Credit rating agencies: SEBI compiles a master circular standardising registration, rating operations, disclosures, audits and governance.
SEBI's Master Circular consolidates and updates regulatory requirements for Credit Rating Agencies: mandatory online registration and prior approval for change in control; procedures for transfer, suspension, cancellation or surrender of registration including client migration; standardized rating scales, mandatory Operations Manuals, rating criteria, and press release templates; monitoring, default recognition and non cooperation rules with timelines; withdrawal and provisional rating norms; PD benchmark and default/transition reporting; internal audit, outsourcing, firewall and conflict of interest safeguards; and enhanced disclosure, governance and reporting obligations.

Debenture trustees must validate and monitor security, report defaults promptly, and use a central monitoring system for investor protection.
The Master Circular consolidates SEBI directions for Debenture Trustees on registration, governance and detailed operational duties: perform and document independent due diligence at issuance, ensure creation and registration of charges, validate and monitor security cover and covenants using a depository hosted Security and Covenant Monitoring System, issue prescribed due diligence and NOC certificates, report payment/default status to CRAs, Exchanges and Depositories, convene investor meetings for enforcement/ICA with defined notice and majority thresholds, maintain Recovery Expense Fund procedures, publish mandated disclosures and complaint data, comply with outsourcing, conflict of interest and FINNET 2.0 reporting requirements.

Infrastructure Investment Trusts (InvITs): SEBI consolidates circulars, centralises compliance, reporting, and procedural requirements for issuers and intermediaries.
SEBI issued a Master Circular consolidating all InvIT-related circulars up to May 15, 2024, effective on issuance and superseding listed circulars. It deems prior actions, applications and proceedings under superseded circulars as valid under the corresponding provisions, maintains extant SEBI directions applicable to InvITs, and requires entities to submit periodic/continuous reports. The Circular compiles operative rules on online filing, public and private issue procedures, disclosure and audit requirements, NDCF computation, governance, investor grievance handling, unclaimed amounts framework and debt/preferential/institutional placement mechanics.

REIT master circular consolidates SEBI rules on filings, public-issue procedures, NDCF, disclosures and unclaimed amounts handling.
SEBI issues a consolidated Master Circular for REITs superseding listed circulars and requiring stakeholders to comply with a consolidated regime covering online filings; public-issue, preferential, institutional placement and rights issue procedures (including merchant banker duties, ASBA/UPI, anchor and strategic investor rules, allotment and listing timelines); dematerialization; governance, audit and continuous financial disclosures (Ind AS, project-wise cash flows, NDCF framework); handling of unclaimed amounts and transfer to IPEF; and interaction and precedence rules with other SEBI Regulations.

Master Circular consolidates SEBI custodial circulars, rescinds prior circulars with savings and requires continued compliance by custodians.
Master Circular consolidates SEBI circulars applicable to registered custodians, requires continued compliance with other SEBI market-intermediary requirements, rescinds prior circulars listed in Annexure A with savings for actions taken or pending under those circulars, and is issued under Section 11(1) of the SEBI Act, taking effect on issuance and published on SEBI's website.

Registrars to an Issue and Share Transfer Agents: consolidated SEBI rules on registration, investor servicing, QRTA resilience and reporting.
Master Circular consolidates SEBI's regulatory framework for Registrars to an Issue and Share Transfer Agents, prescribing online registration and change of control procedures, mandatory agreements with issuers, record keeping for eight years, Compliance Officer appointment, half yearly certified reporting, and PAN/KYC requirements. It standardizes investor service processes (demat/remat, duplicate certificates, transmission), mandates online portals with URNs, designates RTAs servicing over 2 crore folios as QRTAs subject to enhanced BCP/DR, cyber audits, governance and reporting, and sets detailed operational roles and timelines for public issues, UPI/ASBA reconciliation, and dispute resolution via SCORES and stock exchange arbitration.

Alternative Investment Funds must follow SEBI's consolidated master circular covering PPMs, reporting, leverage and governance.
SEBI's Master Circular for Alternative Investment Funds consolidates circulars up to March 31, 2024, supersedes the July 31, 2023 Master Circular and rescinds the circulars listed in Annexure 17 while preserving actions and applications under those circulars. It mandates online filing via the SEBI Intermediary Portal, standardized PPM templates with Merchant Banker due diligence and audit, annual Compliance Test Reports, custodial and dematerialisation requirements, reporting obligations, Category III leverage limits (max 2x NAV) and governance, valuation and accredited investor frameworks.

