Master Circular consolidates SEBI rules for RTAs on registration, investor service standards, IPO reconciliation, and cyber resilience.
Master Circular consolidates SEBI instructions for RTAs: it supersedes prior RTA circulars and prescribes online registration, prior approval for change in control, mandatory agreements with issuers, records retention, half yearly net worth and compliance reporting, mandatory PAN/KYC for physical folios, standardized investor service processes (including Letters of Confirmation and Suspense Escrow Demat Accounts), URN based online portals for service requests, RTA responsibilities in primary market allotment/reconciliation and UPI/ASBA flows, and enhanced cyber security, BCP/DR and governance requirements for QRTAs.

Stock brokers: SEBI master circular updates registration, supervision, client fund safeguards, system audits and QSB obligations.
SEBI issues an updated Master Circular for Stock Brokers consolidating prior circulars to June 10, 2025, superseding the August 09, 2024 master circular and rescinding specified prior circulars while preserving prior actions and liabilities. It prescribes registration and membership rules (including LLP admission and single registration), risk based inspections, half yearly internal audits and system audit regimes with web based monitoring, G Principle monitoring of client funds, an Early Warning Mechanism for diversion of client securities, and enhanced obligations for Qualified Stock Brokers covering governance, cyber security, business continuity and investor services.

SEBI Master Circular updates trading, margin trading, market making, call auction and OFS frameworks for stock exchanges.
SEBI issues a consolidated Master Circular effective on issuance, rescinding listed prior circulars while preserving prior acts and applications, and consolidating operative rules for exchanges and clearing corporations covering trading (bulk/block deals, circuit breakers, price bands, call auctions, IPO/re listing controls), margin trading (eligibility, margins, collateral, leverage, disclosures), market making and liquidity schemes, settlement and risk management, trade annulment procedures, and the framework for Depository Receipts and related compliance and reporting obligations.

Depositories and DPs: consolidated rules on PAN/KYC, e KYC, SARAL accounts, DIS standards, cyber resilience and CAS.
Master Circular consolidating SEBI circulars for depositories up to 30 September 2024 into four sections (BO Accounts; DP related; Issuer related; Depositories related). It declares PAN as the primary market identifier, permits voluntary Aadhaar e KYC via KUA/KSA, prescribes SARAL AOF and uniform KYC, sets online demat account opening/closure rules, DIS standardisation and e DIS mandates with depository level authentication, records all encumbrances/NDUs in the depository system, mandates cyber security/incident SOPs and AI/ML reporting, and establishes CAS, fee, deactivation/reactivation and other operational and investor protection procedures.

SEBI issues a consolidated master circular updating LODR compliance, disclosures, enforcement and reporting frameworks.
Master Circular consolidating SEBI circulars on compliance with the LODR Regulations, 2015 (updated to September 30, 2024) providing a chapter wise compliance framework with prescribed formats and procedures for listing agreements, periodic and annual disclosures (shareholding pattern, corporate governance reports, financial results, RPTs, IDRs, BRSR), event based disclosures (material events, defaults, auditor resignations, divergence in banks' asset classification), methods to achieve Minimum Public Shareholding, e voting facilitation, and a uniform enforcement regime including fines, freezing of promoters' holdings, 'Z' category trading, suspension, revocation and possible compulsory delisting; accompanied by annexures and an appendix of rescinded and consolidated circulars.

Capital issuance compliance framework consolidates circulars, harmonises disclosures, ASBA/UPI and timelines for public offerings and listing.
The Master Circular consolidates SEBI circulars under the ICDR Regulations, prescribes a chapter wise compliance framework for public and rights issues, standardises disclosures (including abridged prospectus formats and QR code linkage), codifies ASBA and UPI application and processing rules with SCSB/Sponsor Bank obligations and compensation measures for application failures, mandates Issue Summary Document filing and stock exchange utilities for dissemination, and reduces and sequences timelines for allotment, unblocking and listing.

SEBI master circular consolidates surveillance rules: trading restrictions, intermediary controls, PIT disclosures and PAN freezes for designated persons.
Master Circular consolidates SEBI surveillance circulars, prescribes Trade-for-Trade treatment for certain corporate events, mandates intermediaries' internal controls to prevent circulation of unauthenticated information, standardizes PIT disclosure formats and reporting of Code of Conduct violations, endorses system-driven disclosures under Regulation 7(2), and establishes a DD-mediated process to freeze PAN at security level for Designated Persons during trading-window closures with specified timelines for notification, data sharing, freezing, exemptions and reporting.

