Asia Reg & Microstructure Wrap
Wednesday, 2026-07-22 · covering the last ~24 hours
India
SEBI
No new SEBI circulars, press releases or consultation papers on trading, derivatives, or settlement mechanics in this window. The AIF investor-consent and related-party-transaction consultation (standardised voting thresholds, "associate" redefined as "related party") closed for comment yesterday (21 July); SEBI has not yet published a summary of responses or a final framework.
Exchanges (NSE/BSE)
No material new NSE or BSE circulars in this window beyond routine settlement-calendar and stock-specific surveillance (ASM/ESM/GSM) updates — nothing bearing on trading structure, derivatives, or settlement mechanics.
RBI, IFSCA & other
No material RBI items specific to equity markets or FPIs this window. No new IFSCA circulars or consultation papers; its GIFT City direct-listing framework, unique-KYC-ID proposal (comments closed 16 July) and Foreign Currency Settlement System consultation for IBUs remain the open items in the pipeline, with no decisions announced yet.
Rest of Asia — Developed Markets
Japan: The Tokyo Stock Exchange published its revised Corporate Governance Code (July 2026 Revision) and accompanying Securities Listing Regulations changes, effective 21 July — the first substantive revision since 2021. It sharpens expectations on independent outside directors' role, quality and independence (including cooling-off and tenure considerations flagged in the FSA's underlying review) and asks listed companies to disclose their Securities Report ahead of the AGM, ideally three or more weeks before the meeting date. JPX news release
A quiet window otherwise: no material new regulatory or market-structure announcements from Hong Kong (SFC, HKEX), Singapore (MAS, SGX RegCo), Australia (ASIC, ASX) or New Zealand (FMA, NZX) beyond items already covered in prior editions and routine notices.
Rest of Asia — Emerging Markets
Philippines: The PSE overhauled its Policy on Index Management (last revised 2011), adding a 98% cumulative-market-capitalisation screen, monthly-average-total-turnover ratio and monthly-value-turnover-rank liquidity tests, and easing the minimum public float for index eligibility to 15% (from 20%) for companies with market cap of at least ₱250 billion — for the PSEi, MidCap, Dividend Yield and sector indices, effective the February 2027 rebalancing. BusinessWorld
Separately, the PSE opened a consultation (comments due 31 July) proposing to raise trading participants' minimum unimpaired paid-up capital in stages to ₱100 million by end-2029 (from levels last set in 2010), with an interim ₱50 million floor by end-2027 and higher surety-bond requirements (₱20 million, up from ₱12 million) for firms not yet compliant. PSE circular CN-2026-0015
Elsewhere, a quiet window: no new circulars or structural rule changes from China (CSRC, SSE/SZSE, Stock Connect), South Korea (FSC/FSS, KRX), Taiwan (FSC, TWSE/TPEx), Thailand (SEC, SET), Indonesia (OJK, IDX) or Malaysia (SC, Bursa) beyond items already covered in prior editions.
Industry & broker notes
Nothing distinct from freely available broker/industry commentary this window beyond the items above.
Informational only — summaries of public regulatory sources; not advice.