the Table 1 limit. For a bank with PAT of ₹17,000 crore and a Table 1 limit of ₹5,500 crore, what is the Maximum Eligible Dividend?",
    "gold_answer": "₹5,500 crore. This is the lower of 75% of PAT (₹12,750 crore) and the Table 1 limit (₹5,500 crore).",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_070",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Illustration 1: Net profit (PAT) for FY 20X1-X2 (A): ₹17,000 crore. Maximum Eligible Dividend (i.e., Lower of E or F): 5,500. Maximum Eligible Dividend as percentage of PAT: 32.35%.",
    "context_a": "",
    "context_b": "",
    "question": "In Illustration 1 of the RBI SFB Dividend Directions 2026, the Maximum Eligible Dividend is ₹5,500 crore and the PAT is ₹17,000 crore. What is the Maximum Eligible Dividend as a percentage of PAT?",
    "gold_answer": "32.35%. Calculation: (₹5,500 ÷ ₹17,000) × 100 = 32.35%.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_071",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Illustration 3: Net profit (PAT) for FY 20X1-X2 (A): 1500. Net NPAs as on March 31, 20X2 (B): 300. Adjusted PAT, i.e., (C) = (A) - 50% of (B): 1,350. Tier 1 capital ratio as on March 31, 20X1 (D): 24.36%. The CET1 ratio falls in bucket B10. 75% of PAT (E): 1,125. Maximum payable as per Table (100% of 1,350) (F): 1,350. Maximum Eligible Dividend (i.e., G = Lower of E or F): 1,125. Interim dividend paid for FY 20X1-20X2 (H): 500. As the bank has already paid interim dividend of ₹500 crore, the final dividend shall not be more than (G) - (H).",
    "context_a": "",
    "context_b": "",
    "question": "In Illustration 3, a Small Finance Bank has Maximum Eligible Dividend of ₹1,125 crore and has already paid an interim dividend of ₹500 crore. What is the maximum permissible final dividend?",
    "gold_answer": "₹625 crore. Calculation: Maximum Eligible Dividend (₹1,125 crore) minus interim dividend already paid (₹500 crore) = ₹625 crore.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_072",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Illustration 2: Net profit (PAT) for FY 20X1-X2 (A): 40,500 crore. Net NPAs as on March 31, 20X2 (B): 5,000 crore. Adjusted PAT i.e., (C) = (A) - 50% of (B): 38,000 crore. Tier 1 Capital ratio as on March 31, 20X1 (D): 15%. The CET1 ratio falls in bucket B5.",
    "context_a": "",
    "context_b": "",
    "question": "A Small Finance Bank has a PAT of ₹40,500 crore and Net NPA of ₹5,000 crore. What is its Adjusted PAT as defined in the RBI SFB Dividend Directions 2026?",
    "gold_answer": "₹38,000 crore. Calculation: ₹40,500 - (50% × ₹5,000) = ₹40,500 - ₹2,500 = ₹38,000 crore.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_073",
    "task_type": "numerical_reasoning",
    "difficulty": "hard",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Illustration 2: Adjusted PAT i.e., (C): 38,000 crore. Tier 1 Capital ratio (D): 15%. The CET1 ratio falls in bucket B5. 75% of PAT (E): 30,375. Max payable as per Table 1 (50% of 38,000) (F): 19,000. Maximum Eligible Dividend (i.e., Lower of E or F): 19,000. Maximum Eligible Dividend as percentage of PAT: 46.91%.",
    "context_a": "",
    "context_b": "",
    "question": "In Illustration 2, with Adjusted PAT of ₹38,000 crore and Bucket B5 (50% limit), what is the maximum dividend allowed per Table 1, and what is 75% of PAT (₹40,500 crore)?",
    "gold_answer": "Maximum per Table 1: ₹19,000 crore (50% × ₹38,000). 75% of PAT: ₹30,375 crore (75% × ₹40,500). The Maximum Eligible Dividend is ₹19,000 crore, being the lower of the two.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_074",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Auction_of_auction_of_government_of_india_dated_securities_028.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Government of India (GoI) has announced the sale (re-issue) of two dated securities for a notified amount of ₹29,000 crore as per the following details:\n1. 6.68% GS 2040 Jul 07, 2040 — ₹17,000 crore\n2. 7.43% GS 2076 Jan 19, 2076 — ₹12,000 crore\nTotal: ₹29,000 crore\nGoI will have the option to retain additional subscription up to ₹2,000 crore against each security mentioned above.",
    "context_a": "",
    "context_b": "",
    "question": "In the GoI dated securities auction announced on March 28, 2026, what is the maximum total amount the Government of India can raise if it exercises the greenshoe option on both securities?",
    "gold_answer": "₹33,000 crore. Calculation: Notified amount ₹29,000 crore + greenshoe of ₹2,000 crore per security × 2 securities = ₹29,000 + ₹4,000 = ₹33,000 crore.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_075",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Auction_of_auction_of_government_of_india_dated_securities_028.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Government of India (GoI) has announced the sale (re-issue) of two dated securities:\n1. 6.68% GS 2040 — ₹17,000 crore, repayment Jul 07, 2040\n2. 7.43% GS 2076 — ₹12,000 crore, repayment Jan 19, 2076\nSettlement Date: April 06, 2026",
    "context_a": "",
    "context_b": "",
    "question": "In the GoI dated securities auction announced on March 28, 2026, what is the total notified amount for the 7.43% GS 2076 security, and what fraction of the total auction amount does it represent?",
    "gold_answer": "₹12,000 crore. It represents approximately 41.4% of the total notified amount (₹12,000 ÷ ₹29,000 × 100 ≈ 41.4%).",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_076",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Auction_of_auction_of_state_government_securities_revised_071.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹57,408 Crore (Face Value).",
    "context_a": "",
    "context_b": "",
    "question": "What is the total aggregate face value amount offered by all State Governments in the revised State Government securities auction announced on March 21, 2026?",
    "gold_answer": "₹57,408 crore",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "NUM_077",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Auction_of_auction_of_state_government_securities_revised_071.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Andhra Pradesh: 1500 (17 year), 1500 (20 year), 900 (25 year) — all yield-based auctions. Total amount to be raised by Andhra Pradesh: 3900 crore.",