Online dispute resolution for the securities market: a common ODR Portal mandates time bound conciliation and arbitration for investor disputes.
Establishes a common Online Dispute Resolution (ODR) Portal run by Market Infrastructure Institutions with empaneled ODR Institutions to resolve investor disputes via time bound conciliation (21 days plus limited extension) and/or arbitration (document only or hearings depending on claim value). It prescribes scope, allocation by round robin, mandatory enrolment of Market Participants, fee slabs, mandatory deposits (100% of admissible claim value by respondent), qualification and conduct norms for conciliators/arbitrators, MIIs' governance responsibilities, integration with SCORES, phased implementation timelines, and publication and audit obligations.

Master Circular consolidation of SEBI directives preserves prior approvals and proceedings under corresponding provisions of the new circular.
Consolidation of SEBI circulars into a Master Circular effective on issue, updating references and rescinding listed circulars while preserving prior acts, applications, registrations, investigations, rights, obligations and proceedings by deeming them to have been taken under corresponding provisions of the Master Circular; undefined terms adopt meanings from applicable securities statutes and regulations and the circular is issued under SEBI's statutory regulatory powers to protect investors and regulate the securities market.

Know Your Client (KYC) norms: uniform KYC form, mandatory PAN verification, digital e KYC options, and KRA cybersecurity rules.
Master Circular consolidates SEBI's Know Your Client (KYC) requirements, effective on issue, requiring intermediaries to update KYC by December 31, 2023. It mandates a uniform KYC form using CKYCR templates, online PAN verification as the unique identifier, lists accepted PoI/PoA, authorises digital KYC (electronic signatures, DigiLocker, VIPV) and Aadhaar e-KYC through a KUA/sub-KUA model while prohibiting storage of full Aadhaar numbers. KRAs and CKYCR must validate attributes, maintain audit trails, enable portability of validated records, and implement a prescribed Cyber Security and Cyber Resilience framework with incident reporting and audit obligations.

Master Circular for Depositories consolidates SEBI rules on KYC, demat account processes, DP duties and cybersecurity safeguards.
SEBI's Master Circular for Depositories consolidates depository-related circulars up to August 31, 2023, rescinds listed prior circulars while preserving prior actions' legal effects, and organizes obligations across Beneficial Owner Accounts, Depository Participants, Issuer related and Depositories related domains. Key operative provisions include uniform KYC requirements (PAN as sole identifier and authorised Aadhaar e-KYC), simplified account opening and online closure procedures, BSDA eligibility and charges, safeguards for DIS and transmission, DP supervision and outsourcing principles, cybersecurity and IT governance, CAS generation, and coordination mechanisms for deactivation/reactivation of accounts for inadequate KYC.

Commodity derivatives master circular consolidates SEBI rules on trading, products, risk management, disclosures and tech resilience.
SEBI's Master Circular consolidates and updates the regulatory framework for the commodity derivatives segment, rescinding specified prior circulars while preserving prior actions and pending applications, and mandates compliance by recognized stock exchanges and clearing corporations. It prescribes operational norms (trading hours, transaction charges, UCC/PAN, disclosures), product governance (eligibility, PAC oversight, contract approval), risk management (DPL, position limits, margining, SGF, stress testing, cross margin) and participant, technology and cyber resilience standards, including an SOP and tiered financial disincentive for technical glitches and disaster recovery failures.

Online dispute resolution via a common ODR portal enables time bound conciliation and arbitration for securities market disputes.
Establishes a common Online Dispute Resolution Portal operated by Market Infrastructure Institutions with empaneled ODR Institutions to provide time bound online conciliation and arbitration for investor and market participant disputes, prescribing enrollment, allocation by round robin, conciliator/arbitrator appointment and timelines, standardized fees and deposit rules, monitoring and enforcement by MIIs, empanelment and training norms, confidentiality and code of conduct, MIS reporting, and phased implementation with supersession of earlier circulars.

