Applications Supported by Blocked Amount (ASBA) secures subscription funds in bank accounts until allotment, with defined SCSB and registrar procedures.
ASBA requires application money to be blocked in the investor's bank account until allotment finalisation or valid withdrawal/rejection. SCSBs must block funds on receipt of physical or electronic ASBAs, upload application data to the stock exchanges' electronic bidding systems, provide acknowledgements, and unblock or transfer funds only on reconciled instructions from the Registrar after allotment or on withdrawal/failure. Registrars reconcile exchange and SCSB data, validate DP ID/Client ID/PAN, finalise allotment, and instruct SCSBs to effect unblocking/transfers within specified timelines. Intermediary roles, liability for omissions, record keeping and certification requirements for SCSBs are prescribed.

Delivery period flexibility for interest rate futures enables exchanges to set delivery windows within the delivery month.
Permits Recognized Stock Exchanges to set any period during the delivery month as the delivery period for deliverable grade securities in exchange traded interest rate futures, issued under the regulator's statutory powers to protect investors and promote and regulate the securities market.

Mutual Fund compliance: SEBI updates dividend delay interest, plan-launch, advertising, and employee trading rules for AMCs and trustees.
AMCs must pay interest for failure to dispatch dividend warrants within 30 days and report interest paid; collateral valuation for stock lending is deleted and funds must follow SEBI/Exchange guidance; consolidation records must be maintained within 21 days of exit-option closure; materially different additional plans must be new schemes while consistent plans may be launched via addendum filed 21 days in advance and approved by AMC and trustees; employee prior-approval holding period reduced to 7 days; tombstone advertisements limited to basic information with SID/SAI accompanying; disclosures change to compounded annualized yield; money market performance adverts may use 30-, 15- or 7-day simple annualized returns.

Allocation of government debt limits: bidding and first-come-first-served processes set caps, minimum bids and utilisation windows.
Unutilised government debt limits are allocated to FIIs via two mechanisms: a competitive bidding process on the Bombay Stock Exchange-subject to a per-entity cap of Rs. 300 crore and minimum bid and tick sizes of Rs. 50 crore-and a first-come-first-served tranche allocated among FIIs/sub-accounts subject to a per-entity ceiling, with requests to be sent to SEBI's dedicated email and an 11-working-day utilisation period for allocated limits.

Customer due diligence: AMCs must retain investor KYC and PoA and suspend distributor payments until compliance.
Mutual Funds/AMCs are responsible for maintaining investor KYC, Power of Attorney and related documentation even when distributors assert custody of records; trustees must suspend payments to distributors lacking complete documentation, obtain missing KYC/PoA and supporting past transaction records, send duplicate statements for investor confirmation, set up dedicated customer service for affected unit holders, exercise heightened scrutiny before authorising transactions on incomplete files, and report steps and completion status to SEBI.

Investor right to change distributor: asset managers must accept investor requests without requiring a no-objection certificate.
Mutual funds must act on an investor's written request to change their distributor or to go direct without insisting on a No Objection Certificate from the existing distributor; AMCs are required to cease inconsistent practices and comply in letter and spirit with this investor-driven change process under the regulator's statutory powers.

Preservation of records: originals must be retained until investigation or trial concludes; exchanges must amend bylaws and notify members.
Recognized stock exchanges, their members, and stock brokers must preserve specified books, accounts and records-physical or electronic-within prescribed retention periods, with electronic records complying with the Information Technology Act. If enforcement agencies take copies during investigation, the original documents must be retained until investigation and trial conclude. Exchanges must amend bye-laws and the Listing Agreement, notify and publish the requirements for members, and report implementation in the Monthly Development Report.

Preservation of records: originals must be retained when enforcement agencies take copies until trial concludes.
Depositories and Depository Participants must preserve records for at least five years and comply with the Information Technology Act for electronic records. If an enforcement agency takes copies of records during investigation, the original records-physical or electronic-must be maintained until the investigation and trial are concluded. Depositories must amend bye laws, notify DPs, publish the requirement on their websites and report implementation to the regulator in the Monthly Development Report.

Client registration requirements ensure brokers obtain mandatory agreements, KYC, RDD and specified consents before trading begins.
Stock brokers must register clients via a Member Client Agreement and KYC including a Risk Disclosure Document, disclose mandatory policies on order refusal, exposure limits, brokerage, penalties, sale/close out rights, netting shortages and account suspension, and ensure non mandatory clauses do not conflict with mandatory terms. Running account authorisation requires client only signed annual renewal, revocability, defined retention for margin, periodic settlement with explanatory statements and prompt transfer on request. Electronic contract notes require client signed authorisation and client controlled email. Brokers must provide executed document copies, secure online access, and annual hard copy balance statements.

Limitation period for arbitration now starts from quarter-end; exchanges may grant brief extensions with documentary proof.
The six-month limitation period for arbitration is computed from the end of the quarter of the disputed transaction, excluding time spent in Investors Grievances Redressal Committee proceedings and, with documentary proof, either one month after the trading member receives the complaint or the actual response time up to the investor's last communication, whichever is earlier. Exchanges may grant a further three-month extension where delay is shown to be beyond a party's control, subject to documentary proof and written reasons; exchanges must amend bye-laws, notify members, publish the change and report implementation to the regulator.