    "context_a": "",
    "context_b": "",
    "question": "How much in total is Andhra Pradesh seeking to raise across all three of its securities in the revised State Government auction of March 21, 2026?",
    "gold_answer": "₹3,900 crore. Calculation: ₹1,500 + ₹1,500 + ₹900 = ₹3,900 crore.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_078",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Auction_of_auction_of_state_government_securities_revised_071.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Karnataka: 2000 (05 year), 2000 (08 year), 2000 (10 year and 06 months), 2000 (11 year and 06 months), 2000 (15 year) — all yield-based.",
    "context_a": "",
    "context_b": "",
    "question": "What is the total amount Karnataka is raising across all its five securities in the revised State Government auction of March 24, 2026?",
    "gold_answer": "₹10,000 crore. Calculation: ₹2,000 × 5 securities = ₹10,000 crore.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_079",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Issuance_C_issuance_calendar_for_marketable_dated_securities_for_a_031.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Calendar for Issuance of Government of India Dated Securities (April 01, 2026 to September 30, 2026). Total: 8,20,000 crore.",
    "context_a": "",
    "context_b": "",
    "question": "What is the total amount of Government of India dated securities to be issued during the first half of FY 2026-27, i.e., April to September 2026?",
    "gold_answer": "₹8,20,000 crore",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "NUM_080",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Issuance_C_issuance_calendar_for_marketable_dated_securities_for_a_031.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Auction Week 1 (April 01-03, 2026): ₹29,000 crore — (i) 15 Year for ₹17,000 crore (ii) 50 Year for ₹12,000 crore.\nAuction Week 2 (April 06-10, 2026): ₹34,000 crore — (i) 10 Year for ₹34,000 crore.",
    "context_a": "",
    "context_b": "",
    "question": "In the GoI securities issuance calendar for H1 FY2026-27, what is the combined amount to be auctioned in the first two auction weeks (April 01-03 and April 06-10, 2026)?",
    "gold_answer": "₹63,000 crore. Calculation: ₹29,000 (Week 1) + ₹34,000 (Week 2) = ₹63,000 crore.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_081",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Issuance_C_issuance_calendar_for_marketable_dated_securities_for_a_031.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Auction Week 4 (April 20-24, 2026): ₹32,000 crore — (i) 3 Year for ₹11,000 crore (ii) 7 Year for ₹11,000 crore (iii) 30 Year for ₹5,000 crore (iv) 30 Year SGrB for ₹5,000 crore.",
    "context_a": "",
    "context_b": "",
    "question": "In auction week 4 (April 20-24, 2026) of the GoI issuance calendar, what is the combined amount for the two 30-year instruments (regular and Sovereign Green Bond)?",
    "gold_answer": "₹10,000 crore. Calculation: ₹5,000 crore (30-year regular) + ₹5,000 crore (30-year SGrB) = ₹10,000 crore.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "NUM_082",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_bulletin_weekly_statistical_suppl_078.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Foreign Exchange Reserves as on Mar. 13, 2026: Total Reserves — ₹65,61,849 crore / US$ 709,759 million. Variation over Week: ₹ -13,778 crore / US$ -7,052 million.",
    "context_a": "",
    "context_b": "",
    "question": "As on March 13, 2026, what was India's total foreign exchange reserve in US dollar terms, and by how much did it change during the week?",
    "gold_answer": "Total reserves: US$ 709,759 million. Weekly variation: a decrease of US$ 7,052 million.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "NUM_083",
    "task_type": "numerical_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_bulletin_weekly_statistical_suppl_078.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Scheduled Commercial Banks — Aggregate Deposits as on Feb. 28, 2026: Outstanding: ₹25,190,181 crore. Year-on-Year growth: 2026 — 11.9%.",
    "context_a": "",
    "context_b": "",
    "question": "What was the year-on-year growth rate of aggregate deposits of Scheduled Commercial Banks in India as of February 28, 2026?",
    "gold_answer": "11.9%",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "NUM_084",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_bulletin_weekly_statistical_suppl_078.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "M3: Outstanding as on Feb 28, 2026: ₹30,298,040 crore. Variation over Financial Year 2025-26 so far: Amount ₹30,11,451 crore / 11.0%. Year-on-Year 2026: Amount ₹31,30,192 crore / 11.5%.",
    "context_a": "",
    "context_b": "",
    "question": "As of February 28, 2026, what was the year-on-year growth rate of M3 (broad money supply)?",
    "gold_answer": "11.5%",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "NUM_085",
    "task_type": "numerical_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_bulletin_weekly_statistical_suppl_078.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Foreign Exchange Reserves: Gold — As on Mar. 13, 2026: ₹12,08,169 crore / US$ 130,681 million. Variation over Year: ₹5,60,895 crore / US$ 56,289 million.",
    "context_a": "",
    "context_b": "",
    "question": "What was the value of India's gold reserves as on March 13, 2026 in US dollar terms, and what was the increase over the year?",
    "gold_answer": "Gold reserves as on March 13, 2026: US$ 130,681 million. Increase over the year: US$ 56,289 million.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "NUM_086",
    "task_type": "numerical_reasoning",
    "difficulty": "hard",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "The maximum limit of any buy-back shall be twenty-five per cent or less of the aggregate of paid-up capital and free reserves of the company. The ratio of the aggregate of secured and unsecured debts owed by the company to the paid-up capital and free reserves after buy-back shall be less than or equal to 2:1.",
