PaRRVA enrolment deadline for advisers and analysts communicating certified past performance data is extended to support framework implementation.
Enrolment with the Past Risk and Return Verification Agency (PaRRVA) for registered Investment Advisers and Research Analysts intending to communicate certified past performance data to clients, including prospective clients, has been extended to September 3, 2026. Investment Advisers and Research Analysts wishing to make such communications must enrol with PaRRVA by the extended deadline. The extension is intended to facilitate smooth implementation of the framework.

Digital accessibility compliance deadlines are extended for platform audits and remediation, while all other accessibility obligations continue unchanged.
Digital accessibility compliance timelines for regulated entities are extended for conducting accessibility audits of digital platforms and remediating audit findings. The extended deadline is October 31, 2026. All other obligations under the earlier circulars concerning compliance with the Rights of Persons with Disabilities Act, 2016 and its rules remain unchanged and continue to apply.

GARUDA mechanism streamlines AIF PPM filing, enabling differentiated scheme launches while retaining disclosure accountability and due-diligence obligations.
The GARUDA mechanism permits regular AIF schemes to launch after 10 working days from PPM filing, subject to a SEBI-registered merchant banker's independent due diligence and prescribed filings. AI-only funds, LVFs and Angel Funds are exempt from merchant banker filing and SEBI-comment requirements, with AI-only funds and LVFs able to launch upon PPM filing and Angel Funds able to circulate PPMs after registration. Managers, merchant bankers where applicable, and designated officers remain responsible for accurate, complete and compliant PPM disclosures.

Securities transmission framework introduces risk-based claim categories, standard documentation, streamlined succession evidence, and time-bound processing for investors.
The revised framework classifies transmission claims into Quick Transmission Processing, simplified-documentation claims and above-threshold claims. All claimants must submit the prescribed request form, client master list, verifiable death certificate and applicable security certificate or statement of account. QTP is confined to non-nominated low-value claims by immediate relatives and requires relationship proof. Simplified and above-threshold claims require progressively greater indemnity, consent or succession documentation, subject to exemptions where court-issued succession documents are supplied. Entities must use standard forms, acknowledge and process complete claims within the prescribed period, communicate reasons for delay or rejection, and dematerialise transmitted physical securities.

ISIN-level freezing of promoter holdings during buy-backs permits tendering and pre-existing encumbrance invocation while maintaining the freeze.
Promoter and promoter-group holdings, including associates, must be frozen at the ISIN level from approval of a buy-back until closure of the offer. Tendering securities in a tender-offer buy-back and invocation of encumbrances created before the buy-back period remain permitted. Depositories must implement an operational framework covering freeze instructions, ISIN-level modalities, tendering, and invocation or release of pre-existing encumbrances; securities so invoked or released remain frozen. Listed companies and market intermediaries must comply with the framework.

SIF distribution certification now requires Series-V-D, with transitional recognition for existing derivatives certificate holders and continuing compliance oversight.
Persons engaged in the sale or distribution of SIF products must hold a valid NISM Series-V-D Mutual Fund-Specialized Investment Fund Distributors Certification, which also permits distribution of mutual fund products without separate Series V-A certification. Persons distributing only mutual fund products must continue to hold Series V-A certification. The Series XIII Common Derivatives Certification requirement for SIF distribution ceases after September 21, 2026, subject to a transitional arrangement for specified existing certificate holders. AMFI and asset management companies must ensure compliance by distributors and agents.

Demat mutual fund SWP and STP mandates enable phased unit-based and amount-based periodic withdrawals and scheme transfers.
Standing instructions for SWP and STP are extended to mutual fund units held in demat form. The facility will be introduced in two phases: unit-based mandates for periodic redemption of a fixed number of units, followed by amount-based mandates for fixed periodic payouts or investments. Depositories, as nodal facilitators, must publish a standard operational framework, make necessary regulatory and system changes, and implement both phases within the prescribed timelines. The framework takes effect immediately.

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.

Intraday borrowing facility for mutual funds requires end-of-day repayment, board-approved policy, and AMC-borne costs.
Intraday borrowings by mutual funds are permitted to address liquidity mismatches arising from differences in market settlement timings, subject to specified conditions. The facility may be used for unitholder pay-outs, scheme investments, MTM obligations, foreign exchange settlements, and repayment of existing borrowings, with borrowing limited to expected receivables and additional borrowing permitted only for redemption and other unitholder pay-outs within the regulatory framework. AMCs must ensure end-of-day repayment, maintain scheme-wise records, obtain board and trustee approval of a policy, and bear the cost of borrowing and related losses.

Investor Protection Fund income norms revised, requiring most annual returns to be retained in corpus and limiting administrative use.
The norms for utilisation of interest or income from the Investor Protection Fund of depositories are revised to bring uniformity and consistency. At least 95% of annual interest or income from IPF investments must be ploughed back to the IPF corpus, while up to 5% may be used for IPF Trust employee costs and other administrative or statutory expenses. Any excess expense is to be borne by the depository, and any unutilised amount must be returned to the IPF.