Alternative Investment Funds master circular consolidates regulatory rules on PPMs, leverage limits, overseas investment and reporting.
Master Circular consolidates operative AIF circulars into a single framework, rescinds listed circulars with savings, mandates online filings and PPM templates with merchant-banker due diligence, prescribes investor eligibility and accreditation, sets Category III leverage and liquidity norms with breach and reporting procedures, governs overseas investment allocation and reporting, details CDS and RFQ trading conditions, and consolidates governance, disclosure, reporting, benchmarking, investor charter and change-of-sponsor/manager approval and fee requirements.

ESG rating regulation: unified registration, disclosure and governance rules mandate transparency, auditability and conflict mitigation for providers.
SEBI establishes a unified regulatory framework for ESG Rating Providers requiring SEBI registration via the Intermediary Portal, prior approval for change in control with specified disclosures and timelines, procedures for transfer or surrender of registration ensuring orderly migration of client assignments, mandatory offering and disclosure of specified ESG products on a 0-100 scale, prohibition of hybrid business models, detailed governance and conflict of interest safeguards, yearly independent internal audits with prescribed scope and reporting, and extensive periodic and continuous public disclosures including transition rate studies and methodology transparency.

SEBI master circular consolidates LODR compliance for listed entities, standardising disclosures, formats, and enforcement procedures.
SEBI issued a Master Circular consolidating compliance requirements under the LODR Regulations into a chapter wise framework, rescinding prior circulars with savings, and prescribing standardised formats, timelines and procedures for listing, periodic and event based disclosures, financial reporting, related party transactions, secretarial and sustainability reporting, e voting, MPS methods, auditor resignation protocols and enforcement including fines, freezing of promoter holdings, 'Z' category trading, suspension and delisting SOPs; recognised Stock Exchanges and Depositories must implement monitoring and systems.

Real Estate Investment Trusts: SEBI consolidates REIT circulars into master circular mandating compliance, filings, disclosures.
Master Circular consolidates SEBI circulars for Real Estate Investment Trusts into a single instrument effective from issuance, superseding listed circulars while preserving prior actions and pending applications by deeming them to have been done under corresponding provisions. It mandates online filings via SEBI's intermediary portal, requires periodic and continuous reports and disclosures (including detailed public-issue, financial disclosure, audit and NDCF frameworks), prescribes governance, issuance and listing procedures, and sets out transitional, compliance and reporting obligations for REITs, intermediaries and stock exchanges.

Master Circular consolidates SEBI guidance for Infrastructure Investment Trusts, mandating online filings and consolidated compliance obligations.
Master Circular consolidates SEBI circulars for InvITs up to July 6, 2023, takes immediate effect, supersedes listed circulars while preserving prior actions and pending applications, requires mandatory use of SEBI's online filing portal, and imposes consolidated compliance, reporting and disclosure obligations covering public offers, preferential and rights issues, financial and audit standards, continuous disclosures including NDCF statements, debt issuance rules, encumbrance and exit mechanisms, governance and specified reporting formats; issued under SEBI Act and InvIT Regulations and published on SEBI's website.

Credit rating agency regulation: comprehensive operational, disclosure and governance requirements to standardize ratings and ensure transparency.
The Master Circular consolidates procedural and operational requirements for CRAs including online registration, prior approval for change in control, transfer and surrender mechanics, and obligations during suspension or cancellation. It standardizes rating scales (including an EL scale), mandates detailed operations manuals, rating criteria, committee governance, and recordkeeping. Surveillance obligations include monthly No Default Statements and event based reviews; standardized press releases must disclose analytical approach, liquidity and rating sensitivities. Enhanced transparency requires PD benchmarks, periodic default and transition disclosures, machine readable reporting, half yearly internal audits with specified scope, and rules on conflict management, outsourcing and firewalls.

Issue and Disclosure Requirements: consolidated Master Circular mandates standardized disclosures, rights issue mechanics and enforcement protocols.
The Master Circular consolidates SEBI directions under the ICDR Regulations, rescinds listed prior circulars while deeming past actions and pending applications under those circulars as having been taken under corresponding provisions here. It prescribes a fine and enforcement framework for non-compliance, standardized rights issue procedures including dematerialized rights entitlements and mandatory ASBA, revised abridged prospectus and cover disclosures with KPI substantiation, mandatory online filing and an Issue Summary Document regime in structured format, retail compensation rules for ASBA failures, and rules for NCDs with warrants and Innovators Growth Platform investor recognition.