    "context_a": "",
    "context_b": "",
    "question": "A company has paid-up capital and free reserves of ₹500 crore before a buy-back. What is the maximum amount it can buy back, and what is the maximum total debt it can carry after the buy-back?",
    "gold_answer": "Maximum buy-back amount: ₹125 crore (25% × ₹500 crore). Maximum debt after buy-back: ₹750 crore assuming free reserves after buyback are ₹375 crore (2:1 ratio applied to remaining capital of ₹375 crore = ₹750 crore debt).",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "CON_028",
    "task_type": "contradiction_detection",
    "difficulty": "easy",
    "source_document": "RBI_Auction_of_auction_of_state_government_securities_072.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Press Release dated March 20, 2026: The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹55,688 Crore (Face Value).\n\nPress Release dated March 21, 2026: The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹57,408 Crore (Face Value).",
    "context_a": "Press Release dated March 20, 2026: The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹55,688 Crore (Face Value).",
    "context_b": "Press Release dated March 21, 2026: The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹57,408 Crore (Face Value).",
    "question": "Do the two press releases state the same aggregate amount for the State Government securities auction to be held on March 24, 2026?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_029",
    "task_type": "contradiction_detection",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Bucket B1: Tier 1 Capital Ratio as at the end of previous FY: Up to 7.5% — Dividend allowed as a % of adjusted PAT for the period: 0.\n\nBucket B10: Tier 1 Capital Ratio as at the end of previous FY: Above 19.5% — Dividend allowed as a % of adjusted PAT for the period: 100.",
    "context_a": "Bucket B1: Tier 1 Capital Ratio as at the end of previous FY: Up to 7.5% — Dividend allowed as a % of adjusted PAT for the period: 0.",
    "context_b": "Bucket B10: Tier 1 Capital Ratio as at the end of previous FY: Above 19.5% — Dividend allowed as a % of adjusted PAT for the period: 100.",
    "question": "Do Bucket B1 and Bucket B10 permit the same dividend payout as a percentage of Adjusted PAT under the RBI SFB Dividend Directions 2026?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_030",
    "task_type": "contradiction_detection",
    "difficulty": "easy",
    "source_document": "RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Section A of the Directions on implementation of Legal Entity Identifier (LEI) shall come into force with immediate effect.\n\nSection B of the Directions on implementation of Unique Transaction Identifier (UTI) shall come into effect from January 01, 2027.",
    "context_a": "Section A of the Directions on implementation of Legal Entity Identifier (LEI) shall come into force with immediate effect.",
    "context_b": "Section B of the Directions on implementation of Unique Transaction Identifier (UTI) shall come into effect from January 01, 2027.",
    "question": "Do Section A and Section B of the RBI Master Direction on Unique Identifiers in Financial Markets 2026 both come into force on the same date?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_031",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "The maximum limit of any buy-back shall be twenty-five per cent or less of the aggregate of paid-up capital and free reserves of the company.\n\nbuy-back from the open market through stock exchanges...shall be less than fifteen per cent of the paid up capital and free reserves of the company till March 31, 2023.",
    "context_a": "The maximum limit of any buy-back shall be twenty-five per cent or less of the aggregate of paid-up capital and free reserves of the company.",
    "context_b": "buy-back from the open market through stock exchanges...shall be less than fifteen per cent of the paid up capital and free reserves of the company till March 31, 2023.",
    "question": "Do the two passages prescribe the same maximum limit for all buy-back transactions under SEBI Buy-Back of Securities Regulations?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_032",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "The bank shall not be under any explicit restrictions for declaration of dividends from the Reserve Bank or any other authority.\n\nThe Reserve Bank reserves the right to place restrictions on distribution of dividend where a bank is found to be non-compliant with the applicable laws, regulations / guidelines issued by the Reserve Bank.",
    "context_a": "The bank shall not be under any explicit restrictions for declaration of dividends from the Reserve Bank or any other authority.",
    "context_b": "The Reserve Bank reserves the right to place restrictions on distribution of dividend where a bank is found to be non-compliant with the applicable laws, regulations / guidelines issued by the Reserve Bank.",
    "question": "Are the two passages contradictory regarding RBI's authority over Small Finance Bank dividend declarations?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_033",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "Subject to compliance with the provisions of the Act, these regulations and the relevant regulations, the certificate granted to an intermediary shall be permanent unless surrendered by the intermediary or suspended or cancelled in accordance with these regulations.\n\nWhere the certificate was granted for a specified period, an application for grant of certificate under sub-regulation (1) shall be made by the intermediary at least three months prior to the expiry of such period.",
    "context_a": "Subject to compliance with the provisions of the Act, these regulations and the relevant regulations, the certificate granted to an intermediary shall be permanent unless surrendered by the intermediary or suspended or cancelled in accordance with these regulations.",