SEBI issues an updated master circular consolidating registration, supervision, client protections, tech resilience and QSB obligations for stock brokers.
The Master Circular consolidates SEBI instructions to stock brokers up to August 9, 2024, superseding the May 22, 2024 circular, rescinding specified prior circulars insofar as they relate to stock brokers while preserving legal effects of past actions, and is issued under Section 11(1) of the SEBI Act. It prescribes unified rules on registration (including single registration), risk-based supervision and inspections, internal and system audit norms, client-facing requirements (KYC, Unique Client Code, running account settlement, prohibition of cash), technology and cyber-resilience obligations, an Early Warning Mechanism for diversion of client securities, and an enhanced regime for designation and obligations of Qualified Stock Brokers.

Surveillance of securities market: exchanges and depositories implement PAN-based freezes and automated disclosures to curb insider trading.
Master Circular consolidates SEBI surveillance directives requiring initial listing trades in a Trade for Trade segment, mandating intermediaries to implement internal conduct controls against circulation of unauthenticated market news, standardising PIT disclosure formats and reporting of Code of Conduct violations, and implementing system-driven disclosures and automated dissemination. It establishes a portal-based framework where Designated Depositories auto-populate DP PAN/demat details, listed companies confirm trading-window dates at least T-2 days, and depositories/exchanges freeze PAN at ISIN level to restrict on- and off-market transactions during trading-window closures with time-bound procedures for additions and exemptions.

Mutual fund regulation updated: consolidated master circular sets filing, product, risk, ESG and ETF operational rules industry-wide.
The Master Circular consolidates mutual fund circulars up to March 31, 2024, superseding prior Master Circulars and rescinding specified earlier circulars while preserving prior actions; prescribes unified filing formats, timelines and disclosure requirements for SID/KIM/SAI, scheme categorisation and standardised characteristics for equity, debt, hybrid and other schemes, product-specific norms (Gold/Silver ETFs, FoFs, ESG schemes), a mandatory Risk Management Framework, stress testing and in-house credit assessment, rules for segregated portfolios on credit events, liquidity prudential norms, cyber resilience obligations, and ETF/index fund operational, tracking and market-making standards.

Electronic Gold Receipts as securities: creation, trading and conversion governed under a SEBI master framework ensuring vault, depository and risk controls.
SEBI's Master Circular establishes EGRs as tradable securities with a three tranche lifecycle: creation by registered Vault Managers upon deposit of qualifying gold and recording in a common depository interface; continuous trading on stock exchange segments with clearing by Clearing Corporations; and conversion/extinguishment permitting withdrawal of physical gold subject to verification, reconciliation, and assayer procedures. Vault Managers and Depositories must meet specified vault, security, insurance, reconciliation, disclosure and grievance redressal obligations, while a comprehensive margins and settlement framework governs risk management and T+1 rolling settlement.

Portfolio Managers must follow consolidated SEBI rules on registration, client funds segregation, related party limits, disclosures and reporting.
Master Circular consolidates SEBI guidance for Portfolio Managers, updating and superseding prior master circulars while preserving past actions. It prescribes online registration (Form A), Compliance Officer designation, net worth and certification norms, segregation of client funds, direct onboarding and distributor supervision, written policies for order placement and allocation, cyber security requirements for larger PMs, investment permissions including derivatives and co investment, prudential limits and client consent for related party investments, credit rating constraints, uniform disclosure and benchmarking of Investment Approaches, mandatory monthly/quarterly/offsite reporting to SEBI and clients, audited firm level performance reporting, fee and exit load rules, and grievance redressal obligations.

Anti money laundering obligations require securities intermediaries to implement CDD, reporting, sanctions screening and risk based controls.
Registered securities intermediaries and stock exchanges must implement written AML/CFT procedures under the PMLA and SEBI Master Circular, encompassing client acceptance policies, client identification and beneficial ownership verification, ongoing CDD with enhanced measures for high risk clients, risk based monitoring and documented risk assessments. They must preserve transaction and identification records to enable audit trails, promptly report suspicious and reportable cash transactions to FIU IND in prescribed formats, maintain sanctions/designated lists and freeze or suspend transactions as required, and appoint designated compliance officers (Principal Officer and Designated Director) with independent audit and training arrangements.

