Trading window closure: Immediate relatives of designated persons will have automated PAN ISIN freezes during financial results periods.
The circular extends automated trading-window restrictions to immediate relatives of designated persons by requiring a Designated Depository portal to collect and confirm PANs, names and demat details; companies must specify trading-window commencement and end dates and provide details by T 2, the depository will share data with exchanges and other depositories by T 1 and daily during closure, after which depositories will freeze PANs at ISIN level to block off-market encumbrances and stock exchanges will restrict on-market transactions; additions, deletions and exemptions must be effected within two trading days.

Specialized Investment Funds (SIF) now require standardised application forms and a prescribed ISID disclosure format for launch and approval.
Registered mutual funds must apply to establish a Specialized Investment Fund using the Annexure I application format and meet eligibility under Route 1 (sound track record) or Route 2 (alternate route relying on specified CIO and fund manager experience/AUM) with prescribed supporting documents and undertakings. The Investment Strategy Information Document (ISID) format in Annexure II mandates front-page product labelling, PRC disclosure for debt strategies, concise Section I highlights (objective, benchmark, frequencies, NAV, loads, expenses, timelines) and Section II detailed disclosures (asset allocation tables with specified instrument exposures, investment approach, benchmark justification, fund manager credentials, holdings and governance disclosures), together with due diligence and trustee confirmations and specified operational, disclosure and investor-protection timelines.

Minimum investment threshold for Specialized Investment Funds clarified; applies at PAN level with limited exception.
Interval scheme maturity provisions of the Mutual Fund Master Circular are disapplied to Interval Investment Strategies under SIF. The AMC must ensure an investor's aggregate investment across all SIF strategies at the PAN level meets the Minimum Investment Threshold of ten lakh rupees, except for mandatory AMC employee investments under the Master Circular's designated employee provision.

FPI disclosure threshold increased, expanding mandatory reporting scope for large investors with immediate effect.
The circular raises the size-based disclosure threshold for FPIs and ODI subscribers who, individually or with their investor group, meet the revised asset-under-management criterion in Indian equity markets, thereby expanding the population subject to additional reporting and transparency obligations. Amendments are made to specified sub-paragraphs of Part C and Part D of the FPI Master Circular; the changes come into force immediately and are issued under statutory powers to protect investors and regulate the securities market.

Standardized System and Network Audit Format required for market infrastructure institutions to harmonize audit reporting and unique observation IDs.
Standardizes the format for System and Network audits of Market Infrastructure Institutions by prescribing a uniform audit-report template covering auditee/auditor details, audit scope and methodology, IT-environment overview, control-wise compliance matrices, regulatory-requirements checks for IT resilience, corrective-action reporting and documentation paths. Mandates assignment and use of a prescribed unique observation ID for each finding to enable traceability and consistent open-observation reporting across MIIs, and requires MIIs to implement systems and amend rules as necessary for applicability to the relevant audit period.

PaRRVA verification framework enables use of independently verified risk return metrics in regulated claims following prescribed standards.
The circular creates a regulatory framework recognising certain Credit Rating Agencies as PaRRVA and specified Stock Exchanges as PaRRVA Data Centres (PDCs), prescribing eligibility criteria, a two stage recognition process with implementation and site visit conditions, and clear principal-agent roles where PaRRVA defines methodology and retains responsibility while PDCs host and process verification systems and data. It mandates record retention, presentation guidelines and disclaimers for verified risk return metrics, establishes an Oversight Committee for governance and audits, and enables amendments allowing regulated persons to use PaRRVA verified metrics in claims subject to SEBI standards and enforcement.

Advance fee limits expanded for advisers and analysts permitting annual advance fees with client consent.
SEBI permits Investment Advisers and Research Analysts to charge advance fees up to one year if agreed by the client, while fee controls (limits, payment modes, refunds, breakage and advance-fee rules) remain applicable only to individual and HUF clients who are not accredited investors. For non-individual clients, accredited investors, and institutional proxy-advice clients, fee terms are to be governed by bilaterally negotiated contracts. The circular is effective immediately and must be communicated to registered IAs and RAs.

Algorithmic trading safeguards extended: staggered effective dates set and exchanges directed to implement systems and amend bylaws.
SEBI extended the timeline for implementation standards under the circular on safer participation of retail investors in algorithmic trading: implementation standards will come into effect from May 01, 2025 and the circular's provisions will apply from August 01, 2025. Exchanges are directed to establish systems and procedures, amend bye laws, rules and regulations, and disseminate the requirements to brokers and on their websites.

Compliance officer position clarified: must be whole time, KMP and no more than one level below top management.
Clarification that the Compliance Officer must be a whole-time employee and designated as a Key Managerial Personnel, and must be positioned no more than one organisational level below the board-interpreted as one level below the Managing Director or Whole time Director(s). Where no Managing Director or Whole time Director exists, the Compliance Officer must be no more than one level below the person heading day to day management (e.g., Chief Executive Officer or Manager).

Intraday position monitoring instituted for index derivatives; breaches flagged to members but penalties paused pending further directions.
Exchanges shall implement intraday monitoring of equity index derivative position limits with at least four randomly timed snapshots per trading day and extend end-of-day monitoring mechanisms to intraday checks. Exchanges must prepare a joint SOP to notify trading members and clients of intraday notional position breaches for risk monitoring. Intraday breaches of existing notional limits will not attract penalties or be treated as violations until further directions.