    "context_b": "Where the certificate was granted for a specified period, an application for grant of certificate under sub-regulation (1) shall be made by the intermediary at least three months prior to the expiry of such period.",
    "question": "Do both passages describe intermediaries who hold permanent certificates under SEBI (Intermediaries) Regulations 2008?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_034",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "RBI_Auction_of_auction_of_government_of_india_dated_securities_028.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "The auction will be conducted using multiple price method.\n\nFor uniform price-based auction, bids will get accepted at the cut off yield/price accepted in the auction.",
    "context_a": "The auction will be conducted using multiple price method.",
    "context_b": "For uniform price-based auction, bids will get accepted at the cut off yield/price accepted in the auction.",
    "question": "Does the GoI dated securities auction announced on March 28, 2026 use a uniform price method where all successful bidders receive securities at the same cut-off price?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_035",
    "task_type": "contradiction_detection",
    "difficulty": "easy",
    "source_document": "RBI_Issuance_C_issuance_calendar_for_marketable_dated_securities_for_a_031.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "As hitherto, all the auctions covered by the calendar will have the facility of non-competitive bidding under which five per cent of the notified amount will be reserved for the specified retail investors.\n\nGovernment Stock up to 5% of the notified amount for sale of individual security will be allotted to the eligible individuals and institutions under the Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities.",
    "context_a": "As hitherto, all the auctions covered by the calendar will have the facility of non-competitive bidding under which five per cent of the notified amount will be reserved for the specified retail investors.",
    "context_b": "Government Stock up to 5% of the notified amount for sale of individual security will be allotted to the eligible individuals and institutions under the Scheme for Non-competitive Bidding Facility in the Auctions of Government Securities.",
    "question": "Do both passages state the same percentage of the notified amount reserved for non-competitive bidding in Government Securities auctions?",
    "gold_answer": "Yes",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_036",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Any exceptional and / or extra-ordinary profits / income shall not be available for payment of dividend.\n\nA bank shall not pay dividend out of net unrealised gains arising on fair valuation of Level 3 financial instruments (including derivatives).",
    "context_a": "Any exceptional and / or extra-ordinary profits / income shall not be available for payment of dividend.",
    "context_b": "A bank shall not pay dividend out of net unrealised gains arising on fair valuation of Level 3 financial instruments (including derivatives).",
    "question": "Do both passages identify different categories of profits ineligible for dividend payment under RBI SFB Dividend Directions 2026?",
    "gold_answer": "Yes",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_037",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "SEBI_2021_securities_and_exchange_board_of_india_delisting_of_equ_055.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "\"delisting\" means permanent removal of equity shares of the company from the trading platform of a recognised stock exchange, either by way of voluntary or compulsory method.\n\nA company shall not buy-back its shares or other specified securities so as to delist its shares or other specified securities from the stock exchange.",
    "context_a": "\"delisting\" means permanent removal of equity shares of the company from the trading platform of a recognised stock exchange, either by way of voluntary or compulsory method.",
    "context_b": "A company shall not buy-back its shares or other specified securities so as to delist its shares or other specified securities from the stock exchange.",
    "question": "Do the two passages together suggest that a company can use buy-back as a mechanism to achieve delisting of its shares?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_038",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Notwithstanding such repeal, any action taken or purported to have been taken, or initiated under the repealed Directions, instructions, or guidelines shall continue to be governed by the provisions thereof.\n\nThese Directions shall come into effect from Financial Year (FY) 2026-27.",
    "context_a": "Notwithstanding such repeal, any action taken or purported to have been taken, or initiated under the repealed Directions, instructions, or guidelines shall continue to be governed by the provisions thereof.",
    "context_b": "These Directions shall come into effect from Financial Year (FY) 2026-27.",
    "question": "Does the repeal of the 2025 SFB Dividend Directions mean that all actions previously taken under them become immediately invalid from the date the 2026 Directions are issued?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_039",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "RBI_Auction_of_auction_of_state_government_securities_revised_071.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Revised Press Release (March 21, 2026) — Uttarakhand: 1000 (09 year), 1000 (20 year), 1500 (18 year). Total Uttarakhand (revised): 3500 crore.\n\nOriginal Press Release (March 20, 2026) — Uttarakhand: 1000 (09 year), 1000 (20 year), 1280 (18 year). Total Uttarakhand (original): 3280 crore.",
    "context_a": "Revised Press Release (March 21, 2026) — Uttarakhand: 1000 (09 year), 1000 (20 year), 1500 (18 year). Total Uttarakhand (revised): 3500 crore.",
    "context_b": "Original Press Release (March 20, 2026) — Uttarakhand: 1000 (09 year), 1000 (20 year), 1280 (18 year). Total Uttarakhand (original): 3280 crore.",