Prior approval for change in control required for bankers to an issue; SEBI mandates online applications, disclosures and reporting obligations.
SEBI consolidates guidance for Bankers to an Issue, centralising registration and filings on the SEBI Intermediary Portal, requiring online applications for registration, surrender and prior approval for change in control with prescribed disclosures and fit and proper compliance. BTIs must designate non person e mail IDs for investor and regulatory communication, submit half yearly activity and compliance reports in prescribed formats, maintain specified records, enforce outsourcing principles while remaining liable for third party performance, and comply with PAN identification, AML/CFT, FATCA/CRS reporting and a CERT In SaaS data localisation advisory.

Foreign Portfolio Investors: SEBI issues master circular consolidating registration, KYC, investment limits and ODI rules.
SEBI's Master Circular consolidates and supersedes prior circulars governing FPIs, DDPs, custodians and EFIs by prescribing unified procedures for FPI registration (via CAF and PAN), DDP due diligence and reporting, categorical KYC and beneficial ownership requirements, investor group and company level investment monitoring and red flag and disinvestment mechanics, position and margining limits across derivative segments, and comprehensive rules and reporting obligations for issuance and hedging of Offshore Derivative Instruments, with specific processes for IFSC participation, reclassification, surrender and data security.

Master Circular consolidates SEBI rules for stock brokers, updating registration, supervision, client protections and tech compliance.
SEBI's Master Circular consolidates and updates all applicable circulars for stock brokers up to March 31, 2024, superseding the May 17, 2023 Master Circular, rescinding specified prior circulars as they relate to brokers while preserving prior actions, applications and liabilities, and sets out comprehensive, domain wise operative requirements on registration, supervision, client dealings, technology, QSB designation and enhanced compliance, issued under Section 11(1) of the SEBI Act.

Master Circular standardizes issuance, listing, EBP/RFQ platforms, ISIN limits, LEI and green debt disclosure for corporate debt instruments.
Consolidated SEBI Master Circular prescribes standardized procedures for issuance, application (ASBA/UPI), validation, roles of SCSBs/sponsor banks/stock exchanges/registrars, timelines for allotment and listing (public issues T+6; private placements/EBP timelines), EBP and RFQ electronic platform rules, ISIN caps and reporting, LEI reporting, green debt disclosure and third party review requirements, nominee director and Settlement Guarantee Fund contribution mechanisms, and continuous monitoring and disclosure obligations.

Master Circular consolidates IA obligations: client segregation, fee limits, reporting, IAASB supervision, complaint disclosure and SaaS data safeguards.
SEBI's Master Circular consolidates IA-related circulars up to May 15, 2024, restates core obligations under the IA Regulations-client level segregation of advisory and distribution, mandatory written agreements, risk profiling and consent, fee modes and limits, recordkeeping, annual audits, and prohibition on cash/ free trial fee collection-while establishing a recognised IA Administration and Supervisory Body framework (IAASB/RAASB) with defined eligibility, supervisory responsibilities, reporting and transitional enlistment requirements; it also prescribes complaint disclosure, advertisement code, outsourcing principles, SaaS data security advisory, reporting formats and procedures for change in control.

Research Analyst regulations: consolidated master circular updates procedural, supervision, disclosures, grievance redressal, advertising, outsourcing and reporting requirements.
SEBI's Master Circular consolidates all circulars to Research Analysts up to May 15, 2024, supersedes the prior Master Circular, and rescinds listed circulars to the extent they relate to RAs while preserving prior actions and pending applications by deeming them under the new circular. It compiles procedural guidelines for proxy advisors (policy disclosure, methodology, conflicts, timelines), establishes a framework recognising a stock exchange as RAASB/IAASB for administration and supervision with enlistment requirements and transitional provisions, prescribes investor grievance disclosure and SCORES/ODR usage, sets advertising, outsourcing, AML, SaaS compliance and reporting obligations, and details change-in-control procedures and annexures.

ESG rating providers must follow SEBI's master circular on registration, product standards, disclosures, governance and audits.
SEBI's Master Circular mandates registration and procedural requirements for ESG Rating Providers, prescribes designated ESG rating products (including ESG Rating, Transition/Parivartan Score, Combined and Core variants) on a 0-100 scale, detailed rating process and rationale disclosures, governance and board composition norms, conflict of interest controls and trading/disclosure rules for access persons, comprehensive periodic and continuous disclosure obligations including transition matrices and income breakdowns, yearly internal audit requirements with eligible auditors and reporting timelines, and principles for outsourcing and firewalls between ERPs and affiliates.