Merchant banker regulation consolidates registration, capital adequacy, investor disclosures, reporting, outsourcing controls and conflict-management obligations.
Merchant bankers must use the SEBI Intermediary Portal for registration-related applications and periodic reporting, maintain prescribed capital adequacy and liquid net worth, and obtain required professional certifications. They must submit board-reviewed, compliance-certified half-yearly reports, disclose public-issue track records, Investor Charters and complaint data, and follow investor grievance procedures. Core merchant-banking activities and compliance functions cannot be outsourced; permitted outsourcing remains subject to board oversight, due diligence, written controls, confidentiality and continuing merchant banker accountability. Non-regulated activities require arm's-length separate business units, information barriers and stakeholder disclosures.

Alternative Investment Funds regulation consolidated with updated disclosure, investment, governance and reporting requirements under a master circular.
SEBI has consolidated and updated the regulatory framework governing Alternative Investment Funds by superseding the earlier master circular and rescinding the circulars listed in Annexure 21 to the extent they relate to AIFs. The circular standardises registration, PPM disclosure, fund raising, investment conditions, overseas investment, co-investment, governance, valuation, due diligence, reporting, dematerialisation, benchmarking and winding-up related processes, and requires the Compliance Test Report to cover compliance with all chapters of the Master Circular.

Securities market surveillance framework consolidates trading controls, insider-trading disclosures, and PAN freeze restrictions for designated persons.
SEBI's master circular consolidates surveillance requirements for the securities market, including Trade for Trade trading rules, controls on unauthenticated news, financial disincentives for surveillance related lapses at market infrastructure institutions, insider-trading disclosures, system-driven continual disclosures and trading-window restrictions. It also updates the framework for subscription to specified securities during trading-window closure and for freezing PAN at security level for designated persons and their immediate relatives. The rescinded circulars remain effective for prior acts, pending applications, accrued rights, liabilities, penalties and proceedings.

Mutual fund regulatory framework updated with consolidated scheme, disclosure, risk and passive fund requirements under new SEBI rules.
Comprehensive regulatory framework for mutual funds is consolidated and updated to align existing SEBI circulars with the SEBI (Mutual Funds) Regulations, 2026, effective April 01, 2026. The circular replaces the earlier Master Circular for Mutual Funds dated June 27, 2024, rescinds specified prior circulars, and preserves actions, rights, liabilities, pending applications, proceedings and penalties under the rescinded instruments as if taken under the updated Master Circular. It also requires periodic and continuous reporting by regulated entities and adopts the meaning given in the relevant Regulations for undefined terms.

Investor protection through consolidated ICDR Master Circular streamlines ASBA, UPI, rights issue and listing procedures and disclosures.
A Master Circular consolidates SEBI circulars under the ICDR Regulations, 2018, rescinds listed circulars relating to ICDR (while preserving prior actions), prescribes enforcement and fine mechanisms to be administered by stock exchanges, and sets uniform operational standards for offer document disclosures, Rights Issues, public issues (including mandatory ASBA and UPI processes), standardised application forms, ISD reporting, timelines for allotment and T+3 listing, audiovisual disclosure requirements and compensation protocols for investor losses arising from intermediary/SCSB failures.

RTA regulation: master circular consolidates registration, recordkeeping, dematerialisation and enhanced cyber and BCP requirements.
The Master Circular consolidates SEBI directions for RTAs: it mandates online registration/filing via the SEBI Intermediary Portal, prescribes recordkeeping for eight years, appointment of a Compliance Officer, standardized agreements with issuers, uniform PAN/KYC and investor service request norms, dematerialisation-first processing and Suspense Escrow Demat Account procedures, and enhanced governance, BCP/DR, cyber-security and reporting obligations for QRTAs, while rescinding earlier circulars as applicable and preserving actions taken under them.

Client level segregation mandated for investment advisers; fees, disclosures, AI use, audit and supervision framework clarified.
SEBI consolidates guidance for Investment Advisers: enforce client-level segregation of advisory and distribution activities, require standardized IA-client agreements including MITC, mandate disclosure of AI use, accept fees only through traceable banking channels or centralized mechanism, impose deposit and audit requirements, prescribe qualification and registration transition rules, establish administration and supervision framework via recognised stock exchange as IAASB/RAASB, set advertising, outsourcing and conflict of interest norms, and require periodic reporting and complaint disclosure.