    "question": "Do the original and revised press releases state the same borrowing amount for Uttarakhand's 18-year tenor securities in the March 24, 2026 auction?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_040",
    "task_type": "contradiction_detection",
    "difficulty": "hard",
    "source_document": "RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Entities without an LEI code shall not be eligible to undertake transactions in the financial markets regulated by the Reserve Bank.\n\nNon-residents that are not legal entities in their country of incorporation (e.g., funds operated by a non-resident parent / management company that are each registered as a Foreign Portfolio Investor) may use the LEI code of the parent / management company.",
    "context_a": "Entities without an LEI code shall not be eligible to undertake transactions in the financial markets regulated by the Reserve Bank.",
    "context_b": "Non-residents that are not legal entities in their country of incorporation (e.g., funds operated by a non-resident parent / management company that are each registered as a Foreign Portfolio Investor) may use the LEI code of the parent / management company.",
    "question": "Does Passage B create an exception to the general rule in Passage A that every entity must have its own LEI code to transact in RBI-regulated financial markets?",
    "gold_answer": "Yes",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_041",
    "task_type": "contradiction_detection",
    "difficulty": "hard",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "The provisions of Chapters V and VI of these regulations shall come into force on the date of publication of these regulations in the Official Gazette.\n\nThese regulations may be called the Securities and Exchange Board of India (Intermediaries) Regulations, 2008. They shall come into force in relation to different classes of intermediaries on such dates as the Board may by notification in the Official Gazette appoint.",
    "context_a": "The provisions of Chapters V and VI of these regulations shall come into force on the date of publication of these regulations in the Official Gazette.",
    "context_b": "These regulations may be called the Securities and Exchange Board of India (Intermediaries) Regulations, 2008. They shall come into force in relation to different classes of intermediaries on such dates as the Board may by notification in the Official Gazette appoint.",
    "question": "Do Chapters V and VI of the SEBI (Intermediaries) Regulations 2008 come into force on the same date as all other chapters of the Regulations?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_042",
    "task_type": "contradiction_detection",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Bucket B2: Tier 1 Capital Ratio above 7.5% and up to 9.5% — Dividend allowed: 20% of adjusted PAT.\n\nBucket B3: Tier 1 Capital Ratio above 9.5% and up to 11.5% — Dividend allowed: 30% of adjusted PAT.",
    "context_a": "Bucket B2: Tier 1 Capital Ratio above 7.5% and up to 9.5% — Dividend allowed: 20% of adjusted PAT.",
    "context_b": "Bucket B3: Tier 1 Capital Ratio above 9.5% and up to 11.5% — Dividend allowed: 30% of adjusted PAT.",
    "question": "Under the RBI SFB Dividend Directions 2026, do Bucket B2 and Bucket B3 allow the same maximum dividend as a percentage of Adjusted PAT?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_043",
    "task_type": "contradiction_detection",
    "difficulty": "easy",
    "source_document": "SEBI_2014_securities_and_exchange_board_of_india_research_analyst_070.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "\"independent research analyst\" means a person whose only business activity is research analysis or preparation and/or publication of research report.\n\n\"part-time research analyst\" means an individual or a partnership firm who for consideration, is engaged in the business of providing research services and is also engaged in any other business activity or employment.",
    "context_a": "\"independent research analyst\" means a person whose only business activity is research analysis or preparation and/or publication of research report.",
    "context_b": "\"part-time research analyst\" means an individual or a partnership firm who for consideration, is engaged in the business of providing research services and is also engaged in any other business activity or employment.",
    "question": "Do the definitions of 'independent research analyst' and 'part-time research analyst' under SEBI (Research Analysts) Regulations 2014 describe the same type of professional?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_044",
    "task_type": "contradiction_detection",
    "difficulty": "medium",
    "source_document": "RBI_Issuance_C_issuance_calendar_for_marketable_dated_securities_for_a_031.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Auction Week 2 (April 06-10, 2026): ₹34,000 crore — (i) 10 Year for ₹34,000 crore.\n\nAuction Week 6 (May 04-08, 2026): ₹34,000 crore — (i) 10 Year for ₹34,000 crore.",
    "context_a": "Auction Week 2 (April 06-10, 2026): ₹34,000 crore — (i) 10 Year for ₹34,000 crore.",
    "context_b": "Auction Week 6 (May 04-08, 2026): ₹34,000 crore — (i) 10 Year for ₹34,000 crore.",
    "question": "Do auction weeks 2 and 6 of the GoI issuance calendar for H1 FY2026-27 have the same structure in terms of total amount and securities offered?",
    "gold_answer": "Yes",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "CON_045",
    "task_type": "contradiction_detection",
    "difficulty": "hard",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "buy-back from the open market through the stock exchange shall not be allowed with effect from April 1, 2025.\n\nA company may buy-back its shares or other specified securities by any one of the following methods: (a) from the existing shareholders on a proportionate basis through the tender offer; (b) from the open market through book-building process; stock exchange.",
    "context_a": "buy-back from the open market through the stock exchange shall not be allowed with effect from April 1, 2025.",