Portfolio managers must submit quarterly offsite inspection data within 15 days, including day-wise client AUM and holdings.
Clauses 5.4.3 and 5.4.4 are modified: portfolio managers must submit quarterly data in specified formats within 15 calendar days from quarter end, with day-wise data for "Client Folio AUM" and "Client Holding Master." The submission requirement is declared applicable from an earlier specified date and the circular is effective immediately.

Submission timelines for offsite inspection data extended to fifteen days after quarter end; RTAs must submit data on an ongoing basis.
The circular amends Clause 5.27.2 of the Master Circular for Mutual Funds to require Mutual Funds to submit daily data in monthly files on a quarterly basis within fifteen calendar days from the end of the quarter, while Registrars to an Issue and Share Transfer Agents must submit the said data on an ongoing basis; the provisions take effect immediately under the regulator's statutory powers to protect investors and regulate the market.

InvITs: preferential issue lock in aligned with sponsor holding rules; inter sponsor transfers allowed; follow on offer framework set.
The circular amends preferential issue lock in rules to require 15% of sponsor allotted units to be locked for three years where the project manager is the sponsor or its associate (otherwise 25% locked for three years), with remaining sponsor allotted units locked for one year; sponsors must comply with Regulation 12(3) and 12(3A). It permits inter se transfers of locked in units within a sponsor's group while preserving the original lock in period and allows transfers on change of sponsor or conversion to self sponsored manager subject to meeting minimum unitholding obligations. It also prescribes procedures and disclosure, filing, listing, fee, dematerialisation and due diligence requirements for follow on offers, including a 25% minimum public unitholding post issue.

Lock-in requirement for preferential issue clarified: core sponsor holdings remain long-locked, transfers limited to sponsor group with conditions.
Amendments align preferential-issue lock-in mechanics with the REIT Regulations by prescribing a core portion of sponsor allotments to be locked for a longer period while remaining allotments face a shorter lock-in, require ongoing compliance with minimum sponsor unitholding, permit intra-group transfer of locked-in units subject to inheriting the remaining lock-in and restrictions on onward transfer, and allow transfer to incoming sponsors or self-sponsored managers conditioned on continued compliance with minimum unitholding. Separately, a comprehensive follow-on offer framework prescribes filing, listing, dematerialization, fee payment, disclosure rules, timelines, minimum public unitholding, restrictions during the offer process, and merchant banker due diligence requirements.

ESG reporting obligations updated with BRSR Core assessment or assurance option and mandatory green credits disclosure framework.
Revisions require listed entities to adopt a BRSR Core subset for ESG reporting and permit third party assessment or assurance of core KPIs per Industry Standards Forum standards; boards must ensure provider expertise and absence of conflicts, reporting formats are updated to combine data and assessment approach and to capture assessor identity and type, and a new leadership indicator mandates disclosure of green credits by the entity and top value chain partners, while value chain ESG disclosures are deferred and made voluntary initially with optional retrospective reporting.

Cybersecurity compliance extension: SEBI extends CSCRF implementation deadline to end-June for most regulated entities, excluding specified institutions.
Extension of the Cybersecurity and Cyber Resilience Framework (CSCRF) implementation timetable by three months to 30 June 2025 for SEBI regulated entities, excluding Market Infrastructure Institutions, KYC Registration Agencies and Qualified Registrars to an Issue and Share Transfer Agents; stock exchanges and depositories must notify members and publish the circular; the extension is effective immediately and issued under SEBI's regulatory powers to protect investors.

Alignment of interest of AMC designated employees: revised mandatory investment slabs, lock in, disclosure and compliance requirements.
Amendments require Designated Employees of AMCs to mandatorily invest slab wise minimum percentages of gross annual CTC (net of income tax and statutory contributions) into schemes they oversee, with two options for ESOP inclusion; role based slab assignment and a lower slab for liquid fund specialists. Up to seventy five percent of required liquid fund investments may be placed in higher risk AMC schemes based on the prior month's risk ometer. Lock in, redemption and insider trading rules are adjusted and governance requires committee led preliminary examinations and quarterly public disclosure of aggregate mandated employee investments.

Related party transaction information standards delayed to allow stakeholder feedback and revision by the industry forum.
Applicability of the Industry Standards on minimum information for audit committee and shareholder review of related party transactions has been deferred to a revised effective date to allow stakeholder feedback; the Industry Standards Forum must consider feedback, simplify and reissue the Standards on a time-bound basis, and stock exchanges are directed to inform listed entities. The circular is issued under the regulator's statutory powers and published on its website.

Online filing requirement for Regulation 10(7) reports via SEBI Intermediary Portal becomes the sole permissible mode, replacing email.
SEBI requires that reports for acquisitions covered by specified Regulation 10 exemptions be filed through the SEBI Intermediary Portal for the exemptions in Regulation 10(1)(a)(i) and 10(1)(a)(ii), with a transitional parallel filing period followed by portal only filing; fee payment must be made via the portal and a filing is complete only upon such payment, while reports for other Regulation 10 exemptions continue to be filed by email.

Disclosure of holding of specified securities: shareholding formats amended to require NDU, encumbrance and fully diluted share disclosure.
The Master Circular's shareholding pattern formats are amended: Tables I-IV must disclose Non Disclosure Undertakings, other encumbrances and total encumbered shares (including NDUs); underlying convertible securities include ESOPs; and a new column will capture total shares on a fully diluted basis (warrants, ESOPs, convertible securities). A Table II footnote provides access to promoter/promoter group entries with nil shareholding. Stock exchanges must notify companies and amend rules as needed; depositories must update systems. Amendments take effect from the quarter ending June 30, 2025.