Research analyst regulation consolidates registration, disclosure, client segregation and RAASB supervision for strengthened compliance.
The master circular consolidates SEBI guidance for Research Analysts, prescribing registration and NISM certification requirements, deposit and fee rules, client level segregation, disclosure of terms (including MITC) and mandatory KYC and recordkeeping, annual compliance audits with public disclosure of adverse findings, model portfolio and AI use disclosure obligations, cybersecurity and SaaS advisories, procedures for prior approval of change in control, an advertisement code, outsourcing principles, and operational supervision via an enlisted RAASB with specified reporting and grievance redressal mechanisms.

Listing compliance: consolidated LODR master circular standardises disclosures, ESG reporting, dematerialisation and enforcement measures.
Master circular consolidates SEBI directions for compliance with the LODR Regulations, 2015, superseding prior circulars while preserving actions taken under them. It prescribes standardised formats and timelines for periodic and event-driven disclosures (shareholding pattern, financial results and audit procedures, related party transactions, deviation statements, IDR reporting), mandates BRSR and BRSR Core disclosures and assurance, specifies dematerialisation requirements, introduces Integrated Filing for periodic governance and financial filings, and sets uniform enforcement measures including fines, trading suspension, freezing of promoter holdings and delisting processes.

Social Stock Exchange establishes NPO registration, ZCZP issuance, disclosure and governance requirements for social fundraising.
The Master Circular consolidates the Social Stock Exchange framework: it prescribes NPO registration eligibility, procedures and disclosures for public issuance of Zero Coupon Zero Principal instruments (ZCZP), minimum initial and annual disclosure requirements including Annual Impact Reports assessed by Social Impact Assessors, quarterly utilization reporting, recognition of Self Regulatory Organisations for assessors, and establishment and terms of a Social Stock Exchange Governing Council; prior circulars on SSE are rescinded with transitional continuity provisions.

Non-convertible securities issuance and listing: consolidated SEBI rules on ASBA/UPI, T+3 timelines, EBP/RFQ platforms, ISIN limits and green disclosures.
This Master Circular consolidates SEBI operational directions on issuance and listing of non-convertible securities and related instruments, prescribes ASBA/UPI application mechanics, roles of SCSBs, intermediaries, stock exchanges and RTAs, standardises listing timelines with optional T+3 acceleration, sets EBP and RFQ platform rules, caps ISIN fragmentation, mandates LEI reporting, requires issuer disclosures and third-party review for green debt securities, and details governance, reporting and settlement obligations including contributions to the LPCC Settlement Guarantee Fund.

Debenture trustees: SEBI consolidates rules on registration, due diligence, security monitoring, defaults and investor protections.
SEBI's Master Circular for Debenture Trustees consolidates regulatory requirements: online registration, prior approval for change in control, and board accountability; detailed due diligence duties at appointment and security creation including independent verification, standardized due diligence certificates, and retention of records; mandatory creation, registration and trustee validation of charges before listing; use of a centralised Security and Covenant Monitoring System for asset, covenant and payment tracking with unique Asset IDs; periodic security cover certification and valuation; Recovery Expense Fund mechanics for enforcement expenses; structured investor consent and meeting procedures on default; comprehensive disclosure, reporting, grievance redress and outsourcing/conflict management obligations.

Portfolio Manager regulation consolidates SEBI circulars, updates registration, disclosure, investment limits and reporting obligations.
This Master Circular consolidates SEBI circulars for Portfolio Managers up to March 31, 2025, superseding the June 07, 2024 circular, rescinding specified prior circulars while preserving prior actions. It prescribes online registration and change in control procedures, compliance and certification requirements, client fund segregation and reconciliation rules, written policies for order placement and trade allocation, distributor oversight, cybersecurity and valuation norms, limits and prior consent and disclosure obligations for related party investments, reporting and audit requirements (monthly, quarterly, annual and offsite formats), standardized investment approach/strategy tagging and performance benchmarking, fee disclosure and high water mark rules, and investor grievance and reporting obligations.