Unpaid securities pledge rules tightened: automatic CUSPA pledge, client notice, release limits, and narrow extension windows apply.
Trading members must route unpaid securities directly to the client's demat account and create an automatic pledge in favour of a separate CUSPA account, with client notice of the payment obligation and the right of sale on default. A client-facing policy must prescribe the invocation, release and liquidation framework, including a maximum payment period of five trading days, daily monitoring of excess pledge, no exposure based on pledged unpaid securities, automatic release after the sixth trading day if unused, and restricted extensions only in specified exceptional circumstances.

Lighter NISM certification for sales and non-core investment staff, with existing certifications temporarily recognised.
Persons Associated with Investment Advice who perform only sales and other non-core services are subject to a lighter NISM certification regime and must pass the NISM Series-XXV-B examination. PAIA not covered by that category must continue with the NISM Series-X-A and Series-X-B examinations. Existing holders of the Series-X-A and Series-X-B certifications need not obtain Series-XXV-B immediately and may do so before their current certifications expire.

Early pay-in facility in commodity derivatives clarified with margin exemption and continuing mark to market collection.
Early pay-in facility in the commodity derivatives segment applies where certified goods are deposited in a Clearing Corporation-accredited warehouse against relevant derivative contracts. For positions covered by such early pay-in, Clearing Corporations may, based on risk perception, exempt imposition of all types of margins, while continuing to collect mark to market margins from those positions. The revised clarification applies to recognised stock exchanges and clearing corporations having a commodity derivatives segment.

Alternative Investment Fund winding up rules permit retention of proceeds for litigation, liabilities and residual expenses under specified conditions.
Alternative Investment Funds and their schemes may retain liquidation proceeds beyond the permissible fund life only where specified conditions are met, including pending litigation or tax, regulatory or legal liabilities, investor consent for anticipated liabilities, or substantiated residual winding up expenses. Retained monies must be invested as prescribed, disclosed to investors where consent is sought, and, for residual operational expenses, retained for no more than three years from the end of permissible fund life. The scheme is to be wound up after liabilities are satisfied and retained amounts are distributed.

ETF price bands and base price norms revised with dynamic flexing, pre-open auction for commodity ETFs, and close-out rules.
Norms are prescribed for ETFs on base price determination, dynamic or fixed price bands, pre-open call auction for commodity ETFs, and close-out procedure. The base price is initially linked to T-1 day closing price based on the last 30 minutes of VWAP, with fallback to last traded price or closing NAV, and is to be adjusted for corporate actions. Dynamic bands apply to equity, debt and commodity ETFs with specified cooling-off and flexing mechanisms, while overnight and liquid ETFs retain a fixed 5% band. Close-out rules and pre-open call auction provisions are also specified, and the circular operates from 1 September 2026.

Merchant banker compliance timelines extended for separate business units, net worth requirements, liquid net worth, and categorisation intimation.
The Circular extends the compliance timelines for Merchant Bankers under the January 02, 2026 framework. It postpones the transfer of activities to Separate Business Units and compliance with Clause 11.2.10 to December 31, 2026, and shifts the staged net worth and liquid net worth requirements, together with the related categorisation intimation, to March 31, 2027 and March 31, 2028, while leaving all other provisions unchanged.

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.

Nomination norms in demat accounts and mutual funds now require mandatory single-account nomination, revised opt-out, and simpler online validation.
Modified norms for nomination in demat accounts and mutual fund folios require regulated entities to facilitate a revised nomination framework, with mandatory nomination for all single accounts or folios opened on or after the effective date unless an opt-out declaration is filed, optional nomination for jointly held accounts or folios, and consent of all joint holders for any nominee change. Investors may nominate up to three persons, submit nomination online or offline through prescribed validation methods, opt out through the specified declaration or online option, and provide, change or cancel nominations any number of times, with equal apportionment where nominee shares are not specified.

Mutual fund reporting format revised to reflect new scheme categories and updated MCR templates for monthly disclosures.
Revised Monthly Cumulative Report (MCR) reporting format for mutual funds has been prescribed from June 2026 onwards in view of the introduction of new scheme categories and their consolidation in the Master Circular. The circular replaces the existing MCR format with revised templates set out in Annexure A and Annexure B, covering reporting for mutual fund schemes and SIF formats, including scheme-wise and category-wise data points such as folios, mobilised funds, repurchases, net inflows or outflows, assets under management, segregated portfolios and SIP information.

SPV classification after concession termination continues under InvIT rules, with exit, acquisition and disclosure obligations.
The conclusion or termination of a concession agreement does not alter the status of an SPV holding an infrastructure project under the InvIT framework, subject to specified conditions. The Investment Manager must, within one year from the later of the relevant agreement's end, resolution of pending claims or assessments, or completion of the defect liability period, either exit the investment by sale, liquidation, winding-up or merger, or acquire a new infrastructure project in the SPV. Until exit, detailed annual report disclosures are required at InvIT and SPV level.