    "context_b": "A company may buy-back its shares or other specified securities by any one of the following methods: (a) from the existing shareholders on a proportionate basis through the tender offer; (b) from the open market through book-building process; stock exchange.",
    "question": "Do the two passages together indicate that open-market buy-back through stock exchanges is permitted under SEBI (Buy-Back of Securities) Regulations 2018?",
    "gold_answer": "No",
    "gold_answer_variants": [],
    "answer_type": "yes_no"
  },
  {
    "id": "TMP_028",
    "task_type": "temporal_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Section A of the Directions on implementation of Legal Entity Identifier (LEI) shall come into force with immediate effect. Section B of the Directions on implementation of Unique Transaction Identifier (UTI) shall come into effect from January 01, 2027. The Master Direction was issued on March 27, 2026.",
    "context_a": "",
    "context_b": "",
    "question": "Which was implemented first under the RBI Master Direction on Unique Identifiers in Financial Markets 2026 — the LEI framework or the UTI framework?",
    "gold_answer": "The LEI framework (Section A) was implemented first, coming into force with immediate effect from March 27, 2026. The UTI framework (Section B) comes into effect later, on January 01, 2027.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_029",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "List of circulars superseded vide Master Direction - Reserve Bank of India (Unique Identifiers in Financial Markets) Directions, 2026: (1) FMRD.FMID No.14/11.01.007/2016-17 dated June 01, 2017; (2) FMRD.FMID.No.10/11.01.007/2018-19 dated November 29, 2018; (3) FMRD.FMID.No.15/11.01.007/2018-19 dated April 26, 2019; (4) FMRD.FMID.No.24/11.01.007/2019-20 dated March 27, 2020; (5) CO.FMRD.MIOD.No.8/11.01.057/2025-26 dated February 18, 2026.",
    "context_a": "",
    "context_b": "",
    "question": "Among the five circulars superseded by the RBI Master Direction on Unique Identifiers 2026, which was the most recently issued before the Master Direction?",
    "gold_answer": "CO.FMRD.MIOD.No.8/11.01.057/2025-26 dated February 18, 2026, which is the most recent of the five superseded circulars.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_030",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "List of circulars superseded: (1) FMRD.FMID No.14/11.01.007/2016-17 dated June 01, 2017; (2) dated November 29, 2018; (3) dated April 26, 2019; (4) dated March 27, 2020; (5) dated February 18, 2026. The Master Direction was issued March 27, 2026.",
    "context_a": "",
    "context_b": "",
    "question": "How many years elapsed between the issuance of the first LEI circular (June 01, 2017) and its supersession by the Master Direction on Unique Identifiers (March 27, 2026)?",
    "gold_answer": "Approximately 8 years and 10 months elapsed between June 1, 2017 and March 27, 2026.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "TMP_031",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "buy-back from the open market through stock exchanges, based on the standalone or consolidated financial statements of the company, whichever sets out a lower amount, shall be less than: (i) fifteen per cent of the paid up capital and free reserves of the company till March 31, 2023; (ii) ten per cent of the paid up capital and free reserves of the company till March 31, 2024; (iii) five per cent of the paid up capital and free reserves of the company till March 31, 2025. Provided further that buy-back from the open market through the stock exchange shall not be allowed with effect from April 1, 2025.",
    "context_a": "",
    "context_b": "",
    "question": "Describe the step-by-step reduction in the maximum open-market buy-back limit through stock exchanges under SEBI Regulations, from 2023 to the final prohibition.",
    "gold_answer": "15% (until March 31, 2023) → 10% (until March 31, 2024) → 5% (until March 31, 2025) → Complete prohibition from April 1, 2025.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_032",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Annex III — List of circulars repealed: DOR.ACC.REC.118/21-02-067/2025-26, dated November 28, 2025 — Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividends) Directions, 2025.\n\nThese Directions shall be called the Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026. These Directions shall come into effect from Financial Year (FY) 2026-27.",
    "context_a": "",
    "context_b": "",
    "question": "Which set of RBI directions on Small Finance Bank dividend norms was in effect during FY 2025-26 — the 2025 Directions or the 2026 Directions?",
    "gold_answer": "The 2025 Directions (issued November 28, 2025) were in effect during FY 2025-26. The 2026 Directions come into effect only from FY 2026-27 (i.e., from April 1, 2026).",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_033",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Auction_of_auction_of_government_of_india_dated_securities_028.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Government of India (GoI) has announced the sale of two dated securities. GoI specific Notification: F.No.4(1)-B(W&M)/2026 dated March 28, 2026. Auction Date: April 02, 2026 (Thursday). Settlement Date: April 06, 2026 (Monday). When Issued trading period: March 30, 2026 - April 02, 2026.",
    "context_a": "",
    "context_b": "",
    "question": "In chronological order, what are the key dates in the lifecycle of the GoI dated securities auction announced on March 28, 2026?",
    "gold_answer": "March 28 (announcement), March 30 – April 02 ('When Issued' trading period), April 02 (auction day, bids submitted), April 06 (settlement, payment by successful bidders).",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_034",
    "task_type": "temporal_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Auction_of_auction_of_state_government_securities_revised_071.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Press Release dated March 21, 2026 — Auction of State Government Securities (Revised). The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on March 24, 2026 (Tuesday). Payment by successful bidders will be made during banking hours on March 25, 2026 (Wednesday).",