Registration and conduct rules for credit rating agencies standardized master circular; sets registration, rating processes, disclosures and audit obligations.
Master Circular consolidates regulatory provisions for CRAs: online registration and prior approval for change in control; procedures for transfer, surrender, suspension and cancellation of registration; standardized rating scales including CE suffix and EL-based scale; mandatory operations manual, rating criteria, rating-process rules and rating committee governance; disclosure regime requiring standardized press releases, monthly No Default Statements, daily non-cooperative issuer lists and periodic PD and transition disclosures; and half-yearly internal audits, outsourcing safeguards and detailed conflict-of-interest controls.

ESG rating regulation: SEBI issues a consolidated Master Circular tightening registration, governance, disclosures, and conflict controls for ERPs.
SEBI's Master Circular consolidates obligations for ESG Rating Providers: online registration procedures, prior SEBI approval and documentation requirements for change in control, rules for transfer/surrender/suspension/cancellation with client migration and record retention obligations; definition of required ESG products and a 0-100 rating scale; mandatory adoption of either subscriber pays or issuer pays models (no hybrid), issuer pays contract and non cooperation rules; governance, internal audit and conflict of interest safeguards; and extensive periodic and continuous disclosure, transition rate and IOSCO compliance reporting requirements.

Listing obligations mandate standardised continuous disclosure and reporting for issuers of non-convertible and securitised debt instruments.
Consolidates SEBI circulars into a Master Circular for issuers of listed Non-convertible Securities, securitised debt instruments and commercial paper, prescribing effective compliance measures: standardised formats for financial and audit reporting, procedures for disclosure of audit qualifications, use of proceeds statements, mandatory reporting of defaults and securitisation pool and loan level disclosures, corporate governance reporting for high value debt issuers, related party transaction protocols, sanctioning framework for non compliance and procedures for transfer and claiming of unclaimed amounts.

REIT compliance framework consolidates SEBI circulars, mandating online filings, issuance protocols, disclosures and NDCF rules.
SEBI issues a Master Circular for REITs effective on issuance, consolidating prior REIT circulars and superseding those listed, while saving prior acts and pending applications. It mandates use of an online filing portal for registration and compliance, prescribes detailed public-issue and follow-on offer procedures (merchant banker duties, draft hosting, pricing, allocation, ASBA/UPI bidding, anchor/strategic investor rules), dematerialisation of units, and time-bound allotment/listing processes together with extensive continuous disclosure, audit, NDCF computation and investor redressal requirements.

InvIT compliance framework: consolidated rules for filings, public offers, financial disclosures and NDCF reporting under SEBI circular.
Master Circular consolidates SEBI guidance for InvITs, mandating online filings, merchant banker and intermediary due diligence, detailed public issue procedures including ASBA/UPI bidding, allocation and listing timelines, and comprehensive financial disclosure and audit requirements. It prescribes preparation and certification of combined/proforma statements, a precise NDCF computation and distribution framework at SPV/HoldCo/Trust levels, continuous reporting formats and timelines, investor grievance mechanisms, and rules for strategic, preferential and debt issuances, with an Investor Charter and list of superseded circulars.

Regulation of Research Analysts consolidates compliance, disclosure, fees cap and RAASB oversight, reshaping registration and reporting rules.
SEBI's Master Circular consolidates all RA related circulars up to June 20, 2025, clarifies registration and qualification rules for full time and part time Research Analysts, prescribes deposit and fee governance, mandates client level segregation, disclosure of AI use, KYC and record retention, annual compliance audits, model portfolio and proxy advisor procedural frameworks, operationalises RAASB (initially BSE) for administration and supervision, sets prior approval process for change in control and outsourcing principles, and prescribes advertising, cybersecurity, reporting and investor grievance disclosure obligations.

Regulatory consolidation for investment advisers: unified compliance framework sets segregation, agreement, fee, audit and supervision obligations.
This Master Circular consolidates SEBI circulars for Investment Advisers into a unified compliance framework: it mandates client level segregation of advisory and distribution activities with PAN as control, prescribes mandatory written agreements incorporating standardized MITC (including no execution without client consent and limits on fee modes), sets permitted fee modes and related limits and payment channels, requires comprehensive records, annual compliance audit and public disclosure of audit status, prescribes registration, governance and audit obligations, details administration and supervision by recognised IAASB/RAASB (with BSE recognised), and imposes conduct, advertising, outsourcing, cybersecurity and reporting requirements.