Dematerialisation threshold: securities may shift from trade-for-trade to rolling settlement upon meeting demat and other conditions.
Securities that have established connectivity with both depositories may be shifted from Trade for Trade Settlement to Rolling Settlement if at least fifty percent of non promoter holdings are dematerialised, evidenced by a certificate from the Registrar and Transfer Agent or, if no separate RTA exists, from a practicing company secretary or chartered accountant, and if there are no other reasons to continue Trade for Trade Settlement.

Asset cover requirement: issuers must maintain full security and provide enhanced half year reporting and disclosure obligations.
Issuers of listed debt securities must maintain 100% asset cover sufficient to discharge principal at all times, disclose the extent and nature of security half yearly and in annual financial statements, and submit a half yearly certificate by a practicing company secretary or chartered accountant (with specified exemptions). Trustees must counter sign a half yearly communication detailing credit rating, asset cover, debt equity ratio and payment status. Issuers must furnish a half yearly statement of deviations in use of issue proceeds and comply with prescribed half yearly financial reporting timelines.

No Objection Certificate for release of issue deposit requires resolution of investor complaints and full post issue compliance.
SEBI requires issuers to apply for a No Objection Certificate to release the deposit held with the designated stock exchange after four months from the last listing permission, filing the prescribed application through the post-issue lead merchant banker with the SEBI regional office having jurisdiction. Applications must evidence that bank guarantees have at least two months' residual validity, investor complaints received by SEBI are resolved and monthly Action Taken Reports per Annexure C are submitted, and that all fees and commissions to intermediaries including ASBA banks have been paid, with supporting certificates and bank/DP statements for refund and securities escrow accounts.

Expiry date flexibility for equity derivatives permitted; exchanges must preserve contract specifications and risk management safeguards.
SEBI permits stock exchanges to set the expiry date/day for equity derivative contracts provided there is no change to contract specifications, no alteration of the risk management framework, and that market integrity and investor protection are maintained when exercising this flexibility.

Mutual fund transactions through stock exchange infrastructure expand distribution via empanelled brokers subject to certification and conduct rules.
Mutual fund units may be transacted through registered stock brokers on recognized exchanges; such brokers must pass AMFI certification and comply with SEBI intermediary conduct requirements to be treated as empanelled distributors, with stock exchanges providing operating guidelines, time-stamping confirmations deemed sufficient for specified acceptance requirements, and exchanges monitoring the code of conduct.

Market access through authorised persons permitted; brokers remain responsible and must ensure appointment, eligibility and oversight compliance.
Permits market access through authorised persons appointed by SEBI-registered stock brokers only after prior exchange approval; sets eligibility, infrastructure and certification requirements; imposes that brokers bear responsibility for all acts and liabilities of authorised persons, prohibits authorised persons from handling client funds or issuing documents in their own name, requires written agreements and inspections by brokers, and mandates exchanges to maintain databases, inspect branches, treat disputes as broker disputes and publicise disciplinary withdrawals.

Dematerialisation requirement enables shifting from Trade for Trade to rolling settlement and reporting obligation applies.
Establishment of connectivity with both depositories allows shifting securities from Trade for Trade Settlement to normal Rolling Settlement provided at least 50% of other than promoter holdings are in dematerialized form, evidenced by a certificate from the Registrar and Transfer Agent or, if no RTA exists, from a practicing company secretary or chartered accountant; exchanges must also ensure no other grounds for continuation of Trade for Trade exist and must report actions taken in their Monthly/Quarterly Development Report to the regulator.

Trading hours flexibility allowed for stock exchanges, subject to risk management and infrastructural safeguards under securities law.
Permits stock exchanges to set trading hours in cash and derivatives provided trading occurs within the 9 AM to 5 PM window and the Exchange maintains risk management systems and infrastructure commensurate with those trading hours; issued under the regulator's statutory powers to protect investors and regulate the securities market.

Freezing of assets under UAPA requires exchanges and intermediaries to screen, report and block designated persons' accounts promptly.
Directs stock exchanges, depositories and registered intermediaries to maintain electronic designated person lists, perform regular screening of new and existing customers, and report any matches within 24 hours with full particulars of funds, financial assets or related services to the Joint Secretary (IS.I), Ministry of Home Affairs, SEBI's UAPA nodal officer, the state/UT nodal officer and FIU IND; intermediaries must also file Suspicious Transaction Reports for covered accounts and prevent designated persons from transacting once matches are confirmed.

Clearing and settlement through clearing corporations required for specified corporate bond trades, altering bilateral settlements and mandating exchange amendments.
Trades in corporate bonds between specified entities must be cleared and settled through NSCCL or ICCL; this applies to OTC and debt-segment exchange transactions subject to the exclusion of capital/equity-segment trades settled through exchange clearing houses. The bilateral clearing provision in earlier guidance is modified, other prior terms remain, and NSCCL/ICCL will specify applicable norms. Exchanges must amend rules and facilitate implementation while specified entities prepare for operationalisation.