    "context_a": "",
    "context_b": "",
    "question": "For the State Government securities auction covered in this revised press release, what is the sequence of key events from the announcement to settlement?",
    "gold_answer": "March 21, 2026 (revised press release issued) → March 24, 2026 (auction conducted on E-Kuber) → March 25, 2026 (payment by successful bidders).",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_035",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "Where a certificate has been granted to an intermediary on a permanent basis, the certificate may continue to be valid under these regulations subject to the condition that the intermediary shall, within two years of commencement of these regulations in relation to such intermediary, furnish the information in Form A to the Board and upload the information in Part I thereof on the website specified by the Board: Provided that the time specified in clause (b) may be extended by the Board up to a period of six months on sufficient reasons being shown by the intermediary.",
    "context_a": "",
    "context_b": "",
    "question": "Under SEBI (Intermediaries) Regulations 2008, an intermediary holding a permanent certificate at the time of commencement of these regulations must furnish Form A information within two years. What is the maximum total time available if SEBI grants an extension?",
    "gold_answer": "Two years plus up to six months extension, for a maximum of two and a half years from the commencement of these regulations.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_036",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2014_securities_and_exchange_board_of_india_research_analyst_070.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "These regulations may be called the Securities and Exchange Board of India (Research Analysts) Regulations, 2014. These regulations shall come into force on the ninetieth day from the date of their publication in the Official Gazette. The regulations were published on September 1, 2014.",
    "context_a": "",
    "context_b": "",
    "question": "The SEBI (Research Analysts) Regulations 2014 were published on September 1, 2014. On approximately which date did they come into force?",
    "gold_answer": "On the ninetieth day from September 1, 2014, which is approximately November 30, 2014.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "TMP_037",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_Issuance_C_issuance_calendar_for_marketable_dated_securities_for_a_031.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Calendar for Issuance of Government of India Dated Securities (April 01, 2026 to September 30, 2026). Auction Week 4 (April 20-24, 2026): ₹32,000 crore — (i) 3 Year for ₹11,000 crore (ii) 7 Year for ₹11,000 crore (iii) 30 Year for ₹5,000 crore (iv) 30 Year SGrB for ₹5,000 crore. Switch auctions will be conducted on the third Monday of every month.",
    "context_a": "",
    "context_b": "",
    "question": "In the GoI securities issuance calendar for H1 FY2026-27, which is the first auction week that includes Sovereign Green Bonds (SGrBs), and what amount is allocated for them?",
    "gold_answer": "Auction Week 4 (April 20-24, 2026) is the first week to include Sovereign Green Bonds, with ₹5,000 crore allocated for the 30-year SGrB.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_038",
    "task_type": "temporal_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "These Directions shall be called the Reserve Bank of India (Small Finance Banks - Prudential Norms on Declaration of Dividend) Directions, 2026. These Directions shall come into effect from Financial Year (FY) 2026-27.\n\nAnnex III: Circular repealed — DOR.ACC.REC.118/21-02-067/2025-26 dated November 28, 2025.",
    "context_a": "",
    "context_b": "",
    "question": "The RBI SFB Dividend Directions 2026 were issued on March 10, 2026 but take effect from FY 2026-27. Were the 2025 Directions (repealed circular dated November 28, 2025) issued before or after the 2026 Directions were issued?",
    "gold_answer": "The 2025 Directions were issued before the 2026 Directions — on November 28, 2025, compared to March 10, 2026 for the 2026 Directions.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_039",
    "task_type": "temporal_reasoning",
    "difficulty": "hard",
    "source_document": "RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "UTI shall be generated / reported for all transactions in OTC derivatives market undertaken in terms of the Governing Directions. The directions shall be applicable to OTC derivative transactions entered into on or after the date the directions come into effect. Section B on UTI shall come into effect from January 01, 2027.",
    "context_a": "",
    "context_b": "",
    "question": "A counterparty entered into an OTC derivative transaction on December 15, 2026. Is this transaction subject to the UTI reporting requirements under the RBI Master Direction on Unique Identifiers 2026?",
    "gold_answer": "No. The UTI requirements (Section B) come into effect from January 01, 2027, and apply only to transactions entered into on or after that date. A transaction on December 15, 2026 is not subject to UTI reporting.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_040",
    "task_type": "temporal_reasoning",
    "difficulty": "hard",
    "source_document": "SEBI_2008_securities_and_exchange_board_of_india_intermediaries_r_076.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "Where the certificate was granted for a specified period, an application for grant of certificate under sub-regulation (1) shall be made by the intermediary at least three months prior to the expiry of such period or three months prior to expiry of two years from the commencement of these regulations in relation to such intermediary, whichever is earlier and if the intermediary fails to do so, it shall cease to act as an intermediary on and from the expiry of the aforementioned period.",
    "context_a": "",
    "context_b": "",
    "question": "An intermediary's time-limited certificate expires in 18 months from the commencement of the SEBI (Intermediaries) Regulations 2008. Under this provision, when is the earliest date by which it must apply for renewal?",
    "gold_answer": "The intermediary must apply at least three months before the earlier of: (a) expiry of the certificate (15 months from commencement), or (b) three months before two years from commencement (21 months). Since the certificate expires at 18 months, three months before that is 15 months from commencement — which is earlier than 21 months. So it must apply by 15 months from commencement.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_041",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "RBI_RBI-2025-2_rbi2025-2026225doramlrec41514060012025-26_027.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "The Security Council Committee pursuant to resolutions 1267 (1999), 1989 (2011) and 2253 (2015) concerning ISIL (Da'esh), Al Qaida and associated individuals...removed the entry below from the ISIL (Da'esh) and Al Qaida Sanctions List. The entity Al-Nusrah Front was Listed on: 14 May 2014 (amended on 7 Jun. 2017, 5 Jun. 2018, 15 Nov. 2021). The UNSC press release SC/16306 was dated February 27, 2026.",
    "context_a": "",
    "context_b": "",
    "question": "For how long was the Al-Nusrah Front listed on the ISIL (Da'esh) and Al-Qaida Sanctions List before it was removed per the UNSC press release of February 27, 2026?",
    "gold_answer": "Approximately 11 years and 9 months — from May 14, 2014 to February 27, 2026.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "TMP_042",
    "task_type": "temporal_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Issuance_C_issuance_calendar_for_marketable_dated_securities_for_a_031.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Reserve Bank of India will also be conducting switches of dated securities through auction on the third Monday of every month or at more frequent intervals. In case the third Monday is a holiday, switch auction will be conducted on the fourth Monday of the month.",
    "context_a": "",
    "context_b": "",
    "question": "Under the RBI GoI issuance calendar for H1 FY2026-27, if the third Monday of a month is a public holiday, on which day is the switch auction conducted instead?",
    "gold_answer": "On the fourth Monday of that month.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_043",
    "task_type": "temporal_reasoning",
    "difficulty": "easy",
    "source_document": "RBI_Master_Dir_master_direction_-_reserve_bank_of_india_unique_identif_084.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "For transactions that are reportable in India and in a foreign jurisdiction and the foreign jurisdiction has a sooner reporting timeline, market participants may undertake reasonable efforts to ensure that the UTI is obtained and reported within the reporting deadline for the transaction. In case the market participant is unable to obtain the UTI within the reporting deadline, the market participant may obtain and submit the UTI to CCIL-TR at the earliest thereafter, but in any case, within five Mumbai business days from the date of the transaction.",
    "context_a": "",
    "context_b": "",
    "question": "Under the RBI Master Direction on UTI 2026, if a market participant cannot obtain the UTI in time for a cross-border transaction, what is the maximum additional time allowed to submit the UTI to CCIL-TR?",
    "gold_answer": "Within five Mumbai business days from the date of the transaction.",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  },
  {
    "id": "TMP_044",
    "task_type": "temporal_reasoning",
    "difficulty": "medium",
    "source_document": "SEBI_2018_securities_and_exchange_board_of_india_buy-back_of_secu_061.txt",
    "regulator": "SEBI",
    "regulation": "",
    "context": "A company shall not make any offer of buy-back within a period of one year reckoned from the date of expiry of buyback period of the preceding offer of buy-back, if any. The buy-back period means the period between the date of board of directors resolution or date of declaration of results of the postal ballot for special resolution, as the case may be, to authorize buyback of shares and the date on which payment of consideration to shareholders who have accepted the buyback offer is made.",
    "context_a": "",
    "context_b": "",
    "question": "A company completed its buy-back (i.e., made the final payment to shareholders) on June 15, 2025. What is the earliest date on which it can launch its next buy-back offer?",
    "gold_answer": "June 15, 2026 — one year from the expiry date (June 15, 2025) of the buyback period of the preceding offer.",
    "gold_answer_variants": [],
    "answer_type": "calculated"
  },
  {
    "id": "TMP_045",
    "task_type": "temporal_reasoning",
    "difficulty": "hard",
    "source_document": "RBI_Reserve_Ba_reserve_bank_of_india_small_finance_banks_prudential_no_099.txt",
    "regulator": "RBI",
    "regulation": "",
    "context": "Illustration 3: Net profit (PAT) for FY 20X1-X2 (A): ₹1,500 crore. Interim dividend paid for FY 20X1-20X2 (H): ₹500 crore. Maximum Eligible Dividend (G): ₹1,125 crore. As the bank has already paid interim dividend of ₹500 crore, the final dividend shall not be more than (G) - (H).",
    "context_a": "",
    "context_b": "",
    "question": "In Illustration 3 of the RBI SFB Dividend Directions 2026, the bank paid interim dividend during FY 20X1-X2 before declaring the final dividend. What does this sequencing imply about when the Maximum Eligible Dividend constraint applies — at the time of the interim dividend, or cumulatively across both payments?",
    "gold_answer": "The constraint applies cumulatively across both payments. The Maximum Eligible Dividend (₹1,125 crore) is the total permitted across the full financial year. Since ₹500 crore has already been paid as interim dividend, the final dividend is capped at the remaining ₹625 crore (₹1,125 - ₹500).",
    "gold_answer_variants": [],
    "answer_type": "extractive"